<SEC-DOCUMENT>0001868420-23-000025.txt : 20230228
<SEC-HEADER>0001868420-23-000025.hdr.sgml : 20230228
<ACCEPTANCE-DATETIME>20230228081223
ACCESSION NUMBER:		0001868420-23-000025
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20221231
FILED AS OF DATE:		20230228
DATE AS OF CHANGE:		20230228
EFFECTIVENESS DATE:		20230228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEMPLETON GLOBAL INCOME FUND
		CENTRAL INDEX KEY:			0000828803
		IRS NUMBER:				222864496
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05459
		FILM NUMBER:		23678534

	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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TEMPLETON GLOBAL INCOME FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<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;Courier New&quot;;layout-grid-mode: line;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;display: inline;">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, DC 20549</div></b></div>

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

<div align="center" style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;display: inline;">FORM N-CSR</div></b></div>

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

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

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

<div align="center" style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">Investment Company Act file number <u>811-05459</u></div></div>

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

<div align="center" style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><u><div style="font-size: 10.0pt;display: inline;">Templeton Global Income Fund</div></u></div>

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

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

<div align="center" style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><u><div style="font-size: 10.0pt;display: inline;">300 S.E. 2<sup>nd</sup> Street, Fort Lauderdale, FL
33301-1923</div></u><div style="font-size: 10.0pt;display: inline;"><br>
(Address of principal executive offices)&#160;&#160; (Zip code)</div></div>

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

<div align="center" style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><u><div style="font-size: 10.0pt;display: inline;">Alison Baur, One Franklin Parkway, San Mateo, CA&#160;
94403-1906</div></u></div>

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

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

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">Date of fiscal year end: <u>12/31</u></div></div>

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">Date of reporting period: <u>12/31/22
&#160;</u>&#160;</div></div>

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

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

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;text-indent: -22.5pt;margin-right: 0in;margin-left: 22.5pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">a.)<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;
</div></div><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">The
following is a copy of the report transmitted to shareholders pursuant to Rule30e-1
under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;) (17 CFR
270.30e-1.)<br>
<br>
<br>
</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;text-indent: -22.5pt;margin-right: 0in;margin-left: 22.5pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">b.)<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;
</div></div><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">Include a
copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under
the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph
(c)(3) of that rule. </div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 22.5pt;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">Not Applicable</div></b><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;display: inline;">&#160;</div></b></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="background-color:transparent;height:328.60px;left:0px;position:absolute;top:0px;transform:translate(71.859px,125.500px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:389.80px">

		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAfIAAAA8CAYAAACdBDigAAAACXBIWXMAABcRAAAXEQHKJvM/AAABJUlEQVR4Xu3YsQ0DMQwEQb3xhblnF+DkC3EndAlKtcBMfPmCvGZmAQBNr90AADjX/Xl+790IADjTvdb67kYAwJm81gEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASDsmpndBgA4lIscAML+vJsJywdu3jQAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:29.00px;left:0px;position:absolute;top:0px;transform:translate(72.359px,97.820px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:239.04px">
			<div style="width:4780.8px;height:540px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

			<div style="color:#004a98;font-family:Arial, Helvetica, sans-serif;font-size:160px;font-weight:bold;text-transform:uppercase;position:absolute;top:170.44px;left:288px;letter-spacing:-0.4px;white-space:nowrap">Annual </div><div style="color:#004a98;font-family:Arial, Helvetica, sans-serif;font-size:160px;font-weight:bold;text-transform:uppercase;position:absolute;top:170.44px;left:1022.77px;white-space:nowrap">Report</div></div>
		</div>
		<div style="height:248.39px;left:0px;position:absolute;top:0px;transform:translate(100.319px,139.611px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:334.92px">
			<div style="width:6698.4px;height:4676.4px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,13.57px) rotate(0deg) scale(0.05)">


			<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:545px;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:545px;font-weight:bold;text-transform:uppercase;position:absolute;top:-88.3px;left:3478.54px;letter-spacing:-1.34px;white-space:nowrap">Global </div><div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:545px;font-weight:bold;text-transform:uppercase;position:absolute;top:611.7px;left:0px;white-space:nowrap">Income </div><div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:545px;font-weight:bold;text-transform:uppercase;position:absolute;top:611.7px;left:2315.16px;white-space:nowrap">Fund</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:220px;position:absolute;top:2040.63px;left:0px;white-space:nowrap">December </div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:220px;position:absolute;top:2040.63px;left:1075.94px;white-space:nowrap">31, </div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:220px;position:absolute;top:2040.63px;left:1442.89px;white-space:nowrap">2022</div></div>
		</div>
		<div style="background-color:transparent;height:8.64px;left:0px;position:absolute;top:0px;transform:translate(46.440px,453.780px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:25.92px">

		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAGwAAAAkCAYAAABsbd/MAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAcklEQVRoQ+3RsQ3AIADAMOh5XMi39ARWItlztsyx9hlkfLeAtxgWY1iMYTGGxRgWY1iMYTGGxRgWY1iMYTGGxRgWY1iMYTGGxRgWY1iMYTGGxRgWY1iMYTGGxRgWY1iMYTGGxRgWY1iMYTGGxRgWY1jMDzY1AimgwXwNAAAAAElFTkSuQmCC);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
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		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:673.00px;left:0px;position:absolute;top:0px;transform:translate(53.500px,32.051px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
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			<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:3728.64px;left:0px;white-space:nowrap">Managed </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:3728.64px;left:830.13px;white-space:nowrap">Distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:3728.64px;left:1890px;white-space:nowrap">Policy</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:2420.24px;white-space:nowrap">: </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:2517.01px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:2877.19px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:3464.21px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:3994.54px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:4191.42px;letter-spacing:-0.74px;white-space:nowrap">Trustees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:4934.97px;white-space:nowrap">(the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:5295.15px;white-space:nowrap">&#8220;Board&#8221;) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:6005.3px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:6345.53px;white-space:nowrap">authorized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:7236.12px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:7386.24px;white-space:nowrap">managed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:8186.84px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:9107.31px;white-space:nowrap">plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:0px;white-space:nowrap">pursuant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:750.5px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:950.63px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:1460.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:1761.06px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:2221.35px;white-space:nowrap">makes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:2801.51px;white-space:nowrap">monthly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:3481.79px;white-space:nowrap">distributions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:4492.27px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:4692.39px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:5783.03px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:5983.15px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:6233.38px;white-space:nowrap">annual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:6823.92px;white-space:nowrap">minimum </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:7603.95px;text-rendering:optimizeLegibility;white-space:nowrap">fixed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:8034.17px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:8394.35px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:8594.47px;white-space:nowrap">8%, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:8954.65px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:9495.09px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:300.23px;white-space:nowrap">average </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:1000.72px;white-space:nowrap">monthly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:1681px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:1981.23px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:2461.46px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:2941.79px;letter-spacing:-2.23px;white-space:nowrap">(NAV) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:3468.43px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:3668.55px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:3968.79px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:4555.81px;white-space:nowrap">common </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:5296.03px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:5886.3px;white-space:nowrap">(the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:6246.47px;white-space:nowrap">&#8220;Plan&#8221;). </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:6886.58px;text-rendering:optimizeLegibility;white-space:nowrap">Effective </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:7623.02px;white-space:nowrap">March </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:8173.13px;white-space:nowrap">7, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:8373.25px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:8873.7px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:9173.94px;white-space:nowrap">annual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:0px;white-space:nowrap">minimum </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:780.03px;text-rendering:optimizeLegibility;white-space:nowrap">fixed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:1210.25px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:1570.43px;white-space:nowrap">increased </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:2400.91px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:2810.92px;white-space:nowrap">7.5% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:3271.2px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:3471.33px;white-space:nowrap">8%. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:3828.25px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:4188.43px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:4648.71px;white-space:nowrap">calculates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:5499.14px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:5799.38px;white-space:nowrap">average </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:6499.86px;letter-spacing:-3.34px;white-space:nowrap">NAV </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:6906.62px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:7316.63px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:7616.87px;white-space:nowrap">previous </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:8347.24px;white-space:nowrap">month </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:8897.52px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:9437.96px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:9688.18px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:0px;white-space:nowrap">number </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:660.32px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:860.45px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:1620.88px;white-space:nowrap">days </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:2051.1px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:2241.21px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:2541.45px;white-space:nowrap">month </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:3091.73px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:3341.95px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:3852.16px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:4152.39px;letter-spacing:-3.34px;white-space:nowrap">NAV </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:4559.15px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:4739.15px;white-space:nowrap">calculated. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:5646.45px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:6006.62px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:6416.89px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:6596.89px;white-space:nowrap">intended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:7337.55px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:7537.68px;white-space:nowrap">provide </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:8178.05px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:9268.68px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:9638.79px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:0px;white-space:nowrap">constant, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:780.47px;white-space:nowrap">but </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:1080.7px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:1380.94px;white-space:nowrap">guaranteed, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:2391.77px;text-rendering:optimizeLegibility;white-space:nowrap">fixed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:2821.99px;white-space:nowrap">minimum </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:3602.02px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:3962.2px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:4162.32px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:5082.8px;white-space:nowrap">each </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:5523.13px;white-space:nowrap">month </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:6073.42px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:6423.75px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:6603.75px;white-space:nowrap">intended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:7344.4px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:7544.53px;white-space:nowrap">narrow </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:8144.74px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:8444.97px;white-space:nowrap">discount </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:9165.41px;white-space:nowrap">between </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:300.23px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:900.35px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:1340.51px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:1690.84px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:1991.07px;letter-spacing:-3.34px;white-space:nowrap">NAV </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:2397.83px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:2597.96px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:2898.19px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:3485.21px;white-space:nowrap">common </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:4225.43px;white-space:nowrap">shares, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:4865.71px;white-space:nowrap">but </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:5165.95px;white-space:nowrap">there </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:5626.23px;white-space:nowrap">can </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:5966.46px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:6216.68px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:6466.9px;white-space:nowrap">assurance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:7347.39px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:7697.64px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:7997.87px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:8408.14px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:8708.12px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:8958.34px;white-space:nowrap">successful </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:190.11px;white-space:nowrap">doing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:680.54px;white-space:nowrap">so. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:967.41px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:1327.59px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:1787.87px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:1967.87px;white-space:nowrap">managed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:2768.47px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:3138.57px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:3288.69px;white-space:nowrap">goal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:3679.01px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:3879.14px;white-space:nowrap">generating </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:4779.84px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:5019.96px;white-space:nowrap">much </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:5510.13px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:5710.25px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:6010.49px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:6930.97px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:7171.08px;white-space:nowrap">possible </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:7881.5px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:8291.51px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:8591.75px;white-space:nowrap">ordinary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:9292.06px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:350.33px;white-space:nowrap">short-term </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:1220.45px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:1790.77px;white-space:nowrap">gains, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:2321.1px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:2671.35px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:2851.35px;white-space:nowrap">consistent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:3711.8px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:4081.9px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:4382.14px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:4969.16px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:5889.55px;white-space:nowrap">strategy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:6579.84px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:6930.18px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:7260.12px;text-rendering:optimizeLegibility;white-space:nowrap">profile. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:7847.14px;letter-spacing:-6.65px;white-space:nowrap">To </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:8087.26px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:8387.49px;white-space:nowrap">extent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:8927.84px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:9278.09px;text-rendering:optimizeLegibility;white-space:nowrap">sufficient </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:0px;white-space:nowrap">distributable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:1020.59px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:1650.85px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:1830.85px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:2131.08px;white-space:nowrap">available </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:2891.6px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:3141.83px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:3291.94px;white-space:nowrap">monthly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:3972.22px;white-space:nowrap">basis, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:4492.44px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:4792.68px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:5252.96px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:5552.93px;white-space:nowrap">distribute </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:6333.31px;white-space:nowrap">long-term </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:7143.57px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:7713.9px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:8194.22px;white-space:nowrap">and/or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:8754.61px;white-space:nowrap">return </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:9274.83px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:0px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:570.32px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:760.43px;white-space:nowrap">order </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:1230.64px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:1430.77px;white-space:nowrap">maintain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:2161.14px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:2391.15px;white-space:nowrap">managed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:3191.75px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:4112.23px;white-space:nowrap">rate. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:4512.48px;letter-spacing:-4.97px;white-space:nowrap">A </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:4672.62px;white-space:nowrap">return </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:5192.84px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:5392.97px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:5963.29px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:6353.35px;letter-spacing:-1.42px;white-space:nowrap">occur, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:6883.59px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:7143.66px;white-space:nowrap">example, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:7924.04px;white-space:nowrap">when </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:8404.37px;white-space:nowrap">some </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:8894.53px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:9104.59px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:9334.69px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:9534.81px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:0px;white-space:nowrap">money </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:590.27px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:940.52px;white-space:nowrap">was </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:1310.63px;white-space:nowrap">invested </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:2031.06px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:2221.17px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:2521.41px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:2981.69px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:3161.69px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:3552.01px;white-space:nowrap">back </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:3982.24px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:4182.36px;white-space:nowrap">shareholders. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:5313.08px;letter-spacing:-4.97px;white-space:nowrap">A </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:5473.21px;white-space:nowrap">return </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:5993.44px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:6193.56px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:6763.89px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:7684.37px;white-space:nowrap">does </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:8124.7px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:8424.93px;white-space:nowrap">necessarily </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:9375.29px;text-rendering:optimizeLegibility;white-space:nowrap">reflect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;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:6728.64px;left:887.26px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:1807.65px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:2868.13px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:3218.47px;white-space:nowrap">should </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:3798.9px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:4099.13px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:4349.36px;white-space:nowrap">confused </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:5129.91px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:5500.02px;white-space:nowrap">&#8220;yield&#8221; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:6040.11px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:6250.17px;white-space:nowrap">&#8220;income&#8221;. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:7050.32px;white-space:nowrap">Even </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:7510.61px;white-space:nowrap">though </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:8111.16px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:8411.4px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:8871.68px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:9261.74px;white-space:nowrap">realize </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6978.64px;left:0px;white-space:nowrap">current </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6978.64px;left:610.22px;white-space:nowrap">year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6978.64px;left:1010.39px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6978.64px;left:1580.71px;white-space:nowrap">gains, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6978.64px;left:2111.04px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6978.64px;left:2541.27px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6978.64px;left:3021.59px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6978.64px;left:3411.65px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6978.64px;left:3661.88px;text-rendering:optimizeLegibility;white-space:nowrap">offset, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6978.64px;left:4198.27px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6978.64px;left:4388.38px;white-space:nowrap">whole </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6978.64px;left:4908.69px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6978.64px;left:5118.75px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6978.64px;left:5308.86px;white-space:nowrap">part, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6978.64px;left:5719.04px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6978.64px;left:5959.16px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6978.64px;left:6259.39px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6978.64px;left:6846.42px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6978.64px;left:7416.74px;white-space:nowrap">loss </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6978.64px;left:7786.85px;white-space:nowrap">carryovers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6978.64px;left:8677px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6978.64px;left:9087.01px;white-space:nowrap">prior </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6978.64px;left:9497.11px;white-space:nowrap">years. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:360.18px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:890.51px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:1280.57px;white-space:nowrap">amend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:1880.95px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:2181.18px;white-space:nowrap">terms </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:2681.19px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:2881.32px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:3181.55px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:3591.83px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:3801.88px;white-space:nowrap">terminate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:4602.22px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:4902.45px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:5312.72px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:5512.85px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:5853.08px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:6243.13px;white-space:nowrap">without </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:6863.47px;white-space:nowrap">prior </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:7273.56px;white-space:nowrap">notice </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:7803.9px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:8004.02px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:8304.26px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:8891.28px;white-space:nowrap">shareholders, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:0px;letter-spacing:-1.1px;white-space:nowrap">however, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:770.45px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:970.58px;white-space:nowrap">this </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:1300.69px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:1690.75px;white-space:nowrap">there </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:2151.04px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:2461.2px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:2711.43px;white-space:nowrap">reasonably </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:3642.01px;white-space:nowrap">foreseeable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:4632.71px;white-space:nowrap">circumstances </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:5833.04px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:6183.28px;white-space:nowrap">might </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:6673.45px;white-space:nowrap">cause </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:7203.78px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:7504.01px;white-space:nowrap">termination </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:8444.44px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:8644.57px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:8944.8px;white-space:nowrap">Plan. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:9401.84px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:0px;white-space:nowrap">amendment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:1000.55px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:1210.61px;white-space:nowrap">termination </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:2151.04px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:2351.16px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:2651.4px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:3061.67px;white-space:nowrap">could </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:3541.99px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:3982.32px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:4232.55px;white-space:nowrap">adverse </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:4922.93px;text-rendering:optimizeLegibility;white-space:nowrap">effect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:5409.32px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:5659.54px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:5959.78px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:6559.89px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:7000.05px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:7200.18px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:7500.41px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:8087.43px;white-space:nowrap">common </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:8827.65px;white-space:nowrap">shares. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:360.18px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:770.45px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:1070.42px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:1320.64px;white-space:nowrap">subject </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:1940.98px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:2141.1px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:2441.34px;white-space:nowrap">periodic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:3121.7px;white-space:nowrap">review </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:3691.85px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:3931.96px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:4232.2px;white-space:nowrap">Board, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:4812.54px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:5573.06px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:5723.17px;white-space:nowrap">yearly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:6253.33px;white-space:nowrap">review </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:6823.48px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:7023.6px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:7323.84px;white-space:nowrap">annual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:7914.38px;white-space:nowrap">minimum </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:8694.4px;text-rendering:optimizeLegibility;white-space:nowrap">fixed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:9124.63px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:9484.8px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:0px;white-space:nowrap">determine </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:850.43px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:990.44px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:1240.66px;white-space:nowrap">adjustment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:2171.16px;white-space:nowrap">should </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:2751.59px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:3001.82px;white-space:nowrap">made.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:0px;white-space:nowrap">Shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:1120.69px;white-space:nowrap">should </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:1701.12px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:2001.36px;white-space:nowrap">draw </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:2441.51px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:2781.74px;white-space:nowrap">conclusions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:3772.27px;white-space:nowrap">about </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:4272.71px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:4572.95px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:5159.97px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:6080.36px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:7140.85px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:7550.86px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:7851.09px;white-space:nowrap">amount </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:8501.48px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:8701.61px;white-space:nowrap">this </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:9031.73px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:0px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:210.06px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:620.07px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:920.3px;white-space:nowrap">terms </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:1420.31px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:1620.44px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:1920.67px;white-space:nowrap">Plan. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:2377.71px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:2737.88px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:3198.16px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:3498.13px;white-space:nowrap">send </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:3938.47px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:4088.58px;white-space:nowrap">Form </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:4558.54px;white-space:nowrap">1099-DIV </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:5368.97px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:5569.1px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:6659.74px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:6919.8px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:7220.04px;white-space:nowrap">calendar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:7960.52px;white-space:nowrap">year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:8360.68px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:8710.93px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:9010.9px;white-space:nowrap">describe </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:9741.27px;white-space:nowrap">how </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:0px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:200.13px;white-space:nowrap">report </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:720.35px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:1020.59px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:1607.61px;white-space:nowrap">distributions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:2618.09px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:2878.15px;white-space:nowrap">federal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:3478.54px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:4108.8px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:4398.93px;white-space:nowrap">purposes.</div></div>
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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">Annual </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:595.69px;left:659.97px;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">Global </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:851.69px;left:1450.81px;white-space:nowrap">Income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:851.69px;left:2091.09px;white-space:nowrap">Fund</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, 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">Financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1363.69px;left:770.36px;white-space:nowrap">Highlights </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1363.69px;left:1610.77px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1363.69px;left:1961.1px;white-space:nowrap">Schedule </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1363.69px;left:2761.7px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1363.69px;left:2961.83px;white-space:nowrap">Investments</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1363.69px;left:4759.89px;white-space:nowrap">8</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1619.69px;left:0px;white-space:nowrap">Financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1619.69px;left:770.36px;white-space:nowrap">Statements</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1619.69px;left:4659.79px;white-space:nowrap">15</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1875.69px;left:0px;white-space:nowrap">Notes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1875.69px;left:520.22px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1875.69px;left:720.35px;white-space:nowrap">Financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1875.69px;left:1490.71px;white-space:nowrap">Statements</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1875.69px;left:4659.79px;white-space:nowrap">18</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2131.69px;left:0px;white-space:nowrap">Report </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2131.69px;left:590.27px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2131.69px;left:790.4px;white-space:nowrap">Independent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2131.69px;left:1841.4px;white-space:nowrap">Registered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2347.69px;left:0px;white-space:nowrap">Public </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2347.69px;left:530.33px;white-space:nowrap">Accounting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2347.69px;left:1470.94px;white-space:nowrap">Firm</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2347.69px;left:4659.79px;white-space:nowrap">30</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2603.69px;left:0px;letter-spacing:-4.99px;white-space:nowrap">Tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2603.69px;left:330.12px;white-space:nowrap">Information</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2603.69px;left:4659.79px;white-space:nowrap">31</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2859.69px;left:0px;white-space:nowrap">Important </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2859.69px;left:810.35px;white-space:nowrap">Information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2859.69px;left:1760.8px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2859.69px;left:1960.93px;white-space:nowrap">Shareholders</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2859.69px;left:4659.79px;white-space:nowrap">32</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3115.69px;left:0px;white-space:nowrap">Annual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3115.69px;left:610.49px;white-space:nowrap">Meeting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3115.69px;left:1300.87px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3115.69px;left:1501px;white-space:nowrap">Shareholders</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3115.69px;left:4659.79px;white-space:nowrap">39</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3371.69px;left:0px;white-space:nowrap">Dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3371.69px;left:750.41px;white-space:nowrap">Reinvestment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3371.69px;left:1900.9px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3371.69px;left:2251.23px;white-space:nowrap">Cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3371.69px;left:2721.45px;white-space:nowrap">Purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3371.69px;left:3531.88px;white-space:nowrap">Plan</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3371.69px;left:4659.79px;white-space:nowrap">41</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3627.69px;left:0px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3627.69px;left:530.33px;white-space:nowrap">Members </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3627.69px;left:1330.49px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3627.69px;left:1680.82px;text-rendering:optimizeLegibility;white-space:nowrap">Officers</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3627.69px;left:4659.79px;white-space:nowrap">43</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3883.69px;left:0px;white-space:nowrap">Shareholder </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3883.69px;left:1030.69px;white-space:nowrap">Information</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3883.69px;left:4659.79px;white-space:nowrap">46</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:4884.02px;left:180px;letter-spacing:-0.61px;white-space:nowrap">Visit </div><div 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			<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:-0.94px;white-space:nowrap">ANNUAL</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:325px;font-weight:bold;text-transform:uppercase;position:absolute;top:-53.52px;left:1469.53px;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">Global </div><div style="font-family:Arial, sans-serif;font-size:380px;position:absolute;top:795.07px;left:3062.82px;white-space:nowrap">Income </div><div style="font-family:Arial, sans-serif;font-size:380px;position:absolute;top:795.07px;left:4414.53px;white-space:nowrap">Fund</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1560.01px;left:0px;white-space:nowrap">Dear </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1560.01px;left:440.16px;white-space:nowrap">Shareholder:</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1990.01px;left:0px;white-space:nowrap">This </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1990.01px;left:390.06px;white-space:nowrap">annual</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1990.01px;left:980.6px;white-space:nowrap">report </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1990.01px;left:1500.82px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1990.01px;left:1757.64px;letter-spacing:-2px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1990.01px;left:2638.13px;white-space:nowrap">Global </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1990.01px;left:3208.45px;white-space:nowrap">Income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1990.01px;left:3848.73px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1990.01px;left:4309.01px;white-space:nowrap">covers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2240.01px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2240.01px;left:300.23px;text-rendering:optimizeLegibility;white-space:nowrap">fiscal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2240.01px;left:760.34px;white-space:nowrap">year</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2240.01px;left:1160.51px;white-space:nowrap">ended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2240.01px;left:1711.05px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2240.01px;left:2591.37px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2240.01px;left:2891.6px;white-space:nowrap">2022</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2240.01px;left:3292.03px;white-space:nowrap">.</div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:2816.27px;left:0px;letter-spacing:-4.77px;white-space:nowrap">Your </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:2816.27px;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:2816.27px;left:1445.49px;white-space:nowrap">Goal </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:2816.27px;left:2066.92px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:2816.27px;left:2572.96px;white-space:nowrap">Main </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:2816.27px;left:3208.74px;white-space:nowrap">Investments</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3191.61px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3191.61px;left:360.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3191.61px;left:820.46px;white-space:nowrap">seeks </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3191.61px;left:1340.68px;white-space:nowrap">high, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3191.61px;left:1781.02px;white-space:nowrap">current </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3191.61px;left:2391.24px;white-space:nowrap">income, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3191.61px;left:3071.51px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3191.61px;left:3441.62px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3191.61px;left:3591.74px;white-space:nowrap">secondary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3191.61px;left:4472.23px;white-space:nowrap">goal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3441.61px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3441.61px;left:200.13px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3441.61px;left:770.45px;white-space:nowrap">appreciation. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3441.61px;left:1851.15px;white-space:nowrap">Under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3441.61px;left:2391.42px;white-space:nowrap">normal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3441.61px;left:2991.62px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3441.61px;left:3591.74px;white-space:nowrap">conditions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3691.61px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3691.61px;left:300.23px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3691.61px;left:760.52px;white-space:nowrap">invests </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3691.61px;left:1370.74px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3691.61px;left:1570.87px;white-space:nowrap">least </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3691.61px;left:2001.09px;white-space:nowrap">80% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3691.61px;left:2411.37px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3691.61px;left:2611.49px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3691.61px;left:2841.5px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3691.61px;left:3141.74px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3691.61px;left:3711.97px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3691.61px;left:3902.08px;white-space:nowrap">income-</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3941.61px;left:0px;white-space:nowrap">producing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3941.61px;left:840.59px;white-space:nowrap">securities, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3941.61px;left:1700.86px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3941.61px;left:2461.38px;white-space:nowrap">debt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3941.61px;left:2861.72px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3941.61px;left:3671.98px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3941.61px;left:3872.11px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3941.61px;left:4272.19px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4191.61px;left:0px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4191.61px;left:600.38px;white-space:nowrap">issuers, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4191.61px;left:1270.55px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4191.61px;left:2031.06px;white-space:nowrap">emerging </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4191.61px;left:2831.48px;white-space:nowrap">markets. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4191.61px;left:3571.61px;white-space:nowrap">For </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4191.61px;left:3891.62px;white-space:nowrap">purposes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4441.61px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4441.61px;left:200.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4441.61px;left:500.36px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4441.61px;left:1087.38px;white-space:nowrap">80% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4441.61px;left:1497.66px;letter-spacing:-1.67px;white-space:nowrap">policy, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4441.61px;left:2044.51px;white-space:nowrap">income-producing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4441.61px;left:3525.29px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4691.61px;left:0px;white-space:nowrap">include </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4691.61px;left:620.42px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4691.61px;left:1440.79px;white-space:nowrap">instruments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4691.61px;left:2421.12px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4691.61px;left:2631.18px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4691.61px;left:3091.46px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4691.61px;left:4101.86px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4691.61px;left:4452.1px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4941.61px;left:0px;white-space:nowrap">economic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4941.61px;left:820.37px;white-space:nowrap">characteristics </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4941.61px;left:2020.69px;white-space:nowrap">similar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4941.61px;left:2590.66px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4941.61px;left:2790.79px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4941.61px;left:3221.02px;white-space:nowrap">securities.</div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:5517.87px;left:0px;white-space:nowrap">Performance </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:5517.87px;left:1560.63px;white-space:nowrap">Overview</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5893.21px;left:0px;white-space:nowrap">For </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5893.21px;left:320.01px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5893.21px;left:620.24px;white-space:nowrap">12 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5893.21px;left:870.47px;white-space:nowrap">months </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5893.21px;left:1510.75px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5893.21px;left:2021.13px;letter-spacing:-1.24px;white-space:nowrap">review, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5893.21px;left:2631.36px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5893.21px;left:2931.59px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5893.21px;left:3391.88px;white-space:nowrap">posted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5893.21px;left:3982.32px;white-space:nowrap">cumulative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6143.21px;left:0px;white-space:nowrap">total </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6143.21px;left:390.23px;white-space:nowrap">returns </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6143.21px;left:1000.46px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6143.21px;left:1200.59px;white-space:nowrap">-9.06% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6143.21px;left:1820.92px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6143.21px;left:2361.36px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6143.21px;left:2611.58px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6143.21px;left:3211.7px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6143.21px;left:3651.86px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6143.21px;left:4002.19px;white-space:nowrap">-7.24% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6393.21px;left:0px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6393.21px;left:540.44px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6393.21px;left:790.66px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6393.21px;left:1090.9px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6393.21px;left:1571.13px;white-space:nowrap">value. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6393.21px;left:2101.46px;white-space:nowrap">For </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6393.21px;left:2421.47px;white-space:nowrap">comparison, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6393.21px;left:3451.9px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6393.21px;left:3752.14px;white-space:nowrap">global </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6643.21px;left:0px;white-space:nowrap">government </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6643.21px;left:1000.55px;white-space:nowrap">bond </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6643.21px;left:1450.99px;white-space:nowrap">market, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6643.21px;left:2101.11px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6643.21px;left:2341.23px;white-space:nowrap">measured </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6643.21px;left:3191.66px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6643.21px;left:3431.78px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6643.21px;left:3732.01px;letter-spacing:-4.64px;white-space:nowrap">J.P. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6643.21px;left:4068.9px;white-space:nowrap">Morgan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6893.21px;left:0px;white-space:nowrap">(JPM) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6893.21px;left:529.89px;white-space:nowrap">Global </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6893.21px;left:1100.21px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6893.21px;left:2140.66px;white-space:nowrap">Bond </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6893.21px;left:2611.05px;white-space:nowrap">Index </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6893.21px;left:3101.4px;white-space:nowrap">(GGBI), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6893.21px;left:3771.39px;white-space:nowrap">posted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7143.21px;left:0px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7143.21px;left:150.12px;white-space:nowrap">cumulative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7143.21px;left:1060.49px;white-space:nowrap">total </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7143.21px;left:1450.72px;white-space:nowrap">return </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7143.21px;left:1970.95px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7143.21px;left:2171.07px;white-space:nowrap">-17.31% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7143.21px;left:2891.51px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7143.21px;left:3081.62px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7143.21px;left:3481.7px;white-space:nowrap">dollar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7143.21px;left:3971.95px;white-space:nowrap">terms </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7393.21px;left:0px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7393.21px;left:260.07px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7393.21px;left:560.3px;white-space:nowrap">same </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7393.21px;left:1050.47px;white-space:nowrap">period.</div><div style="font-family:Arial, sans-serif;font-size:104.9px;position:absolute;top:7396.82px;left:1600.84px;white-space:nowrap">1</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7393.21px;left:1705.96px;letter-spacing:-4.13px;white-space:nowrap">You </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7393.21px;left:2059.72px;white-space:nowrap">can </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7393.21px;left:2399.94px;text-rendering:optimizeLegibility;white-space:nowrap">find </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7393.21px;left:2740.17px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7393.21px;left:3040.4px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7393.21px;left:3627.42px;white-space:nowrap">long-term </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7643.21px;left:0px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7643.21px;left:1060.49px;white-space:nowrap">data </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7643.21px;left:1460.83px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7643.21px;left:1650.94px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7643.21px;left:1951.17px;white-space:nowrap">Performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7643.21px;left:3031.61px;white-space:nowrap">Summary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7643.21px;left:3851.72px;white-space:nowrap">beginning </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7893.21px;left:0px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7893.21px;left:250.22px;white-space:nowrap">page </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7893.21px;left:700.66px;white-space:nowrap">5</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7893.21px;left:800.77px;white-space:nowrap">.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8323.21px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8323.21px;left:360.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8323.21px;left:820.46px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8323.21px;left:1160.68px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8323.21px;left:1310.8px;white-space:nowrap">managed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8323.21px;left:2111.4px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8323.21px;left:3031.88px;white-space:nowrap">plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8323.21px;left:3422.2px;white-space:nowrap">pursuant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8323.21px;left:4172.7px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8323.21px;left:4372.82px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8573.21px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8573.21px;left:300.23px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8573.21px;left:760.52px;white-space:nowrap">makes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8573.21px;left:1340.68px;white-space:nowrap">monthly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8573.21px;left:2020.96px;white-space:nowrap">distributions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8573.21px;left:3031.44px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8573.21px;left:3231.56px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8573.21px;left:4322.2px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8823.21px;left:0px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8823.21px;left:250.22px;white-space:nowrap">annual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8823.21px;left:840.76px;white-space:nowrap">minimum </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8823.21px;left:1620.79px;text-rendering:optimizeLegibility;white-space:nowrap">fixed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8823.21px;left:2051.02px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8823.21px;left:2411.19px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8823.21px;left:2611.32px;white-space:nowrap">8%, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8823.21px;left:2971.49px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8823.21px;left:3511.93px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8823.21px;left:3762.16px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8823.21px;left:4062.39px;white-space:nowrap">average </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9073.21px;left:0px;white-space:nowrap">monthly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9073.21px;left:680.27px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9073.21px;left:980.51px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9073.21px;left:1460.74px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9073.21px;left:1941.06px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9073.21px;left:2141.19px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9073.21px;left:2441.43px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9073.21px;left:3028.45px;white-space:nowrap">common </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9073.21px;left:3768.66px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9073.21px;left:4358.94px;white-space:nowrap">(the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9323.21px;left:0px;white-space:nowrap">&#8220;Plan&#8221;). </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9323.21px;left:636.86px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9323.21px;left:997.03px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9323.21px;left:1407.3px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9323.21px;left:1747.53px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9323.21px;left:1997.75px;white-space:nowrap">impact </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9323.21px;left:2577.92px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9323.21px;left:2828.14px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9323.21px;left:3128.38px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9323.21px;left:3715.4px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9573.21px;left:0px;white-space:nowrap">strategy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9573.21px;left:690.29px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9573.21px;left:1040.63px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9573.21px;left:1430.68px;white-space:nowrap">reduce </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9573.21px;left:2031.06px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9573.21px;left:2331.3px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9573.21px;left:2918.32px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9573.21px;left:3218.55px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9573.21px;left:3698.79px;white-space:nowrap">value. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9573.21px;left:4225.87px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9823.21px;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:9823.21px;left:587.02px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9823.21px;left:1507.41px;white-space:nowrap">manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9823.21px;left:2267.84px;white-space:nowrap">believes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9823.21px;left:2978.26px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9823.21px;left:3278.5px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9823.21px;left:3688.77px;white-space:nowrap">helps </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9823.21px;left:4169.09px;white-space:nowrap">maintain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10073.21px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10073.21px;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:10073.21px;left:887.26px;white-space:nowrap">competitiveness </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10073.21px;left:2227.85px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10073.21px;left:2578.18px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10073.21px;left:2968.24px;text-rendering:optimizeLegibility;white-space:nowrap">benefit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10073.21px;left:3558.69px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10073.21px;left:3858.93px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10323.21px;left:0px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10323.21px;left:600.12px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10323.21px;left:1040.27px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10323.21px;left:1390.61px;white-space:nowrap">premium/discount </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10323.21px;left:2861.19px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10323.21px;left:3061.32px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10323.21px;left:3361.55px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10323.21px;left:3948.57px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10323.21px;left:4248.81px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10573.21px;left:0px;white-space:nowrap">value.</div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11003.21px;left:0px;white-space:nowrap">Performance </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11003.21px;left:1080.44px;white-space:nowrap">data </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11003.21px;left:1480.78px;white-space:nowrap">represent </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11003.21px;left:2291.22px;white-space:nowrap">past </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11003.21px;left:2681.46px;white-space:nowrap">performance, </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11003.21px;left:3791.95px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11003.21px;left:4302.16px;white-space:nowrap">does </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11253.21px;left:0px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11253.21px;left:300.23px;white-space:nowrap">guarantee </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11253.21px;left:1160.95px;white-space:nowrap">future </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11253.21px;left:1671.24px;white-space:nowrap">results. </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11253.21px;left:2301.42px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11253.21px;left:3231.83px;white-space:nowrap">return </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11253.21px;left:3752.05px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11253.21px;left:4102.38px;white-space:nowrap">principal </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11503.21px;left:0px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11503.21px;left:480.32px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11503.21px;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:11503.21px;left:1560.76px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11503.21px;left:1911.09px;white-space:nowrap">you </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11503.21px;left:2251.32px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11503.21px;left:2641.38px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11503.21px;left:3081.71px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11503.21px;left:3231.83px;white-space:nowrap">gain </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11503.21px;left:3622.15px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11503.21px;left:3832.21px;white-space:nowrap">loss </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11503.21px;left:4202.31px;white-space:nowrap">when </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11753.21px;left:0px;white-space:nowrap">you </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11753.21px;left:340.22px;white-space:nowrap">sell </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11753.21px;left:660.32px;white-space:nowrap">your </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11753.21px;left:1060.49px;white-space:nowrap">shares. </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11753.21px;left:1700.77px;white-space:nowrap">Current </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11753.21px;left:2350.99px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11753.21px;left:3411.47px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11753.21px;left:3801.53px;white-space:nowrap">differ </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:11753.21px;left:4251.71px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:12003.21px;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:12003.21px;left:590.27px;white-space:nowrap">shown.</div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:1562.27px;left:5220px;white-space:nowrap">Economic </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:1562.27px;left:6433.8px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:1562.27px;left:6939.83px;white-space:nowrap">Market </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:1562.27px;left:7806.67px;white-space:nowrap">Overview</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1937.61px;left:5220px;white-space:nowrap">Over </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1937.61px;left:5660.07px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1937.61px;left:5960.3px;white-space:nowrap">12-month </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1937.61px;left:6770.74px;white-space:nowrap">period </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1937.61px;left:7321.11px;white-space:nowrap">ending </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1937.61px;left:7911.65px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1937.61px;left:8791.96px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1937.61px;left:9092.2px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1937.61px;left:9592.65px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2187.61px;left:5220px;white-space:nowrap">prospects </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2187.61px;left:6050.39px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2187.61px;left:6490.55px;white-space:nowrap">improving </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2187.61px;left:7320.85px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2187.61px;left:7580.92px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2187.61px;left:7881.15px;white-space:nowrap">global </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2187.61px;left:8411.57px;letter-spacing:-1.48px;white-space:nowrap">economy, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2187.61px;left:9228.6px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2437.61px;left:5220px;white-space:nowrap">was </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2437.61px;left:5590.11px;white-space:nowrap">emerging </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2437.61px;left:6390.53px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2437.61px;left:6800.54px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2437.61px;left:7100.77px;white-space:nowrap">worst </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2437.61px;left:7580.83px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2437.61px;left:7780.96px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2437.61px;left:8081.19px;white-space:nowrap">pandemic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2437.61px;left:8911.67px;white-space:nowrap">slowdown, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2687.61px;left:5220px;white-space:nowrap">Russia </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2687.61px;left:5820.21px;white-space:nowrap">invaded </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2687.61px;left:6500.74px;white-space:nowrap">Ukraine, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2687.61px;left:7221.01px;white-space:nowrap">precipitating </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2687.61px;left:8241.59px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2687.61px;left:8391.71px;letter-spacing:-1.99px;white-space:nowrap">war, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2687.61px;left:8771.84px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2687.61px;left:8961.94px;white-space:nowrap">late </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2937.61px;left:5220px;white-space:nowrap">February </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2937.61px;left:5990.27px;white-space:nowrap">2022. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2937.61px;left:6487.47px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2937.61px;left:6847.65px;white-space:nowrap">dominant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2937.61px;left:7638.13px;white-space:nowrap">themes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2937.61px;left:8278.42px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2937.61px;left:8478.54px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2937.61px;left:8778.78px;white-space:nowrap">year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2937.61px;left:9178.95px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3187.61px;left:5220px;white-space:nowrap">review&#8212;high </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3187.61px;left:6310.46px;text-rendering:optimizeLegibility;white-space:nowrap">inflation, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3187.61px;left:7030.9px;white-space:nowrap">tighter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3187.61px;left:7581.18px;white-space:nowrap">monetary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3187.61px;left:8381.51px;letter-spacing:-1.67px;white-space:nowrap">policy, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3187.61px;left:8928.37px;white-space:nowrap">rising </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3187.61px;left:9408.52px;white-space:nowrap">bond </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3437.61px;left:5220px;white-space:nowrap">yields, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3437.61px;left:5780.21px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3437.61px;left:5930.33px;white-space:nowrap">stronger </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3437.61px;left:6640.66px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3437.61px;left:7040.74px;white-space:nowrap">dollar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3437.61px;left:7531px;white-space:nowrap">(USD), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3437.61px;left:8130.94px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3437.61px;left:8481.27px;white-space:nowrap">weakening </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3437.61px;left:9391.9px;white-space:nowrap">global </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3687.61px;left:5220px;white-space:nowrap">growth&#8212;were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3687.61px;left:6380.42px;white-space:nowrap">thus </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3687.61px;left:6770.65px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3687.61px;left:6960.76px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3687.61px;left:7261px;white-space:nowrap">shadow </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3687.61px;left:7931.43px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3687.61px;left:8131.55px;white-space:nowrap">(and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3687.61px;left:8541.83px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3687.61px;left:8731.93px;white-space:nowrap">some </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3687.61px;left:9222.1px;white-space:nowrap">instances </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3937.61px;left:5220px;white-space:nowrap">exacerbated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3937.61px;left:6260.71px;white-space:nowrap">by) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3937.61px;left:6560.77px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3937.61px;left:6861.01px;letter-spacing:-2.48px;white-space:nowrap">war.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6263.32px;left:5220px;white-space:nowrap">*Includes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6263.32px;left:5796.25px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6263.32px;left:6087.89px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6263.32px;left:6343.28px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6263.32px;left:6780.94px;white-space:nowrap">government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6263.32px;left:7510.31px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6263.32px;left:7765.7px;white-space:nowrap">agency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6263.32px;left:8225.31px;white-space:nowrap">securities, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6263.32px;left:8852.5px;white-space:nowrap">money </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6263.32px;left:9282.81px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6263.32px;left:9720.31px;white-space:nowrap">funds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6443.32px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6443.32px;left:5475.39px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6443.32px;left:5810.94px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6443.32px;left:6029.84px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6443.32px;left:6445.63px;white-space:nowrap">(including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6443.32px;left:7043.67px;white-space:nowrap">derivatives).</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6957.61px;left:5220px;text-rendering:optimizeLegibility;white-space:nowrap">Inflation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6957.61px;left:5900.45px;white-space:nowrap">rates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6957.61px;left:6350.63px;white-space:nowrap">pushed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6957.61px;left:6991.17px;white-space:nowrap">higher </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6957.61px;left:7541.54px;white-space:nowrap">over </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6957.61px;left:7941.71px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6957.61px;left:8241.94px;letter-spacing:-1.66px;white-space:nowrap">year, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6957.61px;left:8682.19px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6957.61px;left:9052.29px;white-space:nowrap">energy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6957.61px;left:9652.68px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7207.61px;left:5220px;white-space:nowrap">food </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7207.61px;left:5620.34px;white-space:nowrap">prices, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7207.61px;left:6200.51px;white-space:nowrap">after </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7207.61px;left:6610.69px;letter-spacing:-0.36px;white-space:nowrap">Russia&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7207.61px;left:7337.64px;white-space:nowrap">invasion </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7207.61px;left:8048.06px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7207.61px;left:8248.18px;white-space:nowrap">Ukraine, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7207.61px;left:8968.45px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7207.61px;left:9118.56px;text-rendering:optimizeLegibility;white-space:nowrap">significant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7457.61px;left:5220px;white-space:nowrap">impetus. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7457.61px;left:5950.28px;text-rendering:optimizeLegibility;white-space:nowrap">Inflation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7457.61px;left:6630.73px;white-space:nowrap">across </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7457.61px;left:7210.9px;white-space:nowrap">many </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7457.61px;left:7701.06px;white-space:nowrap">countries </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7457.61px;left:8481.45px;white-space:nowrap">showed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7457.61px;left:9151.88px;white-space:nowrap">similar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7707.61px;left:5220px;white-space:nowrap">patterns, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7707.61px;left:5970.41px;white-space:nowrap">whereby </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7707.61px;left:6700.78px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7707.61px;left:7001.02px;white-space:nowrap">upcycle </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7707.61px;left:7661.34px;white-space:nowrap">was </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7707.61px;left:8031.45px;white-space:nowrap">spurred </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7707.61px;left:8691.77px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7707.61px;left:8931.88px;white-space:nowrap">these </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7707.61px;left:9422.23px;white-space:nowrap">factors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7957.61px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7957.61px;left:5570.33px;white-space:nowrap">then </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7957.61px;left:5970.67px;white-space:nowrap">spread </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7957.61px;left:6571.05px;white-space:nowrap">wider </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7957.61px;left:7051.2px;white-space:nowrap">into </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7957.61px;left:7391.43px;white-space:nowrap">core </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7957.61px;left:7791.59px;white-space:nowrap">measures, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7957.61px;left:8681.92px;white-space:nowrap">often </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7957.61px;left:9132.28px;white-space:nowrap">reaching </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7957.61px;left:9872.75px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8207.61px;left:5220px;white-space:nowrap">multi-decade </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8207.61px;left:6300.53px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8207.61px;left:6510.59px;white-space:nowrap">multi-year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8207.61px;left:7350.73px;white-space:nowrap">high </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8207.61px;left:7741.05px;white-space:nowrap">along </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8207.61px;left:8231.48px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8207.61px;left:8531.72px;letter-spacing:-2.67px;white-space:nowrap">way, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8207.61px;left:8938.48px;white-space:nowrap">while </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8207.61px;left:9398.67px;white-space:nowrap">headline </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8457.61px;left:5220px;text-rendering:optimizeLegibility;white-space:nowrap">inflation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8457.61px;left:5890.43px;white-space:nowrap">started </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8457.61px;left:6490.72px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8457.61px;left:6690.85px;white-space:nowrap">peak </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8457.61px;left:7131.18px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8457.61px;left:7481.51px;white-space:nowrap">recede </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8457.61px;left:8081.89px;white-space:nowrap">nearer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8457.61px;left:8652.22px;white-space:nowrap">year-end </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8457.61px;left:9412.65px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8457.61px;left:9652.76px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8707.61px;left:5220px;text-rendering:optimizeLegibility;white-space:nowrap">effects </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8707.61px;left:5796.39px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8707.61px;left:5996.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8707.61px;left:6296.75px;white-space:nowrap">food </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8707.61px;left:6697.09px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8707.61px;left:7047.42px;white-space:nowrap">energy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8707.61px;left:7647.8px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8707.61px;left:8087.96px;white-space:nowrap">spikes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8707.61px;left:8648.17px;white-space:nowrap">dissipated.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9137.61px;left:5220px;white-space:nowrap">Sovereign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9137.61px;left:6080.54px;white-space:nowrap">bond </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9137.61px;left:6530.98px;white-space:nowrap">yields </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9137.61px;left:7041.18px;white-space:nowrap">rose </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9137.61px;left:7441.35px;white-space:nowrap">sharply </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9137.61px;left:8071.61px;white-space:nowrap">over </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9137.61px;left:8471.78px;white-space:nowrap">most </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9137.61px;left:8911.85px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9137.61px;left:9111.97px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9137.61px;left:9412.21px;white-space:nowrap">year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9137.61px;left:9812.37px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9387.61px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9387.61px;left:5520.23px;white-space:nowrap">combination </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9387.61px;left:6540.82px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9387.61px;left:6740.95px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9387.61px;left:7041.18px;white-space:nowrap">withdrawal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9387.61px;left:7941.53px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9387.61px;left:8141.66px;white-space:nowrap">direct </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9387.61px;left:8631.83px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9387.61px;left:9231.94px;white-space:nowrap">support </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9637.61px;left:5220px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9637.61px;left:5630.01px;white-space:nowrap">central </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9637.61px;left:6220.28px;white-space:nowrap">banks, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9637.61px;left:6800.63px;white-space:nowrap">rising </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9637.61px;left:7280.77px;text-rendering:optimizeLegibility;white-space:nowrap">inflation, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9637.61px;left:8001.21px;white-space:nowrap">rising </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9637.61px;left:8481.36px;white-space:nowrap">policy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9637.61px;left:8991.56px;white-space:nowrap">rates, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9887.61px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9887.61px;left:5570.33px;white-space:nowrap">increasingly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9887.61px;left:6570.79px;white-space:nowrap">hawkish </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9887.61px;left:7271.1px;white-space:nowrap">central </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9887.61px;left:7861.38px;white-space:nowrap">bank </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9887.61px;left:8301.71px;letter-spacing:-1.11px;white-space:nowrap">commentary. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9887.61px;left:9378.63px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10137.61px;left:5220px;letter-spacing:-0.74px;white-space:nowrap">Treasury </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10137.61px;left:5973.49px;white-space:nowrap">(UST) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10137.61px;left:6503.38px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10137.61px;left:6853.71px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10137.61px;left:7313.99px;white-space:nowrap">bond </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10137.61px;left:7764.43px;white-space:nowrap">yields </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10137.61px;left:8274.64px;white-space:nowrap">surged </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10137.61px;left:8875.02px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10137.61px;left:9075.15px;white-space:nowrap">multi-year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10387.61px;left:5220px;white-space:nowrap">highs </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10387.61px;left:5700.32px;white-space:nowrap">during </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10387.61px;left:6250.69px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10387.61px;left:6550.93px;white-space:nowrap">period, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10387.61px;left:7151.31px;white-space:nowrap">but </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10387.61px;left:7451.54px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10387.61px;left:7601.66px;white-space:nowrap">number </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10387.61px;left:8261.98px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10387.61px;left:8462.11px;white-space:nowrap">markets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10387.61px;left:9152.23px;white-space:nowrap">saw </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10387.61px;left:9522.33px;white-space:nowrap">bond </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10637.61px;left:5220px;white-space:nowrap">yields </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10637.61px;left:5730.21px;white-space:nowrap">end </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10637.61px;left:6080.54px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10637.61px;left:6380.77px;white-space:nowrap">year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10637.61px;left:6780.94px;white-space:nowrap">below </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10637.61px;left:7301.25px;white-space:nowrap">their </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10637.61px;left:7701.42px;white-space:nowrap">peaks.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11067.61px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11067.61px;left:5580.18px;white-space:nowrap">USD </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11067.61px;left:6010.22px;white-space:nowrap">gained </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11067.61px;left:6600.76px;text-rendering:optimizeLegibility;white-space:nowrap">significantly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11067.61px;left:7581.18px;white-space:nowrap">against </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11067.61px;left:8211.62px;white-space:nowrap">almost </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11067.61px;left:8791.79px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11067.61px;left:9021.88px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11317.61px;left:5220px;white-space:nowrap">currencies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11317.61px;left:6100.31px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11317.61px;left:6290.42px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11317.61px;left:6790.87px;white-space:nowrap">supported </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11317.61px;left:7641.47px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11317.61px;left:7881.59px;white-space:nowrap">hawkish </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11317.61px;left:8581.9px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11317.61px;left:8981.98px;white-space:nowrap">Federal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11567.61px;left:5220px;white-space:nowrap">Reserve </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11567.61px;left:5940.26px;white-space:nowrap">(Fed) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11567.61px;left:6420.32px;letter-spacing:-1.67px;white-space:nowrap">policy, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11567.61px;left:6967.18px;white-space:nowrap">growth </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11567.61px;left:7557.45px;text-rendering:optimizeLegibility;white-space:nowrap">differentials </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11567.61px;left:8524.07px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11567.61px;left:8964.23px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11567.61px;left:9154.34px;white-space:nowrap">favor </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11567.61px;left:9604.51px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11817.61px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11817.61px;left:5520.23px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11817.61px;left:5920.31px;white-space:nowrap">(as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11817.61px;left:6220.37px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11817.61px;left:6620.45px;white-space:nowrap">growth </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11817.61px;left:7210.72px;text-rendering:optimizeLegibility;white-space:nowrap">benefited </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11817.61px;left:8001.39px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11817.61px;left:8411.4px;white-space:nowrap">post-pandemic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12067.61px;left:5220px;white-space:nowrap">reopening/normalization), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12067.61px;left:7301.16px;white-space:nowrap">while </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12067.61px;left:7761.36px;white-space:nowrap">continued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12067.61px;left:8592.01px;white-space:nowrap">COVID-19 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12317.61px;left:5220px;white-space:nowrap">lockdowns </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12317.61px;left:6110.42px;white-space:nowrap">disadvantaged </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12317.61px;left:7321.46px;white-space:nowrap">Asian </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12317.61px;left:7821.74px;white-space:nowrap">growth </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12317.61px;left:8412.01px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12317.61px;left:8762.34px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12317.61px;left:9062.58px;white-space:nowrap">war </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12317.61px;left:9402.63px;text-rendering:optimizeLegibility;white-space:nowrap">affected </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:4367.47px;left:5220px;white-space:nowrap">Portfolio </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:4367.47px;left:6053.75px;white-space:nowrap">Composition</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4565.35px;left:5220px;white-space:nowrap">12/31/22</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4853.84px;left:8845.23px;white-space:nowrap">% </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4853.84px;left:9031.95px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4853.84px;left:9227.42px;letter-spacing:-1.98px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4853.84px;left:9642.19px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5045.84px;left:9375.23px;white-space:nowrap">Assets</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5387.78px;left:5220px;white-space:nowrap">Foreign </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5387.78px;left:5806.95px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5387.78px;left:6731.8px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5387.78px;left:7034.38px;white-space:nowrap">Agency </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5387.78px;left:7612.5px;white-space:nowrap">Securities</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5387.78px;left:9446.33px;white-space:nowrap">62.1%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5648.26px;left:5220px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5648.26px;left:5575.63px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5648.26px;left:6500.47px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5648.26px;left:6803.05px;white-space:nowrap">Agency </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5648.26px;left:7381.17px;white-space:nowrap">Securities</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5648.26px;left:9535.31px;white-space:nowrap">8.0%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5908.75px;left:5220px;letter-spacing:-1.61px;white-space:nowrap">Short-Term </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5908.75px;left:6055.7px;white-space:nowrap">Investments </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5908.75px;left:6962.73px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5908.75px;left:7113.91px;white-space:nowrap">Other </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5908.75px;left:7558.52px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5908.75px;left:7843.13px;white-space:nowrap">Assets*</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5908.75px;left:9446.33px;white-space:nowrap">29.9%</div></div>
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			<div style="width:10080px;height:1160.48px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) 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">1. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-21.41px;left:145.94px;white-space:nowrap">Source: </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-21.41px;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:187.39px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:187.39px;left:262.58px;white-space:nowrap">index </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:187.39px;left:612.73px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:187.39px;left:743.98px;white-space:nowrap">unmanaged </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:187.39px;left:1473.52px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:187.39px;left:1728.91px;white-space:nowrap">includes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:187.39px;left:2246.8px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:187.39px;left:3034.45px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:187.39px;left:3180.39px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:187.39px;left:3428.44px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:187.39px;left:3887.89px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:187.39px;left:4041.02px;white-space:nowrap">distributions. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:187.39px;left:4814.14px;white-space:nowrap">It </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:187.39px;left:4923.59px;white-space:nowrap">does </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:187.39px;left:5244.61px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:187.39px;left:5463.52px;text-rendering:optimizeLegibility;white-space:nowrap">reflect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:187.39px;left:5857.34px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:187.39px;left:6105.39px;white-space:nowrap">fees, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:187.39px;left:6426.41px;white-space:nowrap">expenses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:187.39px;left:7024.61px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:187.39px;left:7177.73px;white-space:nowrap">sales </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:187.39px;left:7520.55px;white-space:nowrap">charges. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:187.39px;left:8060.31px;white-space:nowrap">One </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:187.39px;left:8344.84px;white-space:nowrap">cannot </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:187.39px;left:8775.31px;white-space:nowrap">invest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:187.39px;left:9154.61px;white-space:nowrap">directly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:187.39px;left:9606.72px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:187.39px;left:9745.31px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:367.39px;left:0px;white-space:nowrap">index, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:367.39px;left:386.64px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:367.39px;left:642.03px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:367.39px;left:824.45px;white-space:nowrap">index </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:367.39px;left:1174.61px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:367.39px;left:1305.86px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:367.39px;left:1524.77px;white-space:nowrap">representative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:367.39px;left:2392.73px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:367.39px;left:2538.67px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:367.39px;left:2757.58px;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:367.39px;left:3185.63px;white-space:nowrap">portfolio.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:576.19px;left:0px;white-space:nowrap">See </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:576.19px;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:576.19px;left:2618.2px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:576.19px;left:2807.81px;white-space:nowrap">additional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:576.19px;left:3406.02px;white-space:nowrap">data </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:576.19px;left:3697.89px;white-space:nowrap">provider </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:576.19px;left:4208.36px;white-space:nowrap">information. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:269.77px;white-space:nowrap">dollar </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:663.52px;white-space:nowrap">value, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:1072.03px;white-space:nowrap">number </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:1589.61px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:1749.92px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:2209.45px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:2377.11px;white-space:nowrap">principal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:2960.47px;white-space:nowrap">amount, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:3507.19px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:3776.95px;white-space:nowrap">names </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:4229.14px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:4389.45px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:4571.88px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:5140.31px;white-space:nowrap">holdings </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:5723.52px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:5956.95px;white-space:nowrap">listed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:6336.17px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:6489.3px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:6722.58px;letter-spacing:-0.68px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:7184.38px;white-space:nowrap">Schedule </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:7804.22px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:7964.53px;white-space:nowrap">Investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:8766.64px;white-space:nowrap">(SOI).</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1022.59px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1022.59px;left:269.77px;white-space:nowrap">SOI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1022.59px;left:532.34px;white-space:nowrap">begins </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1022.59px;left:991.72px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1022.59px;left:1188.52px;white-space:nowrap">page </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1025.02px;left:1531.25px;white-space:nowrap">9</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1022.59px;left:1620.23px;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">growth </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:590.27px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:780.38px;white-space:nowrap">Europe, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1460.83px;white-space:nowrap">amidst </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2041px;white-space:nowrap">continued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2871.65px;white-space:nowrap">geopolitical </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3822.28px;white-space:nowrap">concerns. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4642.73px;white-space:nowrap">As </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">some </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:490.17px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:690.29px;white-space:nowrap">these </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1180.63px;white-space:nowrap">factors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1770.82px;white-space:nowrap">started </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2371.11px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2571.24px;white-space:nowrap">moderate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3381.68px;white-space:nowrap">towards </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4061.95px;white-space:nowrap">year-end, </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">USD </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:730.28px;white-space:nowrap">slid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1050.38px;text-rendering:optimizeLegibility;white-space:nowrap">off </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1296.65px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1526.66px;white-space:nowrap">highs </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2006.98px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2207.11px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2707.56px;white-space:nowrap">while </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3167.75px;white-space:nowrap">still </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3477.74px;white-space:nowrap">ending </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4068.28px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4368.52px;white-space:nowrap">year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">8.2% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:460.28px;letter-spacing:-0.99px;white-space:nowrap">stronger, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1210.69px;white-space:nowrap">according </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2041.17px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2241.3px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2541.53px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2941.61px;white-space:nowrap">Dollar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3461.75px;white-space:nowrap">Index </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3952.09px;white-space:nowrap">(DXY), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:0px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:400.34px;white-space:nowrap">where </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:940.61px;white-space:nowrap">it </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1080.62px;white-space:nowrap">began.</div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:4027.08px;left:0px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:4027.08px;left:1343.93px;white-space:nowrap">Strategy</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4402.41px;left:0px;letter-spacing:-1.08px;white-space:nowrap">We </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4402.41px;left:316.76px;white-space:nowrap">invest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4402.41px;left:836.98px;white-space:nowrap">selectively </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4402.41px;left:1717.29px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4402.41px;left:1907.4px;white-space:nowrap">bonds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4402.41px;left:2447.84px;white-space:nowrap">around </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4402.41px;left:3058.33px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4402.41px;left:3358.56px;white-space:nowrap">world </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4402.41px;left:3838.71px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4402.41px;left:4038.84px;white-space:nowrap">generate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4652.41px;left:0px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4652.41px;left:630.26px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4652.41px;left:890.33px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4652.41px;left:1190.57px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4652.41px;left:1700.86px;white-space:nowrap">seeking </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4652.41px;left:2371.29px;white-space:nowrap">opportunities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4652.41px;left:3451.99px;white-space:nowrap">while </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4652.41px;left:3912.19px;white-space:nowrap">monitoring </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4902.41px;left:0px;white-space:nowrap">changes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4902.41px;left:730.55px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4902.41px;left:920.65px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4902.41px;left:1560.94px;white-space:nowrap">rates, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4902.41px;left:2061.12px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4902.41px;left:2801.34px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4902.41px;left:3631.99px;white-space:nowrap">rates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4902.41px;left:4082.17px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5152.41px;left:0px;white-space:nowrap">credit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5152.41px;left:490.17px;white-space:nowrap">risks. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5152.41px;left:960.12px;letter-spacing:-1.08px;white-space:nowrap">We </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5152.41px;left:1276.88px;white-space:nowrap">seek </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5152.41px;left:1707.1px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5152.41px;left:1907.23px;white-space:nowrap">manage </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5152.41px;left:2607.71px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5152.41px;left:2907.95px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5152.41px;left:3494.97px;white-space:nowrap">exposure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5152.41px;left:4285.46px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5402.41px;left:0px;white-space:nowrap">various </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5402.41px;left:630.26px;white-space:nowrap">currencies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5402.41px;left:1510.58px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5402.41px;left:1860.91px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5402.41px;left:2250.97px;white-space:nowrap">use </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5402.41px;left:2591.19px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5402.41px;left:3331.41px;white-space:nowrap">forward </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5402.41px;left:3981.62px;white-space:nowrap">contracts.</div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:5978.68px;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:5978.68px;left:1291.11px;white-space:nowrap">Discussion</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6354.01px;left:0px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6354.01px;left:200.13px;white-space:nowrap">bonds, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6354.01px;left:790.58px;white-space:nowrap">we </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6354.01px;left:1070.68px;white-space:nowrap">continued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6354.01px;left:1901.34px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6354.01px;left:2101.46px;white-space:nowrap">maintain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6354.01px;left:2831.84px;white-space:nowrap">low </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6354.01px;left:3151.93px;white-space:nowrap">portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6354.01px;left:3842.31px;white-space:nowrap">duration, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6604.01px;left:0px;white-space:nowrap">while </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6604.01px;left:460.2px;white-space:nowrap">aiming </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6604.01px;left:1040.45px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6604.01px;left:1240.58px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6604.01px;left:1390.69px;white-space:nowrap">high </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6604.01px;left:1781.02px;white-space:nowrap">overall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6604.01px;left:2361.27px;white-space:nowrap">portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6604.01px;left:3051.65px;white-space:nowrap">yield </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6604.01px;left:3471.86px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6604.01px;left:3711.97px;white-space:nowrap">holding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6604.01px;left:4342.5px;white-space:nowrap">what </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6854.01px;left:0px;white-space:nowrap">we </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6854.01px;left:280.11px;white-space:nowrap">believe </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6854.01px;left:900.53px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6854.01px;left:1100.65px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6854.01px;left:1350.88px;white-space:nowrap">compelling </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6854.01px;left:2261.34px;white-space:nowrap">risk-adjusted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6854.01px;left:3331.76px;white-space:nowrap">yields </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6854.01px;left:3841.96px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6854.01px;left:4032.07px;white-space:nowrap">various </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7104.01px;left:0px;white-space:nowrap">local-currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7104.01px;left:1170.35px;white-space:nowrap">bond </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7104.01px;left:1620.79px;white-space:nowrap">markets, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7104.01px;left:2360.92px;text-rendering:optimizeLegibility;white-space:nowrap">specifically </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7104.01px;left:3281.22px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7104.01px;left:3471.33px;white-space:nowrap">countries </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7104.01px;left:4251.71px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7354.01px;left:0px;white-space:nowrap">resilient </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7354.01px;left:670.25px;white-space:nowrap">economies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7354.01px;left:1590.73px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7354.01px;left:1941.06px;white-space:nowrap">strong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7354.01px;left:2491.35px;white-space:nowrap">trade </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7354.01px;left:2951.63px;white-space:nowrap">dynamics. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7354.01px;left:3811.9px;letter-spacing:-1.08px;white-space:nowrap">We </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7354.01px;left:4128.66px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7604.01px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">significantly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7604.01px;left:980.42px;white-space:nowrap">underweight </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7604.01px;left:2011.11px;white-space:nowrap">developed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7604.01px;left:2891.87px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7604.01px;left:3491.98px;white-space:nowrap">duration </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7604.01px;left:4192.47px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7604.01px;left:4382.58px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7854.01px;left:0px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7854.01px;left:400.08px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7854.01px;left:750.41px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7854.01px;left:1050.64px;white-space:nowrap">euro </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7854.01px;left:1460.92px;white-space:nowrap">area </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7854.01px;left:1871.19px;white-space:nowrap">(less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7854.01px;left:2301.24px;white-space:nowrap">so </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7854.01px;left:2541.36px;white-space:nowrap">later </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7854.01px;left:2941.52px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7854.01px;left:3131.63px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7854.01px;left:3431.87px;white-space:nowrap">year), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7854.01px;left:3941.98px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7854.01px;left:4312.09px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8104.01px;left:0px;white-space:nowrap">preference </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8104.01px;left:910.55px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8104.01px;left:1170.62px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8104.01px;left:1470.85px;white-space:nowrap">higher </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8104.01px;left:2021.22px;white-space:nowrap">yields </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8104.01px;left:2531.43px;white-space:nowrap">available </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8104.01px;left:3291.94px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8104.01px;left:3482.05px;white-space:nowrap">select </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8104.01px;left:4002.28px;white-space:nowrap">emerging </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8354.01px;left:0px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8354.01px;left:600.12px;white-space:nowrap">local-currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8354.01px;left:1770.47px;white-space:nowrap">bonds.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8784.01px;left:0px;white-space:nowrap">At </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8784.01px;left:220.08px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8784.01px;left:520.31px;white-space:nowrap">beginning </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8784.01px;left:1351.05px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8784.01px;left:1551.18px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8784.01px;left:1851.42px;white-space:nowrap">period, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8784.01px;left:2451.8px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8784.01px;left:2752.03px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8784.01px;left:3212.31px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8784.01px;left:3602.64px;white-space:nowrap">overweight </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9034.01px;left:0px;white-space:nowrap">positions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9034.01px;left:760.43px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9034.01px;left:950.54px;text-rendering:optimizeLegibility;white-space:nowrap">specific </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9034.01px;left:1600.75px;white-space:nowrap">currencies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9034.01px;left:2481.06px;white-space:nowrap">against </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9034.01px;left:3111.5px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9034.01px;left:3411.74px;white-space:nowrap">USD </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9034.01px;left:3841.79px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9034.01px;left:4192.12px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9284.01px;left:0px;white-space:nowrap">euro. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9284.01px;left:460.28px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9284.01px;left:650.48px;white-space:nowrap">Asia, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9284.01px;left:1100.65px;white-space:nowrap">we </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9284.01px;left:1380.76px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9284.01px;left:1771.08px;white-space:nowrap">notable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9284.01px;left:2411.63px;white-space:nowrap">exposures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9284.01px;left:3292.12px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9284.01px;left:3492.25px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9284.01px;left:3792.48px;white-space:nowrap">South </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9534.01px;left:0px;white-space:nowrap">Korean </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9534.01px;left:630.44px;white-space:nowrap">won, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9534.01px;left:1060.66px;white-space:nowrap">Chinese </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9534.01px;left:1771.08px;white-space:nowrap">yuan, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9534.01px;left:2261.43px;white-space:nowrap">Indonesian </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9534.01px;left:3192.19px;white-space:nowrap">rupiah, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9534.01px;left:3792.57px;white-space:nowrap">Indian </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9784.01px;left:0px;white-space:nowrap">rupee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9784.01px;left:510.38px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9784.01px;left:860.71px;white-space:nowrap">Singapore </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9784.01px;left:1731.36px;letter-spacing:-1.24px;white-space:nowrap">dollar, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9784.01px;left:2261.69px;white-space:nowrap">while </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9784.01px;left:2721.88px;white-space:nowrap">holding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9784.01px;left:3352.41px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9784.01px;left:3602.64px;white-space:nowrap">underweight </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10034.01px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10034.01px;left:190.11px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10034.01px;left:490.34px;white-space:nowrap">Japanese </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10034.01px;left:1321px;white-space:nowrap">yen. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10034.01px;left:1711.23px;letter-spacing:-1.08px;white-space:nowrap">We </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10034.01px;left:2027.99px;white-space:nowrap">closed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10034.01px;left:2598.31px;white-space:nowrap">our </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10034.01px;left:2908.48px;white-space:nowrap">exposure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10034.01px;left:3698.96px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10034.01px;left:3899.09px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10284.01px;left:0px;white-space:nowrap">Japanese </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10284.01px;left:830.65px;white-space:nowrap">yen </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10284.01px;left:1170.88px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10284.01px;left:1360.99px;white-space:nowrap">March </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10284.01px;left:1911.09px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10284.01px;left:2411.54px;white-space:nowrap">primarily </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10284.01px;left:3141.56px;white-space:nowrap">due </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10284.01px;left:3491.89px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10284.01px;left:3692.02px;white-space:nowrap">expected </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10534.01px;left:0px;white-space:nowrap">depreciation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10534.01px;left:1030.69px;white-space:nowrap">pressures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10534.01px;left:1871.02px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10534.01px;left:2121.24px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10534.01px;left:2421.47px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10534.01px;left:3161.69px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10534.01px;left:3571.7px;white-space:nowrap">widening </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10534.01px;left:4332.22px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10784.01px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">differentials </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10784.01px;left:966.62px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10784.01px;left:1336.73px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10784.01px;left:1636.96px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10784.01px;left:2037.04px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10784.01px;left:2617.29px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10784.01px;left:2917.53px;white-space:nowrap">third </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10784.01px;left:3317.7px;white-space:nowrap">quarter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10784.01px;left:3938.03px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11034.01px;left:0px;white-space:nowrap">after </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11034.01px;left:410.19px;white-space:nowrap">it </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11034.01px;left:550.2px;white-space:nowrap">had </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11034.01px;left:900.53px;white-space:nowrap">subsequently </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11034.01px;left:2011.29px;white-space:nowrap">weakened </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11034.01px;left:2881.93px;text-rendering:optimizeLegibility;letter-spacing:-0.89px;white-space:nowrap">significantly, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11034.01px;left:3899px;white-space:nowrap">we </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11034.01px;left:4179.11px;white-space:nowrap">re-</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11284.01px;left:0px;white-space:nowrap">established </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11284.01px;left:960.64px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11284.01px;left:1110.76px;white-space:nowrap">position </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11284.01px;left:1781.19px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11284.01px;left:1971.3px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11284.01px;left:2271.53px;white-space:nowrap">Japanese </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11284.01px;left:3102.19px;white-space:nowrap">yen. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11284.01px;left:3492.42px;letter-spacing:-1.08px;white-space:nowrap">We </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11284.01px;left:3809.18px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11284.01px;left:4189.39px;white-space:nowrap">added </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11534.01px;left:0px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11534.01px;left:150.12px;white-space:nowrap">new </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11534.01px;left:530.33px;white-space:nowrap">Malaysian </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11534.01px;left:1390.69px;white-space:nowrap">ringgit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11534.01px;left:1930.96px;white-space:nowrap">position </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11534.01px;left:2601.39px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11534.01px;left:2951.72px;white-space:nowrap">reduced </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11534.01px;left:3652.21px;white-space:nowrap">exposure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11784.01px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11784.01px;left:190.11px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11784.01px;left:490.34px;white-space:nowrap">Chinese </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11784.01px;left:1200.76px;white-space:nowrap">yuan, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11784.01px;left:1691.1px;white-space:nowrap">Indonesian </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11784.01px;left:2621.87px;white-space:nowrap">rupiah, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11784.01px;left:3222.25px;white-space:nowrap">Indian </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11784.01px;left:3762.69px;white-space:nowrap">rupee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11784.01px;left:4273.07px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12034.01px;left:0px;white-space:nowrap">Singapore </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12034.01px;left:870.64px;letter-spacing:-1.24px;white-space:nowrap">dollar. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12034.01px;left:1400.98px;letter-spacing:-1.08px;white-space:nowrap">We </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12034.01px;left:1717.73px;white-space:nowrap">exited </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12034.01px;left:2248.07px;white-space:nowrap">our </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12034.01px;left:2558.23px;white-space:nowrap">underweight </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12034.01px;left:3588.93px;white-space:nowrap">position </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12034.01px;left:4259.36px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12034.01px;left:4449.46px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12284.01px;left:0px;white-space:nowrap">Australian </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12284.01px;left:850.43px;white-space:nowrap">dollar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12284.01px;left:1340.68px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12284.01px;left:1850.89px;white-space:nowrap">had </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12284.01px;left:2201.22px;white-space:nowrap">been </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12284.01px;left:2651.66px;white-space:nowrap">used </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12284.01px;left:3091.99px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12284.01px;left:3292.12px;white-space:nowrap">hedge </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12284.01px;left:3842.67px;white-space:nowrap">against </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12534.01px;left:0px;white-space:nowrap">emerging </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12534.01px;left:800.42px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12534.01px;left:1400.54px;white-space:nowrap">beta </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12534.01px;left:1800.88px;white-space:nowrap">risks.</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:5420.13px;letter-spacing:-1.99px;white-space:nowrap">EMEA </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5970.32px;white-space:nowrap">(Europe, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6710.71px;white-space:nowrap">Middle </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7290.97px;white-space:nowrap">East </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7701.15px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8041.55px;white-space:nowrap">Africa), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8661.62px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8961.86px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9422.14px;white-space:nowrap">initially </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5220px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5610.32px;white-space:nowrap">overweight </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6530.8px;white-space:nowrap">positions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7291.23px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7481.34px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7781.57px;white-space:nowrap">Norwegian </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8692.03px;white-space:nowrap">krone </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9192.3px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9542.64px;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">Swedish </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5950.37px;white-space:nowrap">krona </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6450.64px;white-space:nowrap">against </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7081.08px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7381.32px;white-space:nowrap">euro. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7841.6px;letter-spacing:-1.08px;white-space:nowrap">We </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8158.36px;white-space:nowrap">exited </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8688.69px;white-space:nowrap">our </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8998.86px;white-space:nowrap">Russian </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5220px;white-space:nowrap">ruble </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5670.26px;white-space:nowrap">exposure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6460.75px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6650.86px;white-space:nowrap">March </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7200.97px;white-space:nowrap">2022. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7701.42px;letter-spacing:-1.08px;white-space:nowrap">We </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8018.17px;white-space:nowrap">closed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8588.5px;white-space:nowrap">our </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8898.66px;white-space:nowrap">local-currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5220px;white-space:nowrap">position </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5890.43px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6080.54px;white-space:nowrap">Egypt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6590.83px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6941.16px;white-space:nowrap">added </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7491.71px;white-space:nowrap">new </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7871.92px;white-space:nowrap">USD-denominated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:5220px;white-space:nowrap">sovereign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:6050.48px;white-space:nowrap">credit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:6540.64px;white-space:nowrap">position. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:7261.08px;letter-spacing:-1.08px;white-space:nowrap">We </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:7577.84px;white-space:nowrap">added </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:8128.39px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:8278.51px;white-space:nowrap">position </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:8948.94px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:9139.04px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:9439.28px;white-space:nowrap">British </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:5220px;white-space:nowrap">pound </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:5770.55px;white-space:nowrap">against </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:6400.99px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:6701.22px;white-space:nowrap">euro </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:7111.49px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:7291.67px;white-space:nowrap">April </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:7701.77px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:8202.22px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:8712.42px;white-space:nowrap">we </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:8992.53px;white-space:nowrap">exited </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:9522.86px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:9712.97px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:5220px;white-space:nowrap">fourth </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:5730.29px;letter-spacing:-1.1px;white-space:nowrap">quarter. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:6390.7px;letter-spacing:-1.08px;white-space:nowrap">We </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:6707.46px;white-space:nowrap">closed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:7277.78px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:7578.02px;white-space:nowrap">Swedish </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:8308.39px;white-space:nowrap">krona </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:8808.66px;white-space:nowrap">position </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:9479.09px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:5220px;white-space:nowrap">reduced </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:5920.49px;white-space:nowrap">our </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:6230.65px;white-space:nowrap">Norwegian </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:7141.11px;white-space:nowrap">krone </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:7641.39px;white-space:nowrap">position. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:8361.83px;letter-spacing:-1.08px;white-space:nowrap">We </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:8678.58px;white-space:nowrap">reduced </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:9379.07px;white-space:nowrap">our </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:5220px;white-space:nowrap">short </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:5670.18px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:5860.28px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:6160.52px;white-space:nowrap">euro </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:6570.79px;white-space:nowrap">during </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:7121.16px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:7421.4px;white-space:nowrap">third </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:7821.56px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:8171.89px;white-space:nowrap">fourth </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:8682.19px;white-space:nowrap">quarters, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:9442.53px;white-space:nowrap">given </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:5220px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:5570.24px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:5870.48px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:6610.69px;white-space:nowrap">had </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:6961.03px;white-space:nowrap">already </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:7601.4px;white-space:nowrap">weakened </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:8472.04px;text-rendering:optimizeLegibility;letter-spacing:-0.89px;white-space:nowrap">significantly. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:9489.11px;letter-spacing:-1.08px;white-space:nowrap">We </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:5220px;white-space:nowrap">added </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:5770.55px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:5920.66px;white-space:nowrap">new </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:6300.88px;white-space:nowrap">position </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:6971.31px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:7161.42px;white-space:nowrap">Hungarian </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:8041.99px;white-space:nowrap">forint.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:5220px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:5420.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:5710.43px;white-space:nowrap">Americas, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:6560.6px;white-space:nowrap">we </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:6840.7px;white-space:nowrap">started </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:7441px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:7741.23px;white-space:nowrap">period </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:8291.6px;white-space:nowrap">holding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:8922.13px;white-space:nowrap">long </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:5220px;white-space:nowrap">exposures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:6100.49px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:6300.62px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:6600.85px;white-space:nowrap">Brazilian </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:7341.15px;white-space:nowrap">real, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:7741.32px;white-space:nowrap">Colombian </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:8651.78px;white-space:nowrap">peso </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:9092.11px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:9442.44px;white-space:nowrap">Chilean </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:5220px;white-space:nowrap">peso </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:5660.33px;white-space:nowrap">against </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:6290.77px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:6591.01px;white-space:nowrap">USD, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:7071.06px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:7421.4px;white-space:nowrap">long </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:7811.72px;white-space:nowrap">exposure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:8602.21px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:8802.33px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:9102.57px;white-space:nowrap">Canadian </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:5220px;white-space:nowrap">dollar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:5710.25px;white-space:nowrap">against </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:6340.69px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:6640.93px;white-space:nowrap">euro. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:7101.21px;letter-spacing:-1.08px;white-space:nowrap">We </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:7417.97px;white-space:nowrap">added </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:7968.52px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:8118.63px;white-space:nowrap">position </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:8789.06px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:8979.17px;white-space:nowrap">Mexico </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:9599.33px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:5220px;white-space:nowrap">added </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:5770.55px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:5970.67px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:6321.01px;white-space:nowrap">extended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:7111.67px;white-space:nowrap">duration </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:7812.16px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:8002.27px;white-space:nowrap">our </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:8312.43px;white-space:nowrap">Colombian </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:9222.89px;white-space:nowrap">peso </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:5220px;white-space:nowrap">position.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:5220px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:5800.25px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:6100.49px;white-space:nowrap">period, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:6700.87px;white-space:nowrap">we </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:6980.98px;white-space:nowrap">used </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:7421.31px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:8161.52px;white-space:nowrap">forwards </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:8901.74px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:9101.87px;white-space:nowrap">actively </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:5220px;white-space:nowrap">manage </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:5920.49px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:6660.7px;white-space:nowrap">exposures, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:7591.2px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:7831.32px;white-space:nowrap">well </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:8191.41px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:8431.52px;white-space:nowrap">using </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:8911.85px;white-space:nowrap">interest-rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:5220px;white-space:nowrap">swaps </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:5780.21px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:5980.34px;white-space:nowrap">hedge </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:6530.89px;white-space:nowrap">duration </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:7231.38px;white-space:nowrap">exposure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:8021.87px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:8211.97px;text-rendering:optimizeLegibility;white-space:nowrap">specific </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:8862.19px;white-space:nowrap">sovereign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:5220px;white-space:nowrap">credit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:5710.17px;white-space:nowrap">positions.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6018.64px;left:5220px;white-space:nowrap">Over </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6018.64px;left:5660.07px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6018.64px;left:5960.3px;white-space:nowrap">period, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6018.64px;left:6560.68px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6018.64px;left:6860.92px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6018.64px;left:7447.94px;white-space:nowrap">negative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6018.64px;left:8178.49px;white-space:nowrap">absolute </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6018.64px;left:8909.03px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6268.64px;left:5220px;white-space:nowrap">was </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6268.64px;left:5590.11px;white-space:nowrap">primarily </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6268.64px;left:6320.13px;white-space:nowrap">due </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6268.64px;left:6670.46px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6268.64px;left:6870.59px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6268.64px;left:7610.8px;white-space:nowrap">positions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6268.64px;left:8421.24px;white-space:nowrap">followed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6268.64px;left:9131.66px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6518.64px;left:5220px;white-space:nowrap">sovereign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6518.64px;left:6050.48px;white-space:nowrap">credit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6518.64px;left:6540.64px;white-space:nowrap">exposures. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6518.64px;left:7471.14px;white-space:nowrap">Interest-rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6518.64px;left:8491.55px;white-space:nowrap">strategies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:5220px;white-space:nowrap">contributed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:6160.61px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:6360.73px;white-space:nowrap">absolute </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:7091.28px;white-space:nowrap">return. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:7651.58px;white-space:nowrap">Among </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:8271.91px;white-space:nowrap">currencies, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:9202.24px;white-space:nowrap">positions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:5220px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:5410.11px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:5710.34px;white-space:nowrap">Russian </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:6410.65px;white-space:nowrap">ruble </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:6860.92px;white-space:nowrap">(as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:7160.98px;white-space:nowrap">previously </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:8021.34px;white-space:nowrap">noted, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:8571.8px;white-space:nowrap">we </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:8851.9px;white-space:nowrap">exited </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:9382.24px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:9572.34px;white-space:nowrap">March </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:5220px;white-space:nowrap">2022) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:5730.38px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:6080.71px;white-space:nowrap">select </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:6591.01px;white-space:nowrap">Asia </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:6991.17px;white-space:nowrap">ex </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:7231.29px;white-space:nowrap">Japan, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:7821.74px;white-space:nowrap">Latin </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:8252.14px;white-space:nowrap">American </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:9062.4px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:9402.8px;white-space:nowrap">African </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:5220px;white-space:nowrap">currencies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:6100.31px;white-space:nowrap">detracted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:6900.82px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:7310.83px;white-space:nowrap">absolute </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:8041.38px;white-space:nowrap">performance. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:9151.88px;letter-spacing:-1.1px;white-space:nowrap">However, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:5520.23px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:6107.26px;white-space:nowrap">positions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:6867.69px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:7057.79px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:7358.03px;white-space:nowrap">euro </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:7768.3px;white-space:nowrap">(net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:8128.48px;white-space:nowrap">negative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:8859.02px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:9119.09px;white-space:nowrap">much </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:9609.26px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:5520.23px;white-space:nowrap">period) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:6130.55px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:6480.88px;white-space:nowrap">select </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:7001.1px;white-space:nowrap">Latin </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:7431.5px;white-space:nowrap">American </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:8241.77px;white-space:nowrap">currencies, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:9172.09px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:9412.21px;white-space:nowrap">well </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:5220px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:5460.12px;white-space:nowrap">tactical </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:6070.34px;white-space:nowrap">positioning </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:6980.98px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:7171.08px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:7471.32px;white-space:nowrap">Japanese </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:8301.97px;white-space:nowrap">yen, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:8692.21px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:9132.36px;white-space:nowrap">positive </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:5220px;white-space:nowrap">contributors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:6210.44px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:6410.57px;white-space:nowrap">absolute </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:7141.11px;white-space:nowrap">results. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:7771.29px;white-space:nowrap">Select </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:8321.57px;white-space:nowrap">sub-investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:5220px;white-space:nowrap">grade </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:5730.38px;white-space:nowrap">sovereign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:6560.86px;white-space:nowrap">credits </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:7141.03px;white-space:nowrap">detracted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:7941.53px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:8351.54px;white-space:nowrap">absolute </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:9082.09px;white-space:nowrap">returns. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:9739.07px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;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:9018.64px;left:5807.02px;white-space:nowrap">position </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:6477.45px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:6667.56px;letter-spacing:-3.99px;white-space:nowrap">USTs </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:7147.62px;white-space:nowrap">contributed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:8088.22px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:8288.35px;white-space:nowrap">absolute </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:9018.9px;white-space:nowrap">results.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9448.64px;left:5220px;white-space:nowrap">On </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9448.64px;left:5510.13px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9448.64px;left:5660.24px;white-space:nowrap">relative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9448.64px;left:6290.51px;white-space:nowrap">basis, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9448.64px;left:6810.73px;white-space:nowrap">during </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9448.64px;left:7361.1px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9448.64px;left:7661.34px;white-space:nowrap">period </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9448.64px;left:8211.71px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9448.64px;left:8722.09px;letter-spacing:-1.24px;white-space:nowrap">review, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9448.64px;left:9332.31px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9698.64px;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:9698.64px;left:5807.02px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9698.64px;left:6867.51px;white-space:nowrap">fared </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9698.64px;left:7327.79px;white-space:nowrap">better </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9698.64px;left:7838.09px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9698.64px;left:8238.43px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9698.64px;left:8588.67px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9698.64px;left:8788.8px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9698.64px;left:9018.81px;white-space:nowrap">benchmark </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:5220px;white-space:nowrap">index </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:5700.32px;white-space:nowrap">primarily </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:6430.34px;white-space:nowrap">due </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:6780.67px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:6980.8px;white-space:nowrap">interest-rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:7991.19px;white-space:nowrap">strategies. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:8871.59px;white-space:nowrap">Currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:5220px;white-space:nowrap">positions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:5980.43px;white-space:nowrap">had </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:6330.76px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:6480.88px;white-space:nowrap">largely </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:7061.13px;white-space:nowrap">neutral </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:7661.51px;text-rendering:optimizeLegibility;white-space:nowrap">effect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:8147.9px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:8398.13px;white-space:nowrap">relative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:9028.39px;white-space:nowrap">results, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:9658.56px;white-space:nowrap">while </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:5220px;white-space:nowrap">sovereign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:6050.48px;white-space:nowrap">credit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:6540.64px;white-space:nowrap">exposures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:7421.13px;white-space:nowrap">detracted. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:8268.4px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:8628.57px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:9088.86px;white-space:nowrap">maintained </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:5220px;white-space:nowrap">duration </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:5920.49px;white-space:nowrap">exposures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:6800.98px;white-space:nowrap">primarily </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:7531px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:7721.1px;white-space:nowrap">select </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:8241.33px;white-space:nowrap">emerging </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:9041.75px;white-space:nowrap">markets. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:5220px;letter-spacing:-4.97px;white-space:nowrap">A </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:5380.14px;white-space:nowrap">lack </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:5750.24px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:5950.37px;white-space:nowrap">duration </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:6650.86px;white-space:nowrap">exposure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:7441.35px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:7631.46px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:7931.69px;white-space:nowrap">euro </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:8341.96px;white-space:nowrap">area </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:8752.24px;white-space:nowrap">contributed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:5220px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:5420.13px;white-space:nowrap">relative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:6050.39px;white-space:nowrap">performance, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:7160.89px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:7401.01px;white-space:nowrap">did </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:7691.22px;white-space:nowrap">underweighted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:8922.13px;white-space:nowrap">duration </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:5220px;white-space:nowrap">exposures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:6100.49px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:6290.6px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:6590.83px;white-space:nowrap">U.S., </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:7040.92px;white-space:nowrap">U.K. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:7441px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:7791.33px;white-space:nowrap">Japan. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:8371.85px;white-space:nowrap">Among </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:8992.18px;white-space:nowrap">currencies, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:5220px;white-space:nowrap">tactical </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:5830.22px;white-space:nowrap">positioning </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:6740.86px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:6930.97px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:7231.2px;white-space:nowrap">Japanese </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:8061.86px;white-space:nowrap">yen </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:8402.08px;white-space:nowrap">contributed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:9342.69px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11948.64px;left:5220px;white-space:nowrap">relative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11948.64px;left:5850.26px;white-space:nowrap">performance, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11948.64px;left:6960.76px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11948.64px;left:7200.88px;white-space:nowrap">did </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11948.64px;left:7491.09px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11948.64px;left:7791.33px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11948.64px;left:8378.35px;white-space:nowrap">underweighted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:5220px;white-space:nowrap">exposure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:6010.49px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:6210.62px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:6510.85px;white-space:nowrap">euro </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:6921.12px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:7271.46px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:7501.46px;white-space:nowrap">overweighted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:8622.16px;white-space:nowrap">position </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:9292.59px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:9482.7px;white-space:nowrap">select </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12448.64px;left:5220px;white-space:nowrap">Latin </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12448.64px;left:5650.4px;white-space:nowrap">American </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12448.64px;left:6460.66px;white-space:nowrap">currencies. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12448.64px;left:7390.99px;letter-spacing:-1.1px;white-space:nowrap">However, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12448.64px;left:8191.32px;white-space:nowrap">overweighted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12448.64px;left:9312.01px;white-space:nowrap">positions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:5220px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:5410.11px;white-space:nowrap">select </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:5920.4px;white-space:nowrap">Asia </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:6320.57px;white-space:nowrap">ex </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:6560.68px;white-space:nowrap">Japan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:7101.12px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:7441.52px;white-space:nowrap">African </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:8051.75px;white-space:nowrap">currencies, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:8982.07px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:9222.19px;white-space:nowrap">well </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:9582.28px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:1408.5px;left:0px;white-space:nowrap">Geographic </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:1408.5px;left:1108.55px;white-space:nowrap">Composition</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1606.39px;left:0px;white-space:nowrap">12/31/22</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1894.87px;left:3927.5px;white-space:nowrap">% </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1894.87px;left:4114.22px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1894.87px;left:4309.69px;letter-spacing:-2.37px;white-space:nowrap">Total</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2086.87px;left:3858.91px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2086.87px;left:4155.23px;white-space:nowrap">Assets</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2428.81px;left:0px;white-space:nowrap">Asia </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2428.81px;left:355.7px;text-rendering:optimizeLegibility;white-space:nowrap">Pacific</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2428.81px;left:4226.33px;white-space:nowrap">29.7%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2689.29px;left:0px;white-space:nowrap">Americas</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2689.29px;left:4226.33px;white-space:nowrap">31.6%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2949.78px;left:0px;white-space:nowrap">Other </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2949.78px;left:444.61px;white-space:nowrap">Europe</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2949.78px;left:4315.31px;white-space:nowrap">4.5%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3210.26px;left:0px;white-space:nowrap">Middle </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3210.26px;left:515.78px;white-space:nowrap">East </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3210.26px;left:880.39px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3210.26px;left:1022.73px;white-space:nowrap">Africa</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3210.26px;left:4315.31px;white-space:nowrap">4.3%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3470.75px;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:3470.75px;left:835.7px;white-space:nowrap">Investments </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3470.75px;left:1742.73px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3470.75px;left:1893.91px;white-space:nowrap">Other </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3470.75px;left:2338.52px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3470.75px;left:2623.13px;white-space:nowrap">Assets</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3470.75px;left:4226.33px;white-space:nowrap">29.9%</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">Annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</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">Russian </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:700.31px;white-space:nowrap">ruble </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1150.58px;white-space:nowrap">(for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1470.59px;white-space:nowrap">part </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1830.76px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2030.89px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2331.12px;white-space:nowrap">period) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2941.44px;white-space:nowrap">detracted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3741.94px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4151.95px;white-space:nowrap">relative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">results. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:630.18px;white-space:nowrap">Select </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1180.46px;white-space:nowrap">sub-investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2451.01px;white-space:nowrap">grade </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2961.39px;white-space:nowrap">sovereign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3791.87px;white-space:nowrap">credits </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4372.03px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">detracted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:800.51px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1210.52px;white-space:nowrap">relative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1840.78px;white-space:nowrap">returns.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:0px;white-space:nowrap">Thank </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:550.28px;white-space:nowrap">you </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:890.51px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:1150.58px;white-space:nowrap">your </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:1550.74px;white-space:nowrap">continued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:2381.4px;white-space:nowrap">participation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:3401.98px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:3588.84px;letter-spacing:-2px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:0px;white-space:nowrap">Global </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:570.32px;white-space:nowrap">Income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:1210.61px;white-space:nowrap">Fund. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:1720.9px;letter-spacing:-1.08px;white-space:nowrap">We </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:2037.66px;white-space:nowrap">look </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:2417.87px;white-space:nowrap">forward </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:3068.09px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:3268.21px;white-space:nowrap">serving </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:3898.48px;white-space:nowrap">your </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:4298.64px;white-space:nowrap">future </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:0px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:920.39px;white-space:nowrap">needs.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:0px;letter-spacing:-1.34px;white-space:nowrap">Sincerely,</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2268.64px;left:0px;white-space:nowrap">Michael </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2268.64px;left:670.25px;white-space:nowrap">Hasenstab, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2268.64px;left:1630.81px;white-space:nowrap">Ph.D.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:0px;white-space:nowrap">Lead </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:450.44px;white-space:nowrap">Portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:1160.77px;white-space:nowrap">Manager</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2948.64px;left:0px;white-space:nowrap">Calvin </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2948.64px;left:550.2px;white-space:nowrap">Ho, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2948.64px;left:880.31px;white-space:nowrap">Ph.D.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3198.64px;left:0px;white-space:nowrap">Portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3198.64px;left:710.33px;white-space:nowrap">Manager</div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3718.64px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3718.64px;left:360.18px;white-space:nowrap">foregoing </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3718.64px;left:1160.77px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3718.64px;left:2101.2px;text-rendering:optimizeLegibility;white-space:nowrap">reflects </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3718.64px;left:2731.38px;white-space:nowrap">our </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3718.64px;left:3041.54px;white-space:nowrap">analysis, </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3718.64px;left:3791.87px;white-space:nowrap">opinions </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3968.64px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3968.64px;left:350.33px;white-space:nowrap">portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3968.64px;left:1040.71px;white-space:nowrap">holdings </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3968.64px;left:1761.24px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3968.64px;left:2001.36px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3968.64px;left:2201.48px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3968.64px;left:3081.8px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3968.64px;left:3382.03px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3968.64px;left:3882.48px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3968.64px;left:4182.71px;white-space:nowrap">end </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4218.64px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4218.64px;left:200.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4218.64px;left:500.36px;white-space:nowrap">reporting </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4218.64px;left:1260.79px;white-space:nowrap">period. </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4218.64px;left:1861.17px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4218.64px;left:2221.35px;white-space:nowrap">way </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4218.64px;left:2591.46px;white-space:nowrap">we </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4218.64px;left:2871.56px;white-space:nowrap">implement </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4218.64px;left:3751.88px;white-space:nowrap">our </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4218.64px;left:4062.04px;white-space:nowrap">main </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4468.64px;left:0px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4468.64px;left:920.39px;white-space:nowrap">strategies </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4468.64px;left:1750.78px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4468.64px;left:2101.11px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4468.64px;left:2401.35px;white-space:nowrap">resulting </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4468.64px;left:3131.72px;white-space:nowrap">portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4468.64px;left:3822.1px;white-space:nowrap">holdings </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4718.64px;left:0px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4718.64px;left:390.06px;white-space:nowrap">change </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4718.64px;left:1030.61px;white-space:nowrap">depending </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4718.64px;left:1921.46px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4718.64px;left:2171.69px;white-space:nowrap">factors </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4718.64px;left:2761.88px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4718.64px;left:3192.1px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4718.64px;left:3432.22px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4718.64px;left:4032.33px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4968.64px;left:0px;white-space:nowrap">economic </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4968.64px;left:820.37px;white-space:nowrap">conditions. </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4968.64px;left:1730.92px;white-space:nowrap">These </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4968.64px;left:2281.2px;white-space:nowrap">opinions </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4968.64px;left:3001.73px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4968.64px;left:3391.79px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4968.64px;left:3692.02px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4968.64px;left:3942.25px;white-space:nowrap">relied </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4968.64px;left:4432.5px;white-space:nowrap">upon </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5218.64px;left:0px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5218.64px;left:240.12px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5218.64px;left:1160.51px;white-space:nowrap">advice </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5218.64px;left:1730.83px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5218.64px;left:1940.89px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5218.64px;left:2191.11px;white-space:nowrap">offer </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5218.64px;left:2601.3px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5218.64px;left:2861.37px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5218.64px;left:3011.48px;white-space:nowrap">particular </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5218.64px;left:3801.8px;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:5218.64px;left:4508.61px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5468.64px;left:0px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5468.64px;left:940.43px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5468.64px;left:1120.43px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5468.64px;left:1420.66px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5468.64px;left:1570.78px;white-space:nowrap">complete </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5468.64px;left:2351.16px;white-space:nowrap">analysis </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5468.64px;left:3051.47px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5468.64px;left:3251.6px;white-space:nowrap">every </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5468.64px;left:3741.77px;white-space:nowrap">aspect </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5468.64px;left:4322.11px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5468.64px;left:4522.24px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5718.64px;left:0px;white-space:nowrap">market, </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5718.64px;left:650.13px;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:5718.64px;left:1327.06px;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:5718.64px;left:2043.98px;white-space:nowrap">security </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5718.64px;left:2714.15px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5718.64px;left:2924.21px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5718.64px;left:3224.44px;white-space:nowrap">Fund. </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5718.64px;left:3734.74px;white-space:nowrap">Statements </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5718.64px;left:4695.21px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5968.64px;left:0px;white-space:nowrap">fact </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5968.64px;left:340.14px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5968.64px;left:650.3px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5968.64px;left:1060.31px;white-space:nowrap">sources </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5968.64px;left:1740.59px;white-space:nowrap">considered </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5968.64px;left:2671.17px;white-space:nowrap">reliable, </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5968.64px;left:3351.53px;white-space:nowrap">but </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5968.64px;left:3651.77px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5968.64px;left:3952px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6218.64px;left:0px;white-space:nowrap">manager </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6218.64px;left:760.43px;white-space:nowrap">makes </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6218.64px;left:1340.6px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6218.64px;left:1590.82px;white-space:nowrap">representation </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6218.64px;left:2791.58px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6218.64px;left:3001.64px;white-space:nowrap">warranty </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6218.64px;left:3741.86px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6218.64px;left:3981.97px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6218.64px;left:4182.1px;white-space:nowrap">their </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6468.64px;left:0px;white-space:nowrap">completeness </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6468.64px;left:1160.6px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6468.64px;left:1370.65px;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:6468.64px;left:2170.9px;white-space:nowrap">Although </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6468.64px;left:2931.5px;white-space:nowrap">historical </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6468.64px;left:3691.76px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6718.64px;left:0px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6718.64px;left:180px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6718.64px;left:430.22px;white-space:nowrap">guarantee </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6718.64px;left:1290.94px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6718.64px;left:1491.06px;white-space:nowrap">future </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6718.64px;left:2001.36px;white-space:nowrap">results, </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6718.64px;left:2631.53px;white-space:nowrap">these </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6718.64px;left:3121.88px;white-space:nowrap">insights </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6718.64px;left:3782.2px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6718.64px;left:4172.26px;white-space:nowrap">help </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6718.64px;left:4562.58px;white-space:nowrap">you </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6968.64px;left:0px;white-space:nowrap">understand </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6968.64px;left:950.71px;white-space:nowrap">our </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6968.64px;left:1260.88px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6968.64px;left:2181.27px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6968.64px;left:3281.92px;letter-spacing:-1.21px;white-space:nowrap">philosophy.</div></div>
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		</div>
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			<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual </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>
		</div>
		<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">
			<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
		</div>
		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:624.72px;left:0px;position:absolute;top:0px;transform:translate(53.999px,107.076px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.25px">
			<div style="width:10085px;height:12398.4px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">












































			<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">tables </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2878.24px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3228.57px;white-space:nowrap">graph </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3738.96px;white-space:nowrap">do </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3989.18px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4289.41px;text-rendering:optimizeLegibility;white-space:nowrap">reflect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4829.59px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5169.81px;white-space:nowrap">taxes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5650.05px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6000.29px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6150.41px;white-space:nowrap">shareholder </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7151.04px;white-space:nowrap">would </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7671.36px;white-space:nowrap">pay </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8011.58px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8261.81px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8722.09px;white-space:nowrap">dividends, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:570.32px;white-space:nowrap">gain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:960.64px;white-space:nowrap">distributions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2021.13px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2161.14px;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:2538.02px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2748.08px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3088.3px;white-space:nowrap">realized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3768.66px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4248.98px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4499.21px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4799.44px;white-space:nowrap">sale </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5179.66px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5379.79px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5840.07px;white-space:nowrap">shares. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6477.1px;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:6890.8px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7611.33px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8241.59px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8541.56px;white-space:nowrap">vary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8931.62px;white-space:nowrap">depending </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:9822.48px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:0px;white-space:nowrap">dividends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:810.53px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1020.59px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1660.87px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2051.19px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2291.31px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3101.57px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3291.68px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3591.91px;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:4178.94px;white-space:nowrap">portfolio, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:4919.33px;white-space:nowrap">adjusted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5649.87px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5909.94px;white-space:nowrap">operating </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6710.54px;white-space:nowrap">expenses. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7581.09px;white-space:nowrap">Capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8191.41px;white-space:nowrap">gain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8581.73px;white-space:nowrap">distributions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:9592.21px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:0px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:300.23px;text-rendering:optimizeLegibility;white-space:nowrap">profits </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:840.41px;white-space:nowrap">realized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1520.77px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1930.78px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2231.02px;white-space:nowrap">sale </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2611.23px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2811.36px;white-space:nowrap">portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:3501.74px;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">12/31/22</div><div style="font-family:Arial, sans-serif;font-size:151.6px;position:absolute;top:1810.13px;left:3208.61px;white-space:nowrap">1</div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:0px;white-space:nowrap">Performance </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:1080.44px;white-space:nowrap">data </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:1480.78px;white-space:nowrap">represent </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:2291.22px;white-space:nowrap">past </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:2681.46px;white-space:nowrap">performance, </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:3791.95px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:4302.16px;white-space:nowrap">does </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:4742.49px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:5042.72px;white-space:nowrap">guarantee </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:5903.44px;white-space:nowrap">future </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:6413.73px;white-space:nowrap">results. </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:7043.91px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:7974.32px;white-space:nowrap">return </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:8494.54px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:8844.87px;white-space:nowrap">principal </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:9565.22px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:0px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;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:4255.12px;left:1080.44px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:1430.77px;white-space:nowrap">you </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:1771px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:2161.05px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:2601.39px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:2751.5px;white-space:nowrap">gain </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:3141.83px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:3351.88px;white-space:nowrap">loss </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:3721.99px;white-space:nowrap">when </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:4202.31px;white-space:nowrap">you </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:4542.54px;white-space:nowrap">sell </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:4862.64px;white-space:nowrap">your </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:5262.8px;white-space:nowrap">shares. </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:5903.09px;white-space:nowrap">Current </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:6553.3px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:7613.79px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:8003.85px;white-space:nowrap">differ </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:8454.02px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;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:4255.12px;left:9454.31px;white-space:nowrap">shown.</div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:4831.39px;left:0px;white-space:nowrap">Share </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:4831.39px;left:766.04px;white-space:nowrap">Prices</div><div style="font-family:Arial, sans-serif;font-size:150px;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:150px;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:150px;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:150px;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:150px;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:150px;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:150px;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:150px;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:150px;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:150px;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:150px;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:150px;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:150px;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:150px;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:150px;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:150px;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:150px;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:150px;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:150px;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:150px;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:150px;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:3074.09px;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:3074.09px;left:4682.05px;white-space:nowrap">-7.24%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3074.09px;left:6266.05px;white-space:nowrap">-9.06%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3074.09px;left:7994.05px;white-space:nowrap">-7.24%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3074.09px;left:9578.05px;white-space:nowrap">-9.06%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3334.57px;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:3334.57px;left:4593.06px;white-space:nowrap">-13.85%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3334.57px;left:6266.05px;white-space:nowrap">-7.87%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3334.57px;left:7994.05px;white-space:nowrap">-2.94%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3334.57px;left:9578.05px;white-space:nowrap">-1.63%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.05px;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:3595.05px;left:4682.05px;white-space:nowrap">-9.33%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.05px;left:6177.06px;white-space:nowrap">-14.77%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.05px;left:7994.05px;white-space:nowrap">-0.97%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.05px;left:9578.05px;white-space:nowrap">-1.58%</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5242.14px;left:0px;white-space:nowrap">Symbol: </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5242.14px;left:675.63px;white-space:nowrap">GIM</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5242.14px;left:6294.19px;white-space:nowrap">12/31/22</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5242.14px;left:7878.19px;white-space:nowrap">12/31/21</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5242.14px;left:9498.28px;white-space:nowrap">Change</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5562.08px;left:0px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5562.08px;left:284.61px;white-space:nowrap">Asset </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5562.08px;left:729.22px;letter-spacing:-1.98px;white-space:nowrap">Value </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5562.08px;left:1171.02px;letter-spacing:-2.37px;white-space:nowrap">(NAV)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5562.08px;left:6516.61px;white-space:nowrap">$4.67</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5562.08px;left:8100.61px;white-space:nowrap">$5.46</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5562.08px;left:9631.33px;white-space:nowrap">-$0.79</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.56px;left:0px;white-space:nowrap">Market </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.56px;left:533.44px;white-space:nowrap">Price </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.56px;left:942.42px;white-space:nowrap">(NYSE)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.56px;left:6516.61px;white-space:nowrap">$4.33</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.56px;left:8100.61px;white-space:nowrap">$5.19</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.56px;left:9631.33px;white-space:nowrap">-$0.86</div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:6564.96px;left:0px;white-space:nowrap">Distributions</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6649.62px;left:1474.96px;white-space:nowrap">(1/1/22&#8211;12/31/22)</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7055.57px;left:9261.17px;letter-spacing:-2.97px;white-space:nowrap">Tax </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7055.57px;left:9569.45px;white-space:nowrap">Return</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7247.57px;left:9356.09px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7247.57px;left:9551.56px;white-space:nowrap">Capital</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7584.51px;left:9506.64px;white-space:nowrap">$0.3959</div></div>
		</div>
		<div style="height:13.32px;left:0px;position:absolute;top:0px;transform:translate(53.999px,711.928px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.25px">
			<div style="width:10085px;height:116.48px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.05px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;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:130px;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:130px;font-weight:bold;position:absolute;top:-21.41px;left:612.66px;white-space:nowrap">7 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:722.11px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;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:130px;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:130px;font-weight:bold;position:absolute;top:-21.41px;left:2406.33px;white-space:nowrap">footnotes.</div></div>
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		<div style="height:50.48px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) 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:9.6px;white-space:nowrap">Global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:1596.97px;letter-spacing:10.29px;white-space:nowrap">Income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:2242.22px;letter-spacing:9px;white-space:nowrap">Fund</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>
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		<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
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			<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) 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-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">
			<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) 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:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) 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">Annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
		</div>
		<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">
			<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
		</div>
		<div style="height:665.23px;left:0px;position:absolute;top:0px;transform:translate(36.000px,76.568px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:12983.64px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">



				<div style="height:216.00px;left:0px;position:absolute;top:0px;transform:translate(0.000px,2642.487px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:360.00px">
					<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64, )"></div>
				</div>
				<div style="height:13.32px;left:0px;position:absolute;top:0px;transform:translate(0.000px,12606.214px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:504.00px">
					<div style="width:10080px;height:116.48px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.05px) rotate(0deg) scale(0.05)">

					<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;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:130px;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:130px;font-weight:bold;position:absolute;top:-21.41px;left:612.66px;white-space:nowrap">7</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:722.11px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;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:130px;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:130px;font-weight:bold;position:absolute;top:-21.41px;left:2406.33px;white-space:nowrap">footnotes.</div></div>
				</div>
			<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:609.15px;left:0px;letter-spacing:-4.8px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:609.15px;left:621.44px;white-space:nowrap">Return </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:609.15px;left:1474.05px;white-space:nowrap">Index </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:609.15px;left:2182.32px;white-space:nowrap">Comparison </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:609.15px;left:3656.25px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:609.15px;left:4031.9px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:609.15px;left:4248.74px;white-space:nowrap">Hypothetical </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:609.15px;left:5751.74px;white-space:nowrap">$10,000 </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:609.15px;left:6763.81px;white-space:nowrap">Investment</div><div style="font-family:Arial, sans-serif;font-size:151.6px;position:absolute;top:614.37px;left:8035.5px;letter-spacing:0px;white-space:nowrap">1</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:984.48px;left:0px;letter-spacing:-3.33px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:984.48px;left:430.22px;white-space:nowrap">return </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:984.48px;left:950.45px;white-space:nowrap">represents </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:984.48px;left:1850.89px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:984.48px;left:2151.12px;white-space:nowrap">change </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:984.48px;left:2791.67px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:984.48px;left:2981.78px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:984.48px;left:3462.1px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:984.48px;left:3662.23px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:984.48px;left:3912.45px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:984.48px;left:4832.84px;white-space:nowrap">over </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:984.48px;left:5233.01px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:984.48px;left:5533.24px;white-space:nowrap">periods </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:984.48px;left:6173.61px;white-space:nowrap">shown. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:984.48px;left:6793.95px;white-space:nowrap">It </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:984.48px;left:6943.97px;white-space:nowrap">includes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:984.48px;left:7654.39px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:984.48px;left:7994.62px;white-space:nowrap">applicable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:984.48px;left:8855.24px;white-space:nowrap">maximum </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1234.48px;left:0px;white-space:nowrap">sales </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1234.48px;left:470.21px;white-space:nowrap">charge, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1234.48px;left:1120.61px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1234.48px;left:1580.89px;white-space:nowrap">expenses, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1234.48px;left:2451.45px;white-space:nowrap">account </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1234.48px;left:3131.89px;white-space:nowrap">fees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1234.48px;left:3522.13px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1234.48px;left:3872.46px;white-space:nowrap">reinvested </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1234.48px;left:4752.95px;white-space:nowrap">distributions. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1234.48px;left:5810.19px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1234.48px;left:6170.36px;white-space:nowrap">unmanaged </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1234.48px;left:7171.17px;white-space:nowrap">index </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1234.48px;left:7651.49px;white-space:nowrap">includes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1234.48px;left:8361.91px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1234.48px;left:9442.35px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1234.48px;left:9642.48px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1484.48px;left:0px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1484.48px;left:630.26px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1484.48px;left:840.32px;white-space:nowrap">distributions. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1484.48px;left:1900.81px;white-space:nowrap">It </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1484.48px;left:2050.84px;text-rendering:optimizeLegibility;white-space:nowrap">differs </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1484.48px;left:2587.15px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1484.48px;left:2997.16px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1484.48px;left:3297.39px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1484.48px;left:3757.68px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1484.48px;left:3947.78px;white-space:nowrap">composition </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1484.48px;left:4958.26px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1484.48px;left:5308.59px;white-space:nowrap">does </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1484.48px;left:5748.93px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1484.48px;left:6049.16px;white-space:nowrap">pay </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1484.48px;left:6389.38px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1484.48px;left:7490.04px;white-space:nowrap">fees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1484.48px;left:7880.27px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1484.48px;left:8090.33px;white-space:nowrap">expenses. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1484.48px;left:8960.89px;white-space:nowrap">One </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1484.48px;left:9351.12px;white-space:nowrap">cannot </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1734.48px;left:0px;white-space:nowrap">invest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1734.48px;left:520.22px;white-space:nowrap">directly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1734.48px;left:1140.38px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1734.48px;left:1330.49px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1734.48px;left:1580.71px;white-space:nowrap">index.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2395.42px;left:0px;white-space:nowrap">(12/31/12&#8211;12/31/22)</div></div>
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		<div style="height:50.48px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) 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:7437.56px;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:8393.66px;letter-spacing:9.6px;white-space:nowrap">Global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:9034.53px;letter-spacing:10.29px;white-space:nowrap">Income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:9679.78px;letter-spacing:9px;white-space:nowrap">Fund</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:8141.27px;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:9342.06px;letter-spacing:9.64px;white-space:nowrap">Summary</div></div>
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		<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">
			<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) 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">7</div></div>
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		<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
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		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">
			<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) 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="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual </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:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">
			<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
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			<div style="width:10080px;height:12983.64px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.05px) rotate(0deg) scale(0.05)">











			<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;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:130px;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:130px;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:130px;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:130px;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:130px;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:130px;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:130px;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:130px;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:130px;font-weight:bold;position:absolute;top:-21.41px;left:4142.03px;white-space:nowrap">Changes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:4732.58px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:4885.7px;white-space:nowrap">interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:5396.09px;white-space:nowrap">rates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:5746.17px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:5994.22px;white-space:nowrap">affect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:6380.63px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:6613.91px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:6985.94px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:7146.25px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:7379.53px;letter-spacing:-0.68px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:7841.33px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:8409.77px;white-space:nowrap">value, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:8818.28px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:9204.84px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:9554.92px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:158.59px;left:0px;white-space:nowrap">yield. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:158.59px;left:372.03px;white-space:nowrap">Bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:158.59px;left:743.67px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:158.59px;left:1166.72px;white-space:nowrap">generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:158.59px;left:1779.38px;white-space:nowrap">move </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:158.59px;left:2158.59px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:158.59px;left:2311.72px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:158.59px;left:2545px;white-space:nowrap">opposite </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:158.59px;left:3128.2px;white-space:nowrap">direction </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:158.59px;left:3718.75px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:158.59px;left:3879.06px;white-space:nowrap">interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:158.59px;left:4389.45px;white-space:nowrap">rates. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:158.59px;left:4771.25px;white-space:nowrap">As </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:158.59px;left:4975.39px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:158.59px;left:5398.44px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:158.59px;left:5558.75px;white-space:nowrap">bonds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:158.59px;left:5988.83px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:158.59px;left:6141.95px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:158.59px;left:6375.23px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:158.59px;left:6732.34px;white-space:nowrap">adjust </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:158.59px;left:7155.23px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:158.59px;left:7315.55px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:158.59px;left:7425px;white-space:nowrap">rise </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:158.59px;left:7694.92px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:158.59px;left:7848.05px;white-space:nowrap">interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:158.59px;left:8358.44px;white-space:nowrap">rates, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:158.59px;left:8745px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:158.59px;left:8978.28px;letter-spacing:-0.68px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:158.59px;left:9440.08px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:338.59px;left:0px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:338.59px;left:350.08px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:338.59px;left:649.14px;white-space:nowrap">decline. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:338.59px;left:1174.3px;white-space:nowrap">Special </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:338.59px;left:1670.31px;white-space:nowrap">risks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:338.59px;left:2013.2px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:338.59px;left:2246.64px;white-space:nowrap">associated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:338.59px;left:2961.41px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:338.59px;left:3260.31px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:338.59px;left:3741.41px;white-space:nowrap">investing, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:338.59px;left:4390.39px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:338.59px;left:5010.08px;white-space:nowrap">currency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:338.59px;left:5600.78px;text-rendering:optimizeLegibility;white-space:nowrap">fluctuations, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:338.59px;left:6417.27px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:338.59px;left:7066.25px;white-space:nowrap">instability </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:338.59px;left:7715.23px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:338.59px;left:7985px;white-space:nowrap">political </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:338.59px;left:8517.34px;white-space:nowrap">developments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:338.59px;left:9436.09px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:518.59px;left:0px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:518.59px;left:627.03px;white-space:nowrap">where </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:518.59px;left:1042.73px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:518.59px;left:1276.02px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:518.59px;left:1633.13px;white-space:nowrap">invests. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:518.59px;left:2158.28px;white-space:nowrap">Investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:518.59px;left:2960.39px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:518.59px;left:3113.52px;white-space:nowrap">developing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:518.59px;left:3842.66px;white-space:nowrap">markets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:518.59px;left:4382.34px;white-space:nowrap">involve </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:518.59px;left:4871.02px;white-space:nowrap">heightened </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:518.59px;left:5607.34px;white-space:nowrap">risks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:518.59px;left:5950.23px;white-space:nowrap">related </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:518.59px;left:6416.95px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:518.59px;left:6577.27px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:518.59px;left:6810.55px;white-space:nowrap">same </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:518.59px;left:7182.58px;white-space:nowrap">factors, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:518.59px;left:7692.97px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:518.59px;left:7846.09px;white-space:nowrap">addition </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:518.59px;left:8392.81px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:518.59px;left:8553.13px;white-space:nowrap">those </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:518.59px;left:8939.53px;white-space:nowrap">associated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:518.59px;left:9654.3px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:698.59px;left:0px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:698.59px;left:320.78px;white-space:nowrap">relatively </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:698.59px;left:926.25px;white-space:nowrap">small </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:698.59px;left:1298.28px;white-space:nowrap">size </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:698.59px;left:1582.81px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:698.59px;left:1852.58px;white-space:nowrap">lesser </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:698.59px;left:2268.44px;letter-spacing:-0.87px;white-space:nowrap">liquidity. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:698.59px;left:2834.84px;white-space:nowrap">Sovereign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:698.59px;left:3505.7px;white-space:nowrap">debt </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:698.59px;left:3819.14px;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:698.59px;left:4468.28px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:698.59px;left:4701.72px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:698.59px;left:5197.58px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:698.59px;left:5357.89px;white-space:nowrap">various </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:698.59px;left:5861.09px;white-space:nowrap">risks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:698.59px;left:6203.98px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:698.59px;left:6357.11px;white-space:nowrap">addition </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:698.59px;left:6903.83px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:698.59px;left:7064.14px;white-space:nowrap">those </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:698.59px;left:7450.55px;white-space:nowrap">relating </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:698.59px;left:7960.94px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:698.59px;left:8121.25px;white-space:nowrap">debt </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:698.59px;left:8434.69px;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:698.59px;left:9083.83px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:698.59px;left:9353.59px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:0px;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:649.14px;letter-spacing:-0.87px;white-space:nowrap">generally, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:1288.67px;white-space:nowrap">including, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:1944.84px;white-space:nowrap">but </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:2185.31px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:2425.78px;white-space:nowrap">limited </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:2885.16px;white-space:nowrap">to, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:3081.95px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:3315.23px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:3585.16px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:3862.11px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:3971.56px;white-space:nowrap">government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:4758.91px;white-space:nowrap">entity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:5145.31px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:5444.38px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:5633.98px;white-space:nowrap">unwilling </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:6239.14px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:6406.8px;white-space:nowrap">unable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:6866.17px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:7026.48px;white-space:nowrap">pay </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:7289.06px;white-space:nowrap">interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:7799.45px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:8069.22px;white-space:nowrap">repay </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:8455.78px;white-space:nowrap">principal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:9039.14px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:9235.94px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:9425.55px;white-space:nowrap">sovereign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1058.59px;left:0px;white-space:nowrap">debt, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1058.59px;left:349.92px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1058.59px;left:517.58px;white-space:nowrap">otherwise </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1058.59px;left:1166.56px;white-space:nowrap">meet </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1058.59px;left:1509.3px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1058.59px;left:1698.91px;white-space:nowrap">obligations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1058.59px;left:2435.23px;white-space:nowrap">when </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1058.59px;left:2807.11px;white-space:nowrap">due. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1058.59px;left:3113.36px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1058.59px;left:3383.13px;white-space:nowrap">markets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1058.59px;left:3922.81px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1058.59px;left:4134.14px;white-space:nowrap">particular </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1058.59px;left:4768.52px;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1058.59px;left:5417.66px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1058.59px;left:5585.31px;white-space:nowrap">types </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1058.59px;left:5964.53px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1058.59px;left:6124.84px;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1058.59px;left:6773.98px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1058.59px;left:7007.42px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1058.59px;left:7175.08px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1058.59px;left:7474.14px;white-space:nowrap">become </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1058.59px;left:8006.48px;white-space:nowrap">relatively </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1058.59px;left:8611.95px;white-space:nowrap">illiquid. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1058.59px;left:9107.81px;white-space:nowrap">Reduced </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:0px;white-space:nowrap">liquidity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:539.53px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:787.58px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:1123.13px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:1312.73px;white-space:nowrap">adverse </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:1845.23px;white-space:nowrap">impact </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:2304.61px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:2501.41px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:2734.69px;letter-spacing:-0.43px;white-space:nowrap">security&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:3379.06px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:3751.09px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:4020.86px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:4217.66px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:4450.94px;letter-spacing:-0.68px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:4912.73px;white-space:nowrap">ability </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:5328.44px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:5488.75px;white-space:nowrap">sell </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:5744.14px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:6086.88px;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:6736.02px;white-space:nowrap">when </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:7107.89px;white-space:nowrap">necessary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:7786.33px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:7946.64px;white-space:nowrap">meet </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:8289.38px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:8522.66px;letter-spacing:-0.68px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:8984.45px;white-space:nowrap">liquidity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:9523.98px;white-space:nowrap">needs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:9939.69px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1418.59px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1418.59px;left:153.13px;white-space:nowrap">response </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1418.59px;left:772.97px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1418.59px;left:933.28px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1418.59px;left:1042.73px;text-rendering:optimizeLegibility;white-space:nowrap">specific </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1418.59px;left:1567.89px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1418.59px;left:2034.61px;white-space:nowrap">event. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1418.59px;left:2450.31px;white-space:nowrap">Derivatives, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1418.59px;left:3223.44px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1418.59px;left:3843.13px;white-space:nowrap">currency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1418.59px;left:4433.83px;white-space:nowrap">management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1418.59px;left:5279.61px;white-space:nowrap">strategies, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1418.59px;left:5972.42px;white-space:nowrap">involve </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1418.59px;left:6461.09px;white-space:nowrap">costs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1418.59px;left:6840.31px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1418.59px;left:7110.08px;white-space:nowrap">can </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1418.59px;left:7372.66px;white-space:nowrap">create </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1418.59px;left:7795.7px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1418.59px;left:8444.69px;white-space:nowrap">leverage </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1418.59px;left:9013.67px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1418.59px;left:9166.8px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1418.59px;left:9400.08px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1598.59px;left:0px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1598.59px;left:276.95px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1598.59px;left:576.02px;white-space:nowrap">result </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1598.59px;left:969.77px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1598.59px;left:1122.89px;text-rendering:optimizeLegibility;white-space:nowrap">significant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1598.59px;left:1815.55px;white-space:nowrap">volatility </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1598.59px;left:2384.38px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1598.59px;left:2654.14px;white-space:nowrap">cause </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1598.59px;left:3062.66px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1598.59px;left:3295.94px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1598.59px;left:3653.05px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1598.59px;left:3813.36px;white-space:nowrap">participate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1598.59px;left:4513.36px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1598.59px;left:4666.48px;white-space:nowrap">losses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1598.59px;left:5111.48px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1598.59px;left:5308.28px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1598.59px;left:5497.89px;white-space:nowrap">amount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1598.59px;left:6008.13px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1598.59px;left:6285.08px;white-space:nowrap">exceeds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1598.59px;left:6839.53px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1598.59px;left:7072.81px;letter-spacing:-0.68px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1598.59px;left:7534.61px;white-space:nowrap">initial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1598.59px;left:7913.83px;white-space:nowrap">investment. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1598.59px;left:8679.45px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1598.59px;left:8949.22px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1598.59px;left:9306.33px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1598.59px;left:9605.39px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1778.59px;left:0px;white-space:nowrap">achieve </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1778.59px;left:517.97px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1778.59px;left:751.25px;white-space:nowrap">anticipated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1778.59px;left:1480.39px;text-rendering:optimizeLegibility;white-space:nowrap">benefits </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1778.59px;left:2019.92px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1778.59px;left:2289.69px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1778.59px;left:2588.75px;white-space:nowrap">realize </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1778.59px;left:3033.75px;white-space:nowrap">losses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1778.59px;left:3478.75px;white-space:nowrap">when </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1778.59px;left:3850.63px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1778.59px;left:3960.08px;white-space:nowrap">counterparty </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1778.59px;left:4798.44px;white-space:nowrap">fails </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1778.59px;left:5097.5px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1778.59px;left:5257.81px;white-space:nowrap">perform </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1778.59px;left:5789.92px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1778.59px;left:5972.34px;white-space:nowrap">promised. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1778.59px;left:6631.09px;white-space:nowrap">As </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1778.59px;left:6835.23px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1778.59px;left:6944.69px;text-rendering:optimizeLegibility;white-space:nowrap">nondiversified </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1778.59px;left:7877.97px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1778.59px;left:8607.11px;letter-spacing:-1.07px;white-space:nowrap">company, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1778.59px;left:9246.48px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1778.59px;left:9479.77px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1958.59px;left:0px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1958.59px;left:299.06px;white-space:nowrap">invest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1958.59px;left:714.77px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1958.59px;left:867.89px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1958.59px;left:977.34px;white-space:nowrap">relatively </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1958.59px;left:1582.81px;white-space:nowrap">small </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1958.59px;left:1954.84px;white-space:nowrap">number </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1958.59px;left:2472.42px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1958.59px;left:2632.73px;white-space:nowrap">issuers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1958.59px;left:3128.75px;white-space:nowrap">and, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1958.59px;left:3435px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1958.59px;left:3617.42px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1958.59px;left:3726.88px;white-space:nowrap">result, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1958.59px;left:4157.11px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1958.59px;left:4346.72px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1958.59px;left:4842.58px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1958.59px;left:5002.89px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1958.59px;left:5112.34px;white-space:nowrap">greater </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1958.59px;left:5593.59px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1958.59px;left:5863.52px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1958.59px;left:6023.83px;white-space:nowrap">loss </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1958.59px;left:6322.89px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1958.59px;left:6621.8px;white-space:nowrap">respect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1958.59px;left:7125px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1958.59px;left:7285.31px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1958.59px;left:7474.92px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1958.59px;left:8043.36px;white-space:nowrap">securities. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1958.59px;left:8728.98px;white-space:nowrap">Events </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1958.59px;left:9195.7px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1958.59px;left:9538.44px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1958.59px;left:9720.86px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2138.59px;left:0px;white-space:nowrap">spread </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2138.59px;left:466.72px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2138.59px;left:627.03px;white-space:nowrap">deadly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2138.59px;left:1079.22px;white-space:nowrap">diseases, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2138.59px;left:1706.64px;white-space:nowrap">disasters, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2138.59px;left:2355.78px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2138.59px;left:2625.55px;text-rendering:optimizeLegibility;white-space:nowrap">financial, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2138.59px;left:3230.86px;white-space:nowrap">political </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2138.59px;left:3763.2px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2138.59px;left:3930.86px;white-space:nowrap">social </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2138.59px;left:4339.38px;white-space:nowrap">disruptions, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2138.59px;left:5126.72px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2138.59px;left:5425.78px;white-space:nowrap">heighten </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2138.59px;left:6008.98px;white-space:nowrap">risks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2138.59px;left:6351.88px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2138.59px;left:6621.64px;white-space:nowrap">adversely </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2138.59px;left:7263.59px;white-space:nowrap">affect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2138.59px;left:7650px;white-space:nowrap">performance. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2138.59px;left:8517.66px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2138.59px;left:8787.42px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2138.59px;left:9144.53px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2138.59px;left:9290.47px;white-space:nowrap">actively </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2318.59px;left:0px;white-space:nowrap">managed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2318.59px;left:612.5px;white-space:nowrap">but </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2318.59px;left:852.97px;white-space:nowrap">there </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2318.59px;left:1210.23px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2318.59px;left:1356.17px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2318.59px;left:1552.97px;white-space:nowrap">guarantee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2318.59px;left:2216.48px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2318.59px;left:2493.44px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2318.59px;left:2726.72px;white-space:nowrap">manager&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2318.59px;left:3419.53px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2318.59px;left:4148.67px;white-space:nowrap">decisions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2318.59px;left:4790.47px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2318.59px;left:5038.52px;white-space:nowrap">produce </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2318.59px;left:5592.58px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2318.59px;left:5825.86px;white-space:nowrap">desired </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2318.59px;left:6329.06px;white-space:nowrap">results. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2678.59px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2678.59px;left:269.77px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2678.59px;left:626.88px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2678.59px;left:925.94px;white-space:nowrap">invest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2678.59px;left:1341.64px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2678.59px;left:1494.77px;white-space:nowrap">China </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2678.59px;left:1895.7px;white-space:nowrap">Interbank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2678.59px;left:2522.73px;white-space:nowrap">bonds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2678.59px;left:2952.81px;white-space:nowrap">traded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2678.59px;left:3390.23px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2678.59px;left:3587.03px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2678.59px;left:3820.31px;white-space:nowrap">China </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2678.59px;left:4221.25px;white-space:nowrap">Interbank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2678.59px;left:4848.28px;white-space:nowrap">Bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2678.59px;left:5219.92px;white-space:nowrap">Market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2678.59px;left:5679.3px;white-space:nowrap">(&#8220;CIBM&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2678.59px;left:6269.53px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2678.59px;left:6801.48px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2678.59px;left:7034.77px;white-space:nowrap">China </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2678.59px;left:7435.7px;white-space:nowrap">&#8211; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2678.59px;left:7545.16px;white-space:nowrap">Hong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2678.59px;left:7916.8px;white-space:nowrap">Kong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2678.59px;left:8288.44px;white-space:nowrap">Bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2678.59px;left:8660.08px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2678.59px;left:9221.33px;white-space:nowrap">program </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2858.59px;left:0px;white-space:nowrap">(&#8220;Bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2858.59px;left:480.94px;white-space:nowrap">Connect&#8221;). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2858.59px;left:1187.97px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2858.59px;left:1341.09px;white-space:nowrap">China, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2858.59px;left:1778.52px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2858.59px;left:2011.8px;white-space:nowrap">Hong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2858.59px;left:2383.44px;white-space:nowrap">Kong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2858.59px;left:2755.08px;white-space:nowrap">Monetary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2858.59px;left:3370px;white-space:nowrap">Authority </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2858.59px;left:3989.45px;white-space:nowrap">Central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2858.59px;left:4477.89px;white-space:nowrap">Money </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2858.59px;left:4929.92px;white-space:nowrap">Markets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2858.59px;left:5462.27px;white-space:nowrap">Unit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2858.59px;left:5753.75px;white-space:nowrap">holds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2858.59px;left:6140.16px;white-space:nowrap">Bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2858.59px;left:6511.8px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2858.59px;left:7073.05px;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2858.59px;left:7722.19px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2858.59px;left:7918.98px;white-space:nowrap">behalf </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2858.59px;left:8341.88px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2858.59px;left:8502.19px;white-space:nowrap">ultimate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2858.59px;left:9041.72px;white-space:nowrap">investors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2858.59px;left:9661.56px;white-space:nowrap">(such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3038.59px;left:0px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3038.59px;left:182.42px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3038.59px;left:415.7px;white-space:nowrap">Fund) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3038.59px;left:816.48px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3038.59px;left:969.61px;white-space:nowrap">accounts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3038.59px;left:1582.11px;white-space:nowrap">maintained </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3038.59px;left:2311.25px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3038.59px;left:2610.16px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3038.59px;left:2719.61px;white-space:nowrap">China-based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3038.59px;left:3543.44px;white-space:nowrap">custodian </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3038.59px;left:4199.61px;white-space:nowrap">(either </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3038.59px;left:4637.03px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3038.59px;left:4870.31px;white-space:nowrap">China </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3038.59px;left:5271.25px;white-space:nowrap">Central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3038.59px;left:5759.69px;white-space:nowrap">Depository </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3038.59px;left:6481.41px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3038.59px;left:6612.58px;white-space:nowrap">Clearing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3038.59px;left:7173.98px;white-space:nowrap">Co. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3038.59px;left:7421.8px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3038.59px;left:7589.45px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3038.59px;left:7822.73px;white-space:nowrap">Shanghai </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3038.59px;left:8449.77px;white-space:nowrap">Clearing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3038.59px;left:9011.17px;white-space:nowrap">House). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3038.59px;left:9528.75px;white-space:nowrap">This </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3218.59px;left:0px;white-space:nowrap">recordkeeping </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3218.59px;left:940.63px;white-space:nowrap">system </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3218.59px;left:1429.3px;white-space:nowrap">subjects </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3218.59px;left:1998.13px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3218.59px;left:2231.41px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3218.59px;left:2588.52px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3218.59px;left:2748.83px;white-space:nowrap">various </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3218.59px;left:3252.03px;white-space:nowrap">risks, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3218.59px;left:3631.41px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3218.59px;left:4251.09px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3218.59px;left:4484.38px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3218.59px;left:4754.3px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3218.59px;left:5031.25px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3218.59px;left:5264.53px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3218.59px;left:5621.64px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3218.59px;left:5920.7px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3218.59px;left:6256.25px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3218.59px;left:6365.7px;white-space:nowrap">limited </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3218.59px;left:6825.08px;white-space:nowrap">ability </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3218.59px;left:7240.78px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3218.59px;left:7401.09px;white-space:nowrap">enforce </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3218.59px;left:7911.48px;white-space:nowrap">rights </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3218.59px;left:8312.42px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3218.59px;left:8494.84px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3218.59px;left:8604.3px;white-space:nowrap">bondholder </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3218.59px;left:9362.34px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3218.59px;left:9632.11px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3398.59px;left:0px;white-space:nowrap">risks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3398.59px;left:342.89px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3398.59px;left:503.2px;white-space:nowrap">settlement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3398.59px;left:1195.86px;white-space:nowrap">delays </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3398.59px;left:1640.86px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3398.59px;left:1910.63px;white-space:nowrap">counterparty </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3398.59px;left:2748.98px;white-space:nowrap">default </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3398.59px;left:3215.55px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3398.59px;left:3375.86px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3398.59px;left:3609.14px;white-space:nowrap">Hong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3398.59px;left:3980.78px;white-space:nowrap">Kong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3398.59px;left:4352.42px;white-space:nowrap">sub-custodian. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3398.59px;left:5322.03px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3398.59px;left:5475.16px;white-space:nowrap">addition, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3398.59px;left:6058.36px;white-space:nowrap">enforcing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3398.59px;left:6692.58px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3398.59px;left:6925.86px;white-space:nowrap">ownership </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3398.59px;left:7618.52px;white-space:nowrap">rights </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3398.59px;left:8019.45px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3398.59px;left:8179.77px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3398.59px;left:8289.22px;text-rendering:optimizeLegibility;white-space:nowrap">beneficial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3398.59px;left:8931.02px;white-space:nowrap">holder </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3398.59px;left:9368.44px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3398.59px;left:9528.75px;white-space:nowrap">Bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3578.59px;left:0px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3578.59px;left:561.25px;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3578.59px;left:1210.39px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3578.59px;left:1356.33px;white-space:nowrap">untested </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3578.59px;left:1939.53px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3578.59px;left:2209.3px;white-space:nowrap">courts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3578.59px;left:2646.72px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3578.59px;left:2799.84px;white-space:nowrap">China </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3578.59px;left:3200.78px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3578.59px;left:3536.33px;white-space:nowrap">limited </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3578.59px;left:3995.7px;white-space:nowrap">experience </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3578.59px;left:4717.81px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3578.59px;left:4870.94px;white-space:nowrap">applying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3578.59px;left:5446.95px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3578.59px;left:5680.23px;white-space:nowrap">concept </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3578.59px;left:6219.77px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3578.59px;left:6380.08px;text-rendering:optimizeLegibility;white-space:nowrap">beneficial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3578.59px;left:7021.88px;white-space:nowrap">ownership. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3578.59px;left:7751.02px;white-space:nowrap">Bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3578.59px;left:8122.66px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3578.59px;left:8683.91px;white-space:nowrap">uses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3578.59px;left:9019.45px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3578.59px;left:9252.73px;white-space:nowrap">trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3758.59px;left:0px;white-space:nowrap">infrastructure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3758.59px;left:889.38px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3758.59px;left:1049.69px;white-space:nowrap">both </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3758.59px;left:1370.31px;white-space:nowrap">Hong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3758.59px;left:1741.95px;white-space:nowrap">Kong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3758.59px;left:2113.59px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3758.59px;left:2383.36px;white-space:nowrap">China </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3758.59px;left:2784.3px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3758.59px;left:3054.06px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3758.59px;left:3200px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3758.59px;left:3440.47px;white-space:nowrap">available </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3758.59px;left:4031.41px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3758.59px;left:4228.2px;white-space:nowrap">trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3758.59px;left:4709.3px;white-space:nowrap">holidays </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3758.59px;left:5278.13px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3758.59px;left:5431.25px;white-space:nowrap">Hong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3758.59px;left:5802.89px;white-space:nowrap">Kong. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3758.59px;left:6206.25px;white-space:nowrap">As </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3758.59px;left:6410.39px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3758.59px;left:6519.84px;white-space:nowrap">result, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3758.59px;left:6950.08px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3758.59px;left:7373.13px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3758.59px;left:7533.44px;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3758.59px;left:8182.58px;white-space:nowrap">purchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3758.59px;left:8882.58px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3758.59px;left:9414.53px;white-space:nowrap">Bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;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:130px;font-weight:bold;position:absolute;top:3938.59px;left:561.25px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3938.59px;left:860.31px;text-rendering:optimizeLegibility;white-space:nowrap">fluctuate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3938.59px;left:1443.52px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3938.59px;left:1596.64px;white-space:nowrap">times </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3938.59px;left:1975.86px;white-space:nowrap">when </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3938.59px;left:2347.73px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3938.59px;left:2457.19px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3938.59px;left:2814.3px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3938.59px;left:2960.23px;white-space:nowrap">unable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3938.59px;left:3419.61px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3938.59px;left:3579.92px;white-space:nowrap">add </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3938.59px;left:3849.69px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3938.59px;left:4010px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3938.59px;left:4177.66px;white-space:nowrap">exit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3938.59px;left:4440.23px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3938.59px;left:4629.84px;white-space:nowrap">position. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3938.59px;left:5213.05px;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3938.59px;left:5876.72px;white-space:nowrap">offered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3938.59px;left:6357.81px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3938.59px;left:6889.77px;white-space:nowrap">Bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3938.59px;left:7261.41px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3938.59px;left:7822.66px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3938.59px;left:8121.72px;white-space:nowrap">lose </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3938.59px;left:8420.78px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3938.59px;left:8741.56px;white-space:nowrap">eligibility </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3938.59px;left:9346.88px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3938.59px;left:9558.2px;white-space:nowrap">trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4118.59px;left:0px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4118.59px;left:531.95px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4118.59px;left:765.23px;white-space:nowrap">program </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4118.59px;left:1333.83px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4118.59px;left:1486.95px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4118.59px;left:1749.53px;white-space:nowrap">time. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4118.59px;left:2092.27px;white-space:nowrap">If </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4118.59px;left:2208.91px;white-space:nowrap">Bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4118.59px;left:2580.55px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4118.59px;left:3141.8px;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4118.59px;left:3790.94px;white-space:nowrap">lose </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4118.59px;left:4090px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4118.59px;left:4410.78px;white-space:nowrap">eligibility </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4118.59px;left:5016.09px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4118.59px;left:5227.42px;white-space:nowrap">trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4118.59px;left:5708.52px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4118.59px;left:6240.47px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4118.59px;left:6473.75px;white-space:nowrap">program, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4118.59px;left:7078.83px;white-space:nowrap">they </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4118.59px;left:7385.08px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4118.59px;left:7684.14px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4118.59px;left:7873.75px;white-space:nowrap">sold </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4118.59px;left:8180px;white-space:nowrap">but </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4118.59px;left:8420.47px;white-space:nowrap">can </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4118.59px;left:8683.05px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4118.59px;left:8879.84px;white-space:nowrap">longer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4118.59px;left:9317.27px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4118.59px;left:9506.88px;white-space:nowrap">pur-</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4298.59px;left:0px;white-space:nowrap">chased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4298.59px;left:488.67px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4298.59px;left:1020.63px;white-space:nowrap">Bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4298.59px;left:1392.27px;white-space:nowrap">Connect.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4658.59px;left:0px;white-space:nowrap">Bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4658.59px;left:371.64px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4658.59px;left:932.89px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4658.59px;left:1078.83px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4658.59px;left:1574.69px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4658.59px;left:1735px;white-space:nowrap">regulation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4658.59px;left:2405.7px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4658.59px;left:2595.31px;white-space:nowrap">both </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4658.59px;left:2915.94px;white-space:nowrap">Hong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4658.59px;left:3287.58px;white-space:nowrap">Kong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4658.59px;left:3659.22px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4658.59px;left:3928.98px;white-space:nowrap">China </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4658.59px;left:4329.92px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4658.59px;left:4599.69px;white-space:nowrap">there </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4658.59px;left:4956.95px;white-space:nowrap">can </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4658.59px;left:5219.53px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4658.59px;left:5409.14px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4658.59px;left:5605.94px;white-space:nowrap">assurance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4658.59px;left:6291.56px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4658.59px;left:6568.52px;white-space:nowrap">further </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4658.59px;left:7027.66px;white-space:nowrap">regulations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4658.59px;left:7771.33px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4658.59px;left:8019.38px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4658.59px;left:8259.84px;white-space:nowrap">affect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4658.59px;left:8646.25px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4658.59px;left:8879.53px;white-space:nowrap">availability </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4658.59px;left:9587.11px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4838.59px;left:0px;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4838.59px;left:649.14px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4838.59px;left:802.27px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4838.59px;left:1035.55px;white-space:nowrap">program, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4838.59px;left:1640.63px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4838.59px;left:1873.91px;white-space:nowrap">frequency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4838.59px;left:2537.42px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4838.59px;left:2697.73px;white-space:nowrap">redemptions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4838.59px;left:3521.56px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4838.59px;left:3689.22px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4838.59px;left:4053.67px;white-space:nowrap">limitations. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4838.59px;left:4782.81px;white-space:nowrap">Bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4838.59px;left:5154.45px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4838.59px;left:5715.7px;white-space:nowrap">trades </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4838.59px;left:6145.94px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4838.59px;left:6379.38px;white-space:nowrap">settled </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4838.59px;left:6838.75px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4838.59px;left:6991.88px;white-space:nowrap">Chinese </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4838.59px;left:7538.75px;letter-spacing:-0.96px;white-space:nowrap">currency, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4838.59px;left:8156.33px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4838.59px;left:8389.61px;white-space:nowrap">renminbi </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4838.59px;left:8980.16px;white-space:nowrap">(&#8220;RMB&#8221;). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4838.59px;left:9570.39px;white-space:nowrap">It </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5018.59px;left:0px;white-space:nowrap">cannot </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5018.59px;left:466.56px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5018.59px;left:656.17px;white-space:nowrap">guaranteed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5018.59px;left:1399.84px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5018.59px;left:1676.8px;white-space:nowrap">investors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5018.59px;left:2296.64px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5018.59px;left:2544.69px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5018.59px;left:2880.23px;white-space:nowrap">timely </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5018.59px;left:3295.94px;white-space:nowrap">access </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5018.59px;left:3770.23px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5018.59px;left:3930.55px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5018.59px;left:4040px;white-space:nowrap">reliable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5018.59px;left:4536.02px;white-space:nowrap">supply </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5018.59px;left:4995.39px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5018.59px;left:5155.7px;white-space:nowrap">RMB </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5018.59px;left:5490.86px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5018.59px;left:5643.98px;white-space:nowrap">Hong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5018.59px;left:6015.63px;white-space:nowrap">Kong. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5018.59px;left:6423.75px;white-space:nowrap">Bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5018.59px;left:6795.39px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5018.59px;left:7356.64px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5018.59px;left:7502.58px;white-space:nowrap">relatively </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5018.59px;left:8108.05px;white-space:nowrap">new </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5018.59px;left:8399.77px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5018.59px;left:8669.53px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5018.59px;left:8859.14px;white-space:nowrap">effects </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5018.59px;left:9318.52px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5018.59px;left:9515.31px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5198.59px;left:0px;white-space:nowrap">Chinese </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5198.59px;left:546.88px;white-space:nowrap">interbank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5198.59px;left:1173.91px;white-space:nowrap">bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5198.59px;left:1531.02px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5198.59px;left:1997.73px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5198.59px;left:2231.17px;white-space:nowrap">uncertain. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5198.59px;left:2894.69px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5198.59px;left:3047.81px;white-space:nowrap">addition, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5198.59px;left:3631.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5198.59px;left:3864.3px;white-space:nowrap">trading, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5198.59px;left:4381.88px;white-space:nowrap">settlement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5198.59px;left:5074.53px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5198.59px;left:5344.3px;white-space:nowrap">IT </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5198.59px;left:5497.42px;white-space:nowrap">systems </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5198.59px;left:6059.06px;white-space:nowrap">required </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5198.59px;left:6620.47px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5198.59px;left:6831.8px;white-space:nowrap">non-Chinese </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5198.59px;left:7662.81px;white-space:nowrap">investors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5198.59px;left:8282.66px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5198.59px;left:8435.78px;white-space:nowrap">Bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5198.59px;left:8807.42px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5198.59px;left:9368.67px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5378.59px;left:0px;white-space:nowrap">relatively </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5378.59px;left:605.47px;letter-spacing:-0.95px;white-space:nowrap">new. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5378.59px;left:928.91px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5378.59px;left:1082.03px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5378.59px;left:1315.31px;white-space:nowrap">event </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5378.59px;left:1694.53px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5378.59px;left:1854.84px;white-space:nowrap">systems </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5378.59px;left:2416.48px;white-space:nowrap">malfunctions, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5378.59px;left:3305.94px;white-space:nowrap">trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5378.59px;left:3787.03px;white-space:nowrap">via </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5378.59px;left:4005.94px;white-space:nowrap">Bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5378.59px;left:4377.58px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5378.59px;left:4938.83px;white-space:nowrap">could </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5378.59px;left:5325.23px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5378.59px;left:5514.84px;white-space:nowrap">disrupted. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5378.59px;left:6185.55px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5378.59px;left:6338.67px;white-space:nowrap">addition, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5378.59px;left:6921.88px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5378.59px;left:7155.16px;white-space:nowrap">Bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5378.59px;left:7526.8px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5378.59px;left:8088.05px;white-space:nowrap">program </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5378.59px;left:8656.64px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5378.59px;left:8955.7px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5378.59px;left:9145.31px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5378.59px;left:9641.17px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5558.59px;left:0px;white-space:nowrap">further </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5558.59px;left:459.14px;white-space:nowrap">interpretation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5558.59px;left:1341.17px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5558.59px;left:1610.94px;white-space:nowrap">guidance. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5558.59px;left:2259.92px;white-space:nowrap">There </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5558.59px;left:2653.67px;white-space:nowrap">can </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5558.59px;left:2916.25px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5558.59px;left:3105.86px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5558.59px;left:3302.66px;white-space:nowrap">assurance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5558.59px;left:3988.28px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5558.59px;left:4170.7px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5558.59px;left:4331.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5558.59px;left:4564.3px;letter-spacing:-0.48px;white-space:nowrap">program&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5558.59px;left:5237.58px;white-space:nowrap">continued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5558.59px;left:5900.94px;white-space:nowrap">existence </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5558.59px;left:6535.55px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5558.59px;left:6703.2px;white-space:nowrap">whether </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5558.59px;left:7242.73px;white-space:nowrap">future </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5558.59px;left:7650.86px;white-space:nowrap">developments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5558.59px;left:8569.61px;white-space:nowrap">regarding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5558.59px;left:9211.17px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5558.59px;left:9444.45px;white-space:nowrap">program </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5738.59px;left:0px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5738.59px;left:299.06px;white-space:nowrap">restrict </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5738.59px;left:780.31px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5738.59px;left:947.97px;white-space:nowrap">adversely </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5738.59px;left:1589.92px;white-space:nowrap">affect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5738.59px;left:1976.33px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5738.59px;left:2209.61px;letter-spacing:-0.68px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5738.59px;left:2671.41px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5738.59px;left:3473.52px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5738.59px;left:3641.17px;white-space:nowrap">returns. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5738.59px;left:4166.09px;letter-spacing:-1.07px;white-space:nowrap">Finally, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5738.59px;left:4645.16px;white-space:nowrap">uncertainties </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5738.59px;left:5498.28px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5738.59px;left:5651.41px;white-space:nowrap">China </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5738.59px;left:6052.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5738.59px;left:6278.44px;white-space:nowrap">rules </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5738.59px;left:6628.52px;white-space:nowrap">governing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5738.59px;left:7299.22px;white-space:nowrap">taxation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5738.59px;left:7838.75px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5738.59px;left:7999.06px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5738.59px;left:8494.92px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5738.59px;left:8764.69px;white-space:nowrap">gains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5738.59px;left:9143.91px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5918.59px;left:0px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5918.59px;left:802.11px;white-space:nowrap">via </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5918.59px;left:1021.02px;white-space:nowrap">Bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5918.59px;left:1392.66px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5918.59px;left:1953.91px;white-space:nowrap">could </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5918.59px;left:2340.31px;white-space:nowrap">result </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5918.59px;left:2734.06px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5918.59px;left:2887.19px;white-space:nowrap">unexpected </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5918.59px;left:3652.81px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5918.59px;left:3878.91px;white-space:nowrap">liabilities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5918.59px;left:4477.03px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5918.59px;left:4688.36px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5918.59px;left:4797.81px;white-space:nowrap">Fund.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6278.59px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6278.59px;left:269.77px;white-space:nowrap">application </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6278.59px;left:998.91px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6278.59px;left:1268.67px;white-space:nowrap">interpretation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6278.59px;left:2150.7px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6278.59px;left:2311.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6278.59px;left:2544.3px;white-space:nowrap">laws </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6278.59px;left:2865.31px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6278.59px;left:3135.08px;white-space:nowrap">regulations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6278.59px;left:3878.75px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6278.59px;left:4039.06px;white-space:nowrap">Hong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6278.59px;left:4410.7px;white-space:nowrap">Kong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6278.59px;left:4782.34px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6278.59px;left:5052.11px;white-space:nowrap">China, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6278.59px;left:5489.53px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6278.59px;left:5759.3px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6278.59px;left:5992.58px;white-space:nowrap">rules, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6278.59px;left:6379.14px;white-space:nowrap">policies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6278.59px;left:6904.3px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6278.59px;left:7071.95px;white-space:nowrap">guidelines </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6278.59px;left:7757.42px;white-space:nowrap">published </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6278.59px;left:8413.59px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6278.59px;left:8581.25px;white-space:nowrap">applied </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6278.59px;left:9077.11px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6278.59px;left:9266.72px;white-space:nowrap">relevant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6458.59px;left:0px;white-space:nowrap">regulators </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6458.59px;left:678.05px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6458.59px;left:947.81px;white-space:nowrap">exchanges </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6458.59px;left:1662.58px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6458.59px;left:1815.7px;white-space:nowrap">respect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6458.59px;left:2318.91px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6458.59px;left:2479.22px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6458.59px;left:2712.5px;white-space:nowrap">Bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6458.59px;left:3084.14px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6458.59px;left:3645.39px;white-space:nowrap">program, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6458.59px;left:4250.47px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6458.59px;left:4483.91px;white-space:nowrap">uncertain, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6458.59px;left:5147.42px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6458.59px;left:5417.19px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6458.59px;left:5716.25px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6458.59px;left:6051.8px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6458.59px;left:6161.25px;white-space:nowrap">detrimental </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6458.59px;left:6904.92px;white-space:nowrap">effect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6458.59px;left:7291.33px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6458.59px;left:7488.13px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6458.59px;left:7721.41px;letter-spacing:-0.68px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6458.59px;left:8183.2px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6458.59px;left:8985.31px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6458.59px;left:9255.08px;white-space:nowrap">returns.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6818.59px;left:0px;letter-spacing:-0.53px;white-space:nowrap">Russia&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6818.59px;left:571.41px;white-space:nowrap">military </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6818.59px;left:1074.61px;white-space:nowrap">invasion </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6818.59px;left:1643.44px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6818.59px;left:1803.75px;white-space:nowrap">Ukraine </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6818.59px;left:2321.48px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6818.59px;left:2474.61px;white-space:nowrap">February </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6818.59px;left:3072.5px;white-space:nowrap">2022, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6818.59px;left:3437.34px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6818.59px;left:3670.63px;white-space:nowrap">resulting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6818.59px;left:4261.17px;white-space:nowrap">responses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6818.59px;left:4953.98px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6818.59px;left:5143.59px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6818.59px;left:5376.88px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6818.59px;left:5821.48px;white-space:nowrap">States </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6818.59px;left:6251.72px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6818.59px;left:6521.48px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6818.59px;left:6885.94px;white-space:nowrap">countries, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6818.59px;left:7549.45px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6818.59px;left:7819.22px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6818.59px;left:8052.5px;white-space:nowrap">potential </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6818.59px;left:8635.7px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6818.59px;left:8847.03px;white-space:nowrap">wider </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6818.59px;left:9226.25px;text-rendering:optimizeLegibility;white-space:nowrap">conflict </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6818.59px;left:9729.3px;white-space:nowrap">could </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6998.59px;left:0px;white-space:nowrap">increase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6998.59px;left:568.98px;white-space:nowrap">volatility </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6998.59px;left:1137.81px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6998.59px;left:1407.58px;white-space:nowrap">uncertainty </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6998.59px;left:2151.25px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6998.59px;left:2304.38px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6998.59px;left:2537.66px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6998.59px;left:3106.48px;white-space:nowrap">markets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6998.59px;left:3646.17px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6998.59px;left:3915.94px;white-space:nowrap">adversely </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6998.59px;left:4557.89px;white-space:nowrap">affect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6998.59px;left:4944.3px;white-space:nowrap">regional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6998.59px;left:5491.17px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6998.59px;left:5760.94px;white-space:nowrap">global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6998.59px;left:6183.83px;white-space:nowrap">economies. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6998.59px;left:6942.27px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6998.59px;left:7212.03px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6998.59px;left:7656.64px;white-space:nowrap">States </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6998.59px;left:8086.88px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6998.59px;left:8356.64px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6998.59px;left:8721.09px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6998.59px;left:9348.13px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7178.59px;left:0px;white-space:nowrap">imposed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7178.59px;left:576.02px;white-space:nowrap">broad-ranging </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7178.59px;left:1501.72px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7178.59px;left:2150.7px;white-space:nowrap">sanctions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7178.59px;left:2799.69px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7178.59px;left:2996.48px;white-space:nowrap">Russia </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7178.59px;left:3463.2px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7178.59px;left:3732.97px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7178.59px;left:4199.69px;white-space:nowrap">Russian </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7178.59px;left:4746.56px;white-space:nowrap">individuals, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7178.59px;left:5505px;white-space:nowrap">banking </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7178.59px;left:6044.53px;white-space:nowrap">entities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7178.59px;left:6540.39px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7178.59px;left:6810.16px;white-space:nowrap">corporations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7178.59px;left:7648.52px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7178.59px;left:7830.94px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7178.59px;left:7940.39px;white-space:nowrap">response </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7178.59px;left:8560.23px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7178.59px;left:8720.55px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7178.59px;left:8910.16px;white-space:nowrap">invasion </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7178.59px;left:9478.98px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7358.59px;left:0px;white-space:nowrap">Ukraine. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7358.59px;left:554.22px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7358.59px;left:823.98px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7358.59px;left:1268.59px;white-space:nowrap">States </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7358.59px;left:1698.83px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7358.59px;left:1968.59px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7358.59px;left:2333.05px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7358.59px;left:2960.08px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7358.59px;left:3295.63px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7358.59px;left:3594.69px;white-space:nowrap">imposed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7358.59px;left:4170.7px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7358.59px;left:4819.69px;white-space:nowrap">sanctions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7358.59px;left:5468.67px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7358.59px;left:5665.47px;white-space:nowrap">Belarus </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7358.59px;left:6183.2px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7358.59px;left:6452.97px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7358.59px;left:6752.03px;white-space:nowrap">impose </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7358.59px;left:7247.89px;white-space:nowrap">sanctions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7358.59px;left:7896.88px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7358.59px;left:8093.67px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7358.59px;left:8458.13px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7358.59px;left:9085.16px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7358.59px;left:9362.11px;white-space:nowrap">support </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7538.59px;left:0px;letter-spacing:-0.53px;white-space:nowrap">Russia&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7538.59px;left:571.41px;white-space:nowrap">military </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7538.59px;left:1074.61px;white-space:nowrap">invasion. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7538.59px;left:1679.92px;white-space:nowrap">These </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7538.59px;left:2095.63px;white-space:nowrap">sanctions, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7538.59px;left:2781.09px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7538.59px;left:2963.52px;white-space:nowrap">well </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7538.59px;left:3248.05px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7538.59px;left:3430.47px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7538.59px;left:3693.05px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7538.59px;left:4057.5px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7538.59px;left:4706.48px;white-space:nowrap">consequences </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7538.59px;left:5654.53px;white-space:nowrap">related </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7538.59px;left:6121.25px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7538.59px;left:6281.56px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7538.59px;left:6514.84px;white-space:nowrap">invasion, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7538.59px;left:7120.16px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7538.59px;left:7462.89px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7538.59px;left:7645.31px;white-space:nowrap">additional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7538.59px;left:8301.48px;white-space:nowrap">sanctions, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7538.59px;left:8986.95px;white-space:nowrap">boycotts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7538.59px;left:9570.16px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7718.59px;left:0px;white-space:nowrap">changes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7718.59px;left:568.83px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7718.59px;left:721.95px;white-space:nowrap">consumer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7718.59px;left:1385.47px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7718.59px;left:1553.13px;white-space:nowrap">purchaser </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7718.59px;left:2223.98px;white-space:nowrap">preferences </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7718.59px;left:3004.3px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7718.59px;left:3171.95px;white-space:nowrap">cyberattacks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7718.59px;left:4010.7px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7718.59px;left:4207.5px;white-space:nowrap">governments, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7718.59px;left:5104.3px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7718.59px;left:5826.25px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7718.59px;left:5993.91px;white-space:nowrap">individuals, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7718.59px;left:6752.34px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7718.59px;left:7051.41px;white-space:nowrap">further </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7718.59px;left:7510.55px;white-space:nowrap">decrease </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7718.59px;left:8116.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7718.59px;left:8349.3px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7718.59px;left:8721.33px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7718.59px;left:8991.09px;white-space:nowrap">liquidity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7718.59px;left:9530.63px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7898.59px;left:0px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7898.59px;left:466.72px;white-space:nowrap">Russian </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7898.59px;left:1013.59px;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7898.59px;left:1662.73px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7898.59px;left:1932.5px;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7898.59px;left:2581.64px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7898.59px;left:2741.95px;white-space:nowrap">issuers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7898.59px;left:3237.97px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7898.59px;left:3391.09px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7898.59px;left:3755.55px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7898.59px;left:4382.58px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7898.59px;left:4659.53px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7898.59px;left:4892.97px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7898.59px;left:5388.83px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7898.59px;left:5549.14px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7898.59px;left:6198.13px;white-space:nowrap">sanctions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7898.59px;left:6847.11px;white-space:nowrap">related </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7898.59px;left:7313.83px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7898.59px;left:7474.14px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7898.59px;left:7707.42px;white-space:nowrap">invasion.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8258.59px;left:0px;white-space:nowrap">1. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8258.59px;left:145.94px;white-space:nowrap">Gross </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8258.59px;left:532.42px;white-space:nowrap">expenses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8258.59px;left:1130.63px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8258.59px;left:1356.72px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8258.59px;left:1575.63px;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:8258.59px;left:2003.67px;white-space:nowrap">total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8258.59px;left:2288.2px;white-space:nowrap">annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8258.59px;left:2718.67px;white-space:nowrap">operating </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8258.59px;left:3302.27px;white-space:nowrap">expenses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8258.59px;left:3900.47px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8258.59px;left:4075.55px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8258.59px;left:4221.48px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8258.59px;left:4440.39px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8258.59px;left:4866.72px;white-space:nowrap">annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8258.59px;left:5297.19px;white-space:nowrap">report </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8258.59px;left:5676.41px;white-space:nowrap">available </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8258.59px;left:6230.78px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8258.59px;left:6376.72px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8258.59px;left:6595.63px;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8258.59px;left:6880px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8258.59px;left:7025.94px;white-space:nowrap">publication. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8258.59px;left:7719.06px;white-space:nowrap">Actual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8258.59px;left:8120.23px;white-space:nowrap">expenses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8258.59px;left:8718.44px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8258.59px;left:9002.81px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8258.59px;left:9185.23px;white-space:nowrap">higher </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8258.59px;left:9586.41px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8438.59px;left:0px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8438.59px;left:284.38px;white-space:nowrap">impact </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8438.59px;left:707.34px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8438.59px;left:1210.63px;white-space:nowrap">returns. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8438.59px;left:1691.95px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8438.59px;left:1932.58px;white-space:nowrap">expenses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8438.59px;left:2530.78px;text-rendering:optimizeLegibility;white-space:nowrap">reflect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8438.59px;left:2924.61px;white-space:nowrap">contractual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8438.59px;left:3602.97px;white-space:nowrap">fee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8438.59px;left:3821.88px;white-space:nowrap">waivers, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8438.59px;left:4339.53px;white-space:nowrap">expense </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8438.59px;left:4872.11px;white-space:nowrap">caps </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8438.59px;left:5185.78px;white-space:nowrap">and/or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8438.59px;left:5594.3px;white-space:nowrap">reimbursements, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8438.59px;left:6607.89px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8438.59px;left:6979.77px;white-space:nowrap">cannot </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8438.59px;left:7410.23px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8438.59px;left:7592.66px;white-space:nowrap">terminated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8438.59px;left:8249.06px;white-space:nowrap">prior </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8438.59px;left:8547.97px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8438.59px;left:8693.91px;white-space:nowrap">2/28/24 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8438.59px;left:9168.2px;white-space:nowrap">without </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8438.59px;left:9620.39px;white-space:nowrap">Board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8618.59px;left:0px;white-space:nowrap">consent. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8618.59px;left:525.39px;white-space:nowrap">Additional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8618.59px;left:1138.13px;white-space:nowrap">amounts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8618.59px;left:1677.89px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8618.59px;left:1962.27px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8618.59px;left:2144.69px;white-space:nowrap">voluntarily </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8618.59px;left:2771.88px;white-space:nowrap">waived </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8618.59px;left:3216.72px;white-space:nowrap">and/or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8618.59px;left:3625.23px;white-space:nowrap">reimbursed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8618.59px;left:4317.97px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8618.59px;left:4573.36px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8618.59px;left:4857.73px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8618.59px;left:5040.16px;text-rendering:optimizeLegibility;white-space:nowrap">modified </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8618.59px;left:5572.58px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8618.59px;left:5725.7px;white-space:nowrap">discontinued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8618.59px;left:6498.98px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8618.59px;left:6644.92px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8618.59px;left:6892.97px;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8618.59px;left:7177.34px;white-space:nowrap">without </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8618.59px;left:7629.53px;white-space:nowrap">notice.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8827.39px;left:0px;white-space:nowrap">2. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8827.39px;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:8827.39px;left:457.34px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8827.39px;left:836.56px;white-space:nowrap">calculations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8827.39px;left:1558.67px;white-space:nowrap">represent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8827.39px;left:2149.45px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8827.39px;left:2368.36px;white-space:nowrap">cumulative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8827.39px;left:3032.03px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8827.39px;left:3287.42px;white-space:nowrap">average </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8827.39px;left:3798.05px;white-space:nowrap">annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8827.39px;left:4228.52px;white-space:nowrap">changes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8827.39px;left:4761.09px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8827.39px;left:4899.69px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8827.39px;left:5249.84px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8827.39px;left:5395.78px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8827.39px;left:5578.2px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8827.39px;left:6249.22px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8827.39px;left:6540.94px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8827.39px;left:6759.84px;white-space:nowrap">periods </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8827.39px;left:7226.64px;white-space:nowrap">indicated. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8827.39px;left:7824.84px;white-space:nowrap">Return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8827.39px;left:8255.08px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8827.39px;left:8444.69px;white-space:nowrap">less </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8827.39px;left:8714.53px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8827.39px;left:9006.41px;white-space:nowrap">one </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8827.39px;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:8827.39px;left:9582.81px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8827.39px;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:9007.39px;left:0px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9007.39px;left:248.05px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9007.39px;left:466.95px;white-space:nowrap">been </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9007.39px;left:795.31px;white-space:nowrap">annualized.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9216.19px;left:0px;white-space:nowrap">3. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9216.19px;left:138.75px;white-space:nowrap">Assumes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9216.19px;left:714.84px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9216.19px;left:1502.5px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9216.19px;left:1648.44px;white-space:nowrap">distributions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9216.19px;left:2385.08px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9216.19px;left:2779.06px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9216.19px;left:2961.48px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9216.19px;left:3180.39px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9216.19px;left:3530.55px;white-space:nowrap">value.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9424.99px;left:0px;white-space:nowrap">4. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9424.99px;left:138.75px;white-space:nowrap">Assumes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9424.99px;left:714.84px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9424.99px;left:1502.5px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9424.99px;left:1648.44px;white-space:nowrap">distributions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9424.99px;left:2385.08px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9424.99px;left:2779.06px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9424.99px;left:2961.48px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9424.99px;left:3180.39px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9424.99px;left:3705.63px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9424.99px;left:4493.28px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9424.99px;left:4748.67px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9424.99px;left:5062.34px;white-space:nowrap">purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9424.99px;left:5638.59px;white-space:nowrap">plan.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9633.79px;left:0px;white-space:nowrap">5. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9633.79px;left:145.94px;white-space:nowrap">Source: </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9633.79px;left:634.61px;white-space:nowrap">FactSet. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9633.79px;left:1157.5px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9633.79px;left:1420.08px;white-space:nowrap">JPM </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9633.79px;left:1718.98px;white-space:nowrap">GGBI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9633.79px;left:2083.67px;white-space:nowrap">tracks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9633.79px;left:2470.16px;white-space:nowrap">total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9633.79px;left:2754.69px;white-space:nowrap">returns </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9633.79px;left:3199.53px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9633.79px;left:3389.14px;white-space:nowrap">liquid, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9633.79px;left:3768.44px;text-rendering:optimizeLegibility;white-space:nowrap">fixed-rate, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9633.79px;left:4388.36px;white-space:nowrap">domestic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9633.79px;left:4949.92px;white-space:nowrap">government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9633.79px;left:5679.3px;white-space:nowrap">bonds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9633.79px;left:6073.28px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9633.79px;left:6343.05px;white-space:nowrap">maturities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9633.79px;left:6948.28px;white-space:nowrap">greater </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9633.79px;left:7400.47px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9633.79px;left:7692.34px;white-space:nowrap">one </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9633.79px;left:7947.73px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9633.79px;left:8239.45px;white-space:nowrap">issued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9633.79px;left:8655.23px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9633.79px;left:8830.31px;white-space:nowrap">developed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9633.79px;left:9472.34px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9813.79px;left:0px;letter-spacing:-1.07px;white-space:nowrap">globally.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10022.59px;left:0px;white-space:nowrap">See </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10022.59px;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:10022.59px;left:2618.2px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10022.59px;left:2807.81px;white-space:nowrap">additional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10022.59px;left:3406.02px;white-space:nowrap">data </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10022.59px;left:3697.89px;white-space:nowrap">provider </div><div style="font-family:Arial, Helvetica, 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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">Annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4138.67px;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:4656.56px;white-space:nowrap">statements.</div></div>
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			<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:160px;position:absolute;top:313.5px;left:0px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:150px;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:150px;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:150px;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:150px;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:150px;font-weight:bold;position:absolute;top:313.5px;left:4718.03px;white-space:nowrap">2022</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:313.5px;left:5870.03px;white-space:nowrap">2021</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:313.5px;left:7022.03px;white-space:nowrap">2020</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:313.5px;left:8174.03px;white-space:nowrap">2019</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:313.5px;left:9326.03px;white-space:nowrap">2018</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:626.44px;left:0px;white-space:nowrap">Per </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:626.44px;left:302.42px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:626.44px;left:773.83px;white-space:nowrap">operating </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:626.44px;left:1547.19px;white-space:nowrap">performance</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:828.92px;left:0px;white-space:nowrap">(for </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:828.92px;left:284.45px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:828.92px;left:417.89px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:828.92px;left:862.58px;white-space:nowrap">outstanding </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:828.92px;left:1734.38px;white-space:nowrap">throughout </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:828.92px;left:2543.91px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:828.92px;left:2810.78px;white-space:nowrap">year)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:0px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:293.44px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:720.31px;white-space:nowrap">value, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:1191.72px;white-space:nowrap">beginning </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:1930.16px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:2108.05px;white-space:nowrap">year</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:2428.74px;letter-spacing:52.51px;white-space:nowrap">...................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:5071.61px;white-space:nowrap">$5.46</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:6235.48px;letter-spacing:-2.37px;white-space:nowrap">$6.11</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:7375.61px;white-space:nowrap">$6.75</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:8527.61px;white-space:nowrap">$7.04</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:9679.61px;white-space:nowrap">$7.25</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1233.89px;left:0px;white-space:nowrap">Income </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1233.89px;left:569.14px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1233.89px;left:933.59px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1233.89px;left:1751.72px;white-space:nowrap">operations:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:144px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:437.44px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:1255.56px;white-space:nowrap">income</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1439.59px;left:1771.34px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:1868.26px;letter-spacing:51.66px;white-space:nowrap">.........................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:5160.59px;white-space:nowrap">0.19</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:6312.59px;white-space:nowrap">0.21</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:7464.59px;white-space:nowrap">0.21</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:8616.59px;white-space:nowrap">0.38</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:9768.59px;white-space:nowrap">0.37</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:144px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:437.44px;white-space:nowrap">realized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:1042.2px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:1353.61px;white-space:nowrap">unrealized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:2136.34px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:2563.3px;white-space:nowrap">(losses)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:3176.05px;letter-spacing:55.09px;white-space:nowrap">...........</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:5054.03px;white-space:nowrap">(0.58)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:6206.03px;white-space:nowrap">(0.51)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:7358.03px;white-space:nowrap">(0.63)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:8510.03px;white-space:nowrap">(0.26)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:9662.03px;white-space:nowrap">(0.23)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:382.42px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:746.88px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:1565px;white-space:nowrap">operations</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:2335.33px;letter-spacing:52.33px;white-space:nowrap">....................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:5054.03px;white-space:nowrap">(0.39)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:6206.03px;white-space:nowrap">(0.30)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:7358.03px;white-space:nowrap">(0.42)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:8616.59px;white-space:nowrap">0.12</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:9768.59px;white-space:nowrap">0.14</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2101.83px;left:0px;white-space:nowrap">Less </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2101.83px;left:382.42px;white-space:nowrap">distributions </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2101.83px;left:1280.63px;white-space:nowrap">from:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:144px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:437.44px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:1255.56px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:1815.8px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:2127.2px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:2394.08px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:2927.75px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:3585.72px;white-space:nowrap">gains</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:4016.76px;letter-spacing:82.68px;white-space:nowrap">..</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:5312px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:6464px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:7358.03px;white-space:nowrap">(0.03)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:8510.03px;white-space:nowrap">(0.41)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:9662.03px;white-space:nowrap">(0.26)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:144px;letter-spacing:-4.43px;white-space:nowrap">Tax </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:437.44px;white-space:nowrap">return </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:899.86px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:1077.75px;white-space:nowrap">capital</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:1588.02px;letter-spacing:51.37px;white-space:nowrap">............................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:5054.03px;white-space:nowrap">(0.40)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:6206.03px;white-space:nowrap">(0.37)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:7358.03px;white-space:nowrap">(0.19)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:8768px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:9662.03px;white-space:nowrap">(0.09)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:382.42px;white-space:nowrap">distributions</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:1307.78px;letter-spacing:51.14px;white-space:nowrap">...............................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:5054.03px;white-space:nowrap">(0.40)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:6206.03px;white-space:nowrap">(0.37)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:7358.03px;white-space:nowrap">(0.22)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:8510.03px;white-space:nowrap">(0.41)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:9662.03px;white-space:nowrap">(0.35)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:144px;white-space:nowrap">Repurchase </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:1051.19px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:1229.08px;white-space:nowrap">shares</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:1774.85px;letter-spacing:51.55px;white-space:nowrap">..........................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:5260.12px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2972.98px;left:5420.12px;white-space:nowrap">b</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:6312.59px;white-space:nowrap">0.02</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:7616px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:8768px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:0px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:293.44px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:720.31px;white-space:nowrap">value, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:1191.72px;white-space:nowrap">end </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:1503.13px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:1681.02px;white-space:nowrap">year</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:2055.09px;letter-spacing:51.89px;white-space:nowrap">.......................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:5071.61px;white-space:nowrap">$4.67</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:6223.61px;white-space:nowrap">$5.46</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:7387.48px;letter-spacing:-2.37px;white-space:nowrap">$6.11</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:8527.61px;white-space:nowrap">$6.75</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:9679.61px;white-space:nowrap">$7.04</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:0px;white-space:nowrap">Market </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:533.44px;white-space:nowrap">value, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:1004.84px;white-space:nowrap">end </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:1316.25px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:1494.14px;white-space:nowrap">year</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3464.95px;left:1805.39px;white-space:nowrap">c</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:1868.26px;letter-spacing:51.66px;white-space:nowrap">.........................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:5071.61px;white-space:nowrap">$4.33</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:6223.61px;white-space:nowrap">$5.19</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:7375.61px;white-space:nowrap">$5.50</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:8527.61px;white-space:nowrap">$6.13</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:9679.61px;white-space:nowrap">$6.03</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:382.42px;white-space:nowrap">return </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:844.84px;white-space:nowrap">(based </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:1378.52px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:1600.94px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:1867.81px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:2294.69px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:2721.64px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:2997.34px;white-space:nowrap">share)</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3783.89px;left:3450.86px;white-space:nowrap">d</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:3549.7px;letter-spacing:58.6px;white-space:nowrap">.......</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:4911.77px;white-space:nowrap">(7.24)%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:6063.77px;white-space:nowrap">(4.62)%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:7215.77px;white-space:nowrap">(6.56)%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:8474.33px;white-space:nowrap">1.97%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:9626.33px;white-space:nowrap">1.98%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:382.42px;white-space:nowrap">return </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:844.84px;white-space:nowrap">(based </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:1378.52px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:1600.94px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:2134.38px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:2561.33px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:2837.03px;white-space:nowrap">share)</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3986.37px;left:3290.55px;white-space:nowrap">d</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:3362.87px;letter-spacing:56.45px;white-space:nowrap">.........</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:4911.77px;white-space:nowrap">(9.06)%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:6170.33px;white-space:nowrap">1.02%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:7215.77px;white-space:nowrap">(6.63)%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:8474.33px;white-space:nowrap">8.52%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:9519.77px;white-space:nowrap">(1.24)%</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4273.1px;left:0px;white-space:nowrap">Ratios </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4273.1px;left:533.44px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4273.1px;left:728.91px;white-space:nowrap">average </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4273.1px;left:1378.28px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4273.1px;left:1662.73px;white-space:nowrap">assets</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:0px;white-space:nowrap">Expenses </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:747.11px;white-space:nowrap">before </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:1245.23px;white-space:nowrap">waiver </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:1752.03px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:2063.44px;white-space:nowrap">payments </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:2801.56px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:3015px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:3643.11px;letter-spacing:60.2px;white-space:nowrap">......</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:5018.33px;white-space:nowrap">1.09%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:6170.33px;white-space:nowrap">1.01%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:7322.33px;white-space:nowrap">0.75%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:8474.33px;white-space:nowrap">0.75%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:9626.33px;white-space:nowrap">0.79%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:0px;white-space:nowrap">Expenses </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:747.11px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:1013.98px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:1191.88px;white-space:nowrap">waiver </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:1698.67px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:2010.08px;white-space:nowrap">payments </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:2748.2px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:2961.64px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:3549.7px;letter-spacing:58.6px;white-space:nowrap">.......</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:5018.33px;white-space:nowrap">1.00%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:6170.33px;white-space:nowrap">1.00%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:7322.33px;white-space:nowrap">0.71%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:8474.33px;white-space:nowrap">0.67%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:9574.45px;white-space:nowrap">0.71%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4681.28px;left:10028.12px;white-space:nowrap">e</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:0px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:293.44px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:1111.56px;white-space:nowrap">income</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:1681.44px;letter-spacing:51.46px;white-space:nowrap">...........................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:5018.33px;white-space:nowrap">3.84%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:6170.33px;white-space:nowrap">3.64%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:7322.33px;white-space:nowrap">3.36%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:8474.33px;white-space:nowrap">5.49%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:9626.33px;white-space:nowrap">5.18%</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5170.5px;left:0px;white-space:nowrap">Supplemental </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5170.5px;left:1093.52px;white-space:nowrap">data</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:0px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:293.44px;white-space:nowrap">assets, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:844.77px;white-space:nowrap">end </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:1156.17px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:1334.06px;white-space:nowrap">year </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:1689.77px;letter-spacing:-0.41px;white-space:nowrap">(000&#8217;s)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:2241.91px;letter-spacing:52.17px;white-space:nowrap">.....................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:4804.66px;white-space:nowrap">$480,195</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:5956.66px;white-space:nowrap">$561,163</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:7108.66px;white-space:nowrap">$819,181</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:8260.66px;white-space:nowrap">$905,378</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:9412.66px;white-space:nowrap">$944,988</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:0px;white-space:nowrap">Portfolio </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:631.41px;white-space:nowrap">turnover </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:1262.81px;white-space:nowrap">rate</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:1588.02px;letter-spacing:51.37px;white-space:nowrap">............................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:4929.34px;white-space:nowrap">53.06%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:6004.23px;letter-spacing:-1.7px;white-space:nowrap">115.48%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:7233.34px;white-space:nowrap">42.51%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:8385.34px;white-space:nowrap">21.99%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:9537.34px;white-space:nowrap">35.47%</div></div>
		</div>
		<div style="height:83.48px;left:0px;position:absolute;top:0px;transform:translate(36.000px,642.239px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:1553.94px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.86px) 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:214.81px;left:0px;white-space:nowrap">b</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:210.59px;left:42.54px;white-space:nowrap">Amount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:210.59px;left:531.21px;white-space:nowrap">rounds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:210.59px;left:968.87px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:210.59px;left:1114.81px;white-space:nowrap">less </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:210.59px;left:1384.65px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:210.59px;left:1676.52px;white-space:nowrap">$0.01 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:210.59px;left:2041.37px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:210.59px;left:2267.46px;white-space:nowrap">share.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:411.3px;left:0px;white-space:nowrap">c</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:407.08px;left:38.26px;white-space:nowrap">Based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:407.08px;left:446.77px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:407.08px;left:629.2px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:407.08px;left:848.1px;white-space:nowrap">last </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:407.08px;left:1088.81px;white-space:nowrap">sale </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:407.08px;left:1365.99px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:407.08px;left:1548.42px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:407.08px;left:1767.32px;white-space:nowrap">New </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:407.08px;left:2063.88px;letter-spacing:-2.41px;white-space:nowrap">York </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:407.08px;left:2358.1px;white-space:nowrap">Stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:407.08px;left:2722.79px;white-space:nowrap">Exchange.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:607.78px;left:0px;white-space:nowrap">d</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:603.56px;left:42.54px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:603.56px;left:305.12px;white-space:nowrap">Market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:603.56px;left:742.62px;letter-spacing:-1.6px;white-space:nowrap">Value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:603.56px;left:1102.77px;letter-spacing:-2.42px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:603.56px;left:1416.45px;white-space:nowrap">Return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:603.56px;left:1846.68px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:603.56px;left:1977.93px;white-space:nowrap">calculated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:603.56px;left:2605.27px;white-space:nowrap">assuming </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:603.56px;left:3203.32px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:603.56px;left:3312.77px;white-space:nowrap">purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:603.56px;left:3889.02px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:603.56px;left:4034.96px;white-space:nowrap">common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:603.56px;left:4574.57px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:603.56px;left:5004.88px;letter-spacing:0px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:603.56px;left:5187.31px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:603.56px;left:5406.21px;white-space:nowrap">opening </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:603.56px;left:5909.65px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:603.56px;left:6055.59px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:603.56px;left:6274.49px;text-rendering:optimizeLegibility;white-space:nowrap">first </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:603.56px;left:6522.38px;white-space:nowrap">business </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:603.56px;left:7076.76px;white-space:nowrap">day </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:603.56px;left:7324.81px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:603.56px;left:7580.2px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:603.56px;left:7689.65px;white-space:nowrap">sale </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:603.56px;left:7966.84px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:603.56px;left:8149.26px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:603.56px;left:8368.17px;white-space:nowrap">closing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:603.56px;left:8813.09px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:603.56px;left:8959.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:603.56px;left:9177.93px;white-space:nowrap">last </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:603.56px;left:9418.63px;white-space:nowrap">business </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:795.56px;left:0px;white-space:nowrap">day </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:795.56px;left:248.05px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:795.56px;left:393.98px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:795.56px;left:715px;white-space:nowrap">period. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:795.56px;left:1152.66px;white-space:nowrap">Dividends </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:795.56px;left:1765.23px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:795.56px;left:2020.63px;white-space:nowrap">distributions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:795.56px;left:2757.27px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:795.56px;left:2983.36px;white-space:nowrap">assumed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:795.56px;left:3552.27px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:795.56px;left:3741.88px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:795.56px;left:3960.78px;white-space:nowrap">purposes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:795.56px;left:4537.03px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:795.56px;left:4682.97px;white-space:nowrap">this </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:795.56px;left:4923.67px;white-space:nowrap">calculation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:795.56px;left:5580.16px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:795.56px;left:5726.09px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:795.56px;left:5908.52px;white-space:nowrap">reinvested </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:795.56px;left:6550.39px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:795.56px;left:6696.33px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:795.56px;left:7082.81px;white-space:nowrap">obtained </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:795.56px;left:7622.73px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:795.56px;left:7994.77px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:795.56px;left:8213.67px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:795.56px;left:8640px;white-space:nowrap">Dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:795.56px;left:9186.95px;white-space:nowrap">Reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:255.39px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:598.13px;white-space:nowrap">Purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:1188.91px;white-space:nowrap">Plan. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:1524.45px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:1757.89px;white-space:nowrap">Asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:2122.58px;letter-spacing:-1.6px;white-space:nowrap">Value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:2482.73px;letter-spacing:-2.42px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:2796.41px;white-space:nowrap">Return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:3226.64px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:3357.89px;white-space:nowrap">calculated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:3985.23px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:4167.66px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:4386.56px;white-space:nowrap">same </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:4743.91px;white-space:nowrap">basis, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:5123.2px;white-space:nowrap">except </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:5546.33px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:5801.72px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:6020.63px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:6446.95px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:6665.86px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:7016.02px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:7366.17px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:7497.42px;white-space:nowrap">used </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:7818.44px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:8000.86px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:8219.77px;white-space:nowrap">purchase, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:8832.5px;white-space:nowrap">sale </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:9109.69px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:9365.08px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1179.56px;left:0px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1179.56px;left:787.66px;white-space:nowrap">dates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1179.56px;left:1145.16px;white-space:nowrap">instead </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1179.56px;left:1604.77px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1179.56px;left:1750.7px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1179.56px;left:2188.2px;white-space:nowrap">value. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1179.56px;left:2572.58px;letter-spacing:-2.42px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1179.56px;left:2886.25px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1179.56px;left:3265.47px;white-space:nowrap">does </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1179.56px;left:3586.48px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1179.56px;left:3805.39px;text-rendering:optimizeLegibility;white-space:nowrap">reflect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1179.56px;left:4199.22px;white-space:nowrap">brokerage </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1179.56px;left:4826.48px;white-space:nowrap">commissions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1179.56px;left:5621.25px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1179.56px;left:5774.38px;white-space:nowrap">sales </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1179.56px;left:6117.19px;white-space:nowrap">charges </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1179.56px;left:6620.47px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1179.56px;left:6759.06px;white-space:nowrap">connection </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1179.56px;left:7430.23px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1179.56px;left:7700px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1179.56px;left:7918.91px;white-space:nowrap">purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1179.56px;left:8495.16px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1179.56px;left:8648.28px;white-space:nowrap">sale </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1179.56px;left:8925.47px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1179.56px;left:9071.41px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1179.56px;left:9406.95px;white-space:nowrap">shares.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:1380.27px;left:0px;white-space:nowrap">e</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1376.05px;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:1376.05px;left:487.54px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1376.05px;left:633.48px;white-space:nowrap">expense </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1376.05px;left:1166.06px;white-space:nowrap">reduction </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1376.05px;left:1742.31px;white-space:nowrap">rounds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1376.05px;left:2179.96px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1376.05px;left:2325.9px;white-space:nowrap">less </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1376.05px;left:2595.74px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1376.05px;left:2887.62px;white-space:nowrap">0.01%.</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:26.46px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:432px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) 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:7437.56px;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:8393.66px;letter-spacing:9.6px;white-space:nowrap">Global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:9034.53px;letter-spacing:10.29px;white-space:nowrap">Income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:9679.78px;letter-spacing:9px;white-space:nowrap">Fund</div></div>
		</div>
		<div style="height:40.61px;left:0px;position:absolute;top:0px;transform:translate(53.999px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:691.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) 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">Schedule </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1156.42px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1445.49px;white-space:nowrap">Investments, </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2991.65px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:4263.21px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:4696.88px;white-space:nowrap">2022</div></div>
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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:7001.26px;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:7519.15px;white-space:nowrap">statements.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual </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="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">
































































































































































































			<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:160px;position:absolute;top:213.02px;left:0px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:160px;position:absolute;top:213.02px;left:432px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:213.02px;left:5992.83px;white-space:nowrap">Industry</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div><div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:160px;position:absolute;top:213.02px;left:8407.02px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:213.02px;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:426.11px;left:0px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;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:426.11px;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:426.11px;left:8052.88px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;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:426.11px;left:10068.88px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:499.31px;left:432px;white-space:nowrap">Foreign </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:499.31px;left:1220.87px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:499.31px;left:2454.46px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:499.31px;left:2858.17px;white-space:nowrap">Agency </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:499.31px;left:3636.2px;white-space:nowrap">Securities </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:499.31px;left:4647.82px;white-space:nowrap">62.1%</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:744.23px;left:432px;white-space:nowrap">Brazil </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:744.23px;left:912.16px;white-space:nowrap">9.8%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:955.27px;left:432px;white-space:nowrap">Brazil </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:955.27px;left:876.53px;white-space:nowrap">Notas </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:955.27px;left:1338.95px;white-space:nowrap">do </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:955.27px;left:1558.48px;letter-spacing:-2.22px;white-space:nowrap">Tesouro </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:955.27px;left:2172.16px;white-space:nowrap">Nacional</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:955.27px;left:2794.73px;white-space:nowrap">,</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.76px;left:576px;white-space:nowrap">10%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.76px;left:985.14px;white-space:nowrap">1/01/25</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.76px;left:1552.96px;letter-spacing:50.55px;white-space:nowrap">..................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.76px;left:7263.22px;white-space:nowrap">50,000,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.76px;left:8190.69px;letter-spacing:-1.98px;white-space:nowrap">BRL</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.76px;left:9279.22px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.76px;left:9368.2px;white-space:nowrap">9,060,404</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1348.24px;left:576px;white-space:nowrap">10%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1348.24px;left:985.14px;white-space:nowrap">1/01/27</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1348.24px;left:1552.96px;letter-spacing:50.55px;white-space:nowrap">..................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1348.24px;left:7263.22px;white-space:nowrap">36,560,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1348.24px;left:8190.69px;letter-spacing:-1.98px;white-space:nowrap">BRL</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1348.24px;left:9368.2px;white-space:nowrap">6,403,072</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1544.72px;left:576px;white-space:nowrap">10%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1544.72px;left:985.14px;white-space:nowrap">1/01/29</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1544.72px;left:1552.96px;letter-spacing:50.55px;white-space:nowrap">..................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1544.72px;left:7352.2px;white-space:nowrap">9,230,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1544.72px;left:8190.69px;letter-spacing:-1.98px;white-space:nowrap">BRL</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1544.72px;left:9368.2px;white-space:nowrap">1,567,967</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1741.21px;left:576px;white-space:nowrap">10%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1741.21px;left:985.14px;white-space:nowrap">1/01/31</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1741.21px;left:1552.96px;letter-spacing:50.55px;white-space:nowrap">..................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1741.21px;left:7174.23px;white-space:nowrap">181,760,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1741.21px;left:8190.69px;letter-spacing:-1.98px;white-space:nowrap">BRL</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1741.21px;left:9279.22px;white-space:nowrap">30,126,910</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2024.97px;left:9279.22px;white-space:nowrap">47,158,353</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2323.3px;left:432px;white-space:nowrap">Colombia </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2323.3px;left:1205.36px;white-space:nowrap">6.8%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2534.34px;left:432px;white-space:nowrap">Colombia </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2534.34px;left:1149.42px;letter-spacing:-0.74px;white-space:nowrap">Titulos </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2534.34px;left:1659.19px;white-space:nowrap">de </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2534.34px;left:1878.72px;letter-spacing:-1.97px;white-space:nowrap">Tesoreria</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2534.34px;left:2536.77px;white-space:nowrap">,</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.83px;left:576px;white-space:nowrap">B, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.83px;left:771.63px;white-space:nowrap">10%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.83px;left:1180.77px;white-space:nowrap">7/24/24</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.83px;left:1739.78px;letter-spacing:50.75px;white-space:nowrap">................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.83px;left:7040.8px;white-space:nowrap">3,818,900,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.83px;left:8152.17px;letter-spacing:-0.96px;white-space:nowrap">COP</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.83px;left:9501.64px;white-space:nowrap">767,603</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2927.31px;left:576px;white-space:nowrap">B, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2927.31px;left:771.63px;white-space:nowrap">6.25%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2927.31px;left:1314.2px;letter-spacing:-1.48px;white-space:nowrap">11/26/25</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2927.31px;left:1926.61px;letter-spacing:51.01px;white-space:nowrap">..............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2927.31px;left:6951.81px;white-space:nowrap">36,550,000,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2927.31px;left:8152.17px;letter-spacing:-0.96px;white-space:nowrap">COP</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2927.31px;left:9368.2px;white-space:nowrap">6,461,301</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3123.8px;left:576px;white-space:nowrap">B, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3123.8px;left:771.63px;white-space:nowrap">7.5%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3123.8px;left:1225.22px;white-space:nowrap">8/26/26</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3123.8px;left:1833.2px;letter-spacing:50.87px;white-space:nowrap">...............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3123.8px;left:6951.81px;white-space:nowrap">55,340,300,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3123.8px;left:8152.17px;letter-spacing:-0.96px;white-space:nowrap">COP</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3123.8px;left:9368.2px;white-space:nowrap">9,767,599</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3320.28px;left:576px;white-space:nowrap">B, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3320.28px;left:771.63px;white-space:nowrap">5.75%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3320.28px;left:1314.2px;letter-spacing:-1.48px;white-space:nowrap">11/03/27</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3320.28px;left:1926.61px;letter-spacing:51.01px;white-space:nowrap">..............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3320.28px;left:6963.69px;letter-spacing:-0.85px;white-space:nowrap">11,877,000,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3320.28px;left:8152.17px;letter-spacing:-0.96px;white-space:nowrap">COP</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3320.28px;left:9368.2px;white-space:nowrap">1,858,329</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.77px;left:576px;white-space:nowrap">B, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.77px;left:771.63px;white-space:nowrap">6%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.77px;left:1091.78px;white-space:nowrap">4/28/28</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.77px;left:1646.37px;letter-spacing:50.65px;white-space:nowrap">.................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.77px;left:6951.81px;white-space:nowrap">38,035,000,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.77px;left:8152.17px;letter-spacing:-0.96px;white-space:nowrap">COP</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.77px;left:9368.2px;white-space:nowrap">5,871,585</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3713.25px;left:576px;white-space:nowrap">B, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3713.25px;left:771.63px;white-space:nowrap">7.75%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3713.25px;left:1314.2px;white-space:nowrap">9/18/30</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3713.25px;left:1926.61px;letter-spacing:51.01px;white-space:nowrap">..............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3713.25px;left:6951.81px;white-space:nowrap">26,363,700,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3713.25px;left:8152.17px;letter-spacing:-0.96px;white-space:nowrap">COP</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3713.25px;left:9368.2px;white-space:nowrap">4,099,997</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3912.94px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.73px;left:576px;white-space:nowrap">B, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.73px;left:771.63px;white-space:nowrap">7%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.73px;left:1091.78px;white-space:nowrap">3/26/31</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.73px;left:1646.37px;letter-spacing:50.65px;white-space:nowrap">.................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.73px;left:7052.67px;letter-spacing:-0.91px;white-space:nowrap">8,119,500,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.73px;left:8152.17px;letter-spacing:-0.96px;white-space:nowrap">COP</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.73px;left:9368.2px;white-space:nowrap">1,186,264</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4106.22px;left:576px;white-space:nowrap">B, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4106.22px;left:771.63px;white-space:nowrap">7%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4106.22px;left:1091.78px;white-space:nowrap">6/30/32</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4106.22px;left:1646.37px;letter-spacing:50.65px;white-space:nowrap">.................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4106.22px;left:6951.81px;white-space:nowrap">14,091,000,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4106.22px;left:8152.17px;letter-spacing:-0.96px;white-space:nowrap">COP</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4106.22px;left:9368.2px;white-space:nowrap">1,983,136</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4302.7px;left:576px;white-space:nowrap">B, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4302.7px;left:771.63px;white-space:nowrap">6.25%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4302.7px;left:1314.2px;white-space:nowrap">7/09/36</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4302.7px;left:1926.61px;letter-spacing:51.01px;white-space:nowrap">..............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4302.7px;left:7040.8px;white-space:nowrap">4,714,000,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4302.7px;left:8152.17px;letter-spacing:-0.96px;white-space:nowrap">COP</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4302.7px;left:9501.64px;white-space:nowrap">562,327</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4586.47px;left:9279.22px;white-space:nowrap">32,558,141</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4884.79px;left:432px;white-space:nowrap">Dominican </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4884.79px;left:1294.34px;white-space:nowrap">Republic </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4884.79px;left:2014.42px;white-space:nowrap">2.0%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5084.49px;left:380.12px;white-space:nowrap">b</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5095.84px;left:432px;white-space:nowrap">Dominican </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5095.84px;left:1232.31px;white-space:nowrap">Republic </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5095.84px;left:1899.34px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5095.84px;left:2824.19px;white-space:nowrap">Bond</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5095.84px;left:3197.86px;white-space:nowrap">,</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5292.32px;left:576px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5292.32px;left:1082.95px;white-space:nowrap">Bond, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5292.32px;left:1545.53px;white-space:nowrap">144A, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5292.32px;left:2008.11px;white-space:nowrap">5.3%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5292.32px;left:2461.7px;white-space:nowrap">1/21/41</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5292.32px;left:3047.57px;letter-spacing:63.28px;white-space:nowrap">..</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5292.32px;left:7352.2px;white-space:nowrap">5,430,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5292.32px;left:9368.2px;white-space:nowrap">4,210,278</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5488.81px;left:576px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5488.81px;left:1082.95px;white-space:nowrap">Bond, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5488.81px;left:1545.53px;white-space:nowrap">144A, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5488.81px;left:2008.11px;white-space:nowrap">6.4%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5488.81px;left:2461.7px;white-space:nowrap">6/05/49</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5488.81px;left:3047.57px;letter-spacing:63.28px;white-space:nowrap">..</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5488.81px;left:7352.2px;white-space:nowrap">1,220,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5488.81px;left:9501.64px;white-space:nowrap">990,919</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5685.29px;left:576px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5685.29px;left:1082.95px;white-space:nowrap">Bond, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5685.29px;left:1545.53px;white-space:nowrap">144A, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5685.29px;left:2008.11px;white-space:nowrap">5.875%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5685.29px;left:2639.67px;white-space:nowrap">1/30/60</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5685.29px;left:7352.2px;white-space:nowrap">5,735,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5685.29px;left:9368.2px;white-space:nowrap">4,227,671</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5969.06px;left:9368.2px;white-space:nowrap">9,428,868</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6267.38px;left:432px;white-space:nowrap">Ecuador </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6267.38px;left:1116.61px;white-space:nowrap">3.1%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6467.08px;left:380.12px;white-space:nowrap">b</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6478.43px;left:432px;white-space:nowrap">Ecuador </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6478.43px;left:1072.39px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6478.43px;left:1997.23px;white-space:nowrap">Bond</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6478.43px;left:2370.91px;white-space:nowrap">,</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6674.91px;left:576px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6674.91px;left:1082.95px;white-space:nowrap">Bond, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6674.91px;left:1545.53px;white-space:nowrap">144A, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6674.91px;left:2008.11px;white-space:nowrap">2.5%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6674.91px;left:2461.7px;white-space:nowrap">7/31/35</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6674.91px;left:3047.57px;letter-spacing:63.28px;white-space:nowrap">..</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6674.91px;left:7263.22px;white-space:nowrap">21,006,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6674.91px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">9,771,113</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6871.39px;left:576px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6871.39px;left:1082.95px;white-space:nowrap">Bond, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6871.39px;left:1545.53px;white-space:nowrap">144A, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6871.39px;left:2008.11px;white-space:nowrap">1.5%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6871.39px;left:2461.7px;white-space:nowrap">7/31/40</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6871.39px;left:3047.57px;letter-spacing:63.28px;white-space:nowrap">..</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6871.39px;left:7263.22px;white-space:nowrap">10,051,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6871.39px;left:9368.2px;white-space:nowrap">4,139,317</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7067.88px;left:576px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7067.88px;left:1082.95px;white-space:nowrap">Note, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7067.88px;left:1509.83px;white-space:nowrap">144A, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7067.88px;left:1972.41px;white-space:nowrap">5.5%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7067.88px;left:2426px;white-space:nowrap">7/31/30</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7067.88px;left:3047.57px;letter-spacing:63.28px;white-space:nowrap">..</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7067.88px;left:7352.2px;white-space:nowrap">1,733,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7067.88px;left:9368.2px;white-space:nowrap">1,122,155</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7351.64px;left:9279.22px;white-space:nowrap">15,032,585</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7649.97px;left:432px;white-space:nowrap">Egypt </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7649.97px;left:920.91px;white-space:nowrap">2.8%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7849.66px;left:380.12px;white-space:nowrap">b</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7861.01px;left:432px;white-space:nowrap">Egypt </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7861.01px;left:885.59px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7861.01px;left:1810.44px;white-space:nowrap">Bond</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7861.01px;left:2184.11px;white-space:nowrap">,</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.5px;left:576px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.5px;left:1082.95px;white-space:nowrap">Bond, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.5px;left:1545.53px;white-space:nowrap">144A, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.5px;left:2008.11px;white-space:nowrap">7.625%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.5px;left:2639.67px;white-space:nowrap">5/29/32</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.5px;left:7352.2px;white-space:nowrap">1,030,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.5px;left:9501.64px;white-space:nowrap">765,777</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8253.98px;left:576px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8253.98px;left:1082.95px;white-space:nowrap">Bond, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8253.98px;left:1545.53px;white-space:nowrap">144A, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8253.98px;left:2008.11px;white-space:nowrap">7.3%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8253.98px;left:2461.7px;white-space:nowrap">9/30/33</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8253.98px;left:3047.57px;letter-spacing:63.28px;white-space:nowrap">..</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8253.98px;left:7352.2px;white-space:nowrap">4,630,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8253.98px;left:9368.2px;white-space:nowrap">3,298,782</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8450.47px;left:576px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8450.47px;left:1082.95px;white-space:nowrap">Bond, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8450.47px;left:1545.53px;white-space:nowrap">144A, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8450.47px;left:2008.11px;white-space:nowrap">8.5%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8450.47px;left:2461.7px;white-space:nowrap">1/31/47</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8450.47px;left:3047.57px;letter-spacing:63.28px;white-space:nowrap">..</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8450.47px;left:7352.2px;white-space:nowrap">5,360,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8450.47px;left:9368.2px;white-space:nowrap">3,589,303</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8646.95px;left:576px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8646.95px;left:1082.95px;white-space:nowrap">Bond, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8646.95px;left:1545.53px;white-space:nowrap">144A, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8646.95px;left:2008.11px;white-space:nowrap">7.903%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8646.95px;left:2639.67px;white-space:nowrap">2/21/48</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8646.95px;left:7485.64px;white-space:nowrap">670,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8646.95px;left:9501.64px;white-space:nowrap">425,792</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8843.44px;left:576px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8843.44px;left:1082.95px;white-space:nowrap">Bond, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8843.44px;left:1545.53px;white-space:nowrap">144A, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8843.44px;left:2008.11px;white-space:nowrap">8.7%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8843.44px;left:2461.7px;white-space:nowrap">3/01/49</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8843.44px;left:3047.57px;letter-spacing:63.28px;white-space:nowrap">..</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8843.44px;left:7485.64px;white-space:nowrap">510,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8843.44px;left:9501.64px;white-space:nowrap">341,933</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9039.92px;left:576px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9039.92px;left:1082.95px;white-space:nowrap">Bond, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9039.92px;left:1545.53px;white-space:nowrap">144A, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9039.92px;left:2008.11px;white-space:nowrap">8.875%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9039.92px;left:2639.67px;white-space:nowrap">5/29/50</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9039.92px;left:7352.2px;white-space:nowrap">2,150,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9039.92px;left:9368.2px;white-space:nowrap">1,461,185</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9236.4px;left:576px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9236.4px;left:1082.95px;white-space:nowrap">Bond, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9236.4px;left:1545.53px;white-space:nowrap">144A, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9236.4px;left:2008.11px;white-space:nowrap">8.75%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9236.4px;left:2550.69px;white-space:nowrap">9/30/51</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9236.4px;left:3140.98px;letter-spacing:77.61px;white-space:nowrap">.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9236.4px;left:7352.2px;white-space:nowrap">4,310,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9236.4px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">2,910,112</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9432.89px;left:576px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9432.89px;left:1082.95px;white-space:nowrap">Bond, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9432.89px;left:1545.53px;white-space:nowrap">144A, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9432.89px;left:2008.11px;white-space:nowrap">7.5%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9432.89px;left:2461.7px;white-space:nowrap">2/16/61</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9432.89px;left:3047.57px;letter-spacing:63.28px;white-space:nowrap">..</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9432.89px;left:7352.2px;white-space:nowrap">1,470,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9432.89px;left:9501.64px;white-space:nowrap">912,723</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9716.65px;left:9279.22px;white-space:nowrap">13,705,607</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10014.98px;left:432px;white-space:nowrap">Ghana </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10014.98px;left:974.34px;white-space:nowrap">0.7%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10226.02px;left:432px;white-space:nowrap">Ghana </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10226.02px;left:956.84px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10226.02px;left:1881.69px;white-space:nowrap">Bond</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10226.02px;left:2255.36px;white-space:nowrap">,</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10422.51px;left:576px;white-space:nowrap">18.85%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10422.51px;left:1207.56px;white-space:nowrap">9/28/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10422.51px;left:1741.39px;letter-spacing:50.75px;white-space:nowrap">................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10422.51px;left:7263.22px;white-space:nowrap">10,970,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10422.51px;left:8149.28px;white-space:nowrap">GHS</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10422.51px;left:9501.64px;white-space:nowrap">965,479</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10618.99px;left:576px;white-space:nowrap">19.75%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10618.99px;left:1207.56px;white-space:nowrap">3/25/24</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10618.99px;left:1741.39px;letter-spacing:50.75px;white-space:nowrap">................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10618.99px;left:7352.2px;white-space:nowrap">8,520,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10618.99px;left:8149.28px;white-space:nowrap">GHS</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10618.99px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">693,511</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10815.48px;left:576px;white-space:nowrap">19.25%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10815.48px;left:1207.56px;white-space:nowrap">6/23/25</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10815.48px;left:1741.39px;letter-spacing:50.75px;white-space:nowrap">................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10815.48px;left:7352.2px;white-space:nowrap">7,340,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10815.48px;left:8149.28px;white-space:nowrap">GHS</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10815.48px;left:9501.64px;white-space:nowrap">487,305</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11011.96px;left:576px;white-space:nowrap">18.3%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11011.96px;left:1118.58px;white-space:nowrap">3/02/26</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11011.96px;left:1739.78px;letter-spacing:50.75px;white-space:nowrap">................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11011.96px;left:7275.09px;letter-spacing:-1.19px;white-space:nowrap">11,230,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11011.96px;left:8149.28px;white-space:nowrap">GHS</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11011.96px;left:9501.64px;white-space:nowrap">662,023</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11208.45px;left:576px;white-space:nowrap">19.75%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11208.45px;left:1207.56px;white-space:nowrap">3/15/32</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11208.45px;left:1741.39px;letter-spacing:50.75px;white-space:nowrap">................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11208.45px;left:7263.22px;white-space:nowrap">15,680,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11208.45px;left:8149.28px;white-space:nowrap">GHS</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11208.45px;left:9501.64px;white-space:nowrap">665,023</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11492.21px;left:9368.2px;white-space:nowrap">3,473,341</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">Annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4138.67px;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:4656.56px;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">10</div></div>
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		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
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		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:615.52px;left:0px;position:absolute;top:0px;transform:translate(36.000px,116.278px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
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			<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:160px;position:absolute;top:213.02px;left:0px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:160px;position:absolute;top:213.02px;left:432px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:213.02px;left:5992.83px;white-space:nowrap">Industry</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div><div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:160px;position:absolute;top:213.02px;left:8407.02px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:213.02px;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:426.11px;left:0px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;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:426.11px;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:426.11px;left:8052.88px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;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:426.11px;left:10068.88px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:499.31px;left:432px;white-space:nowrap">Foreign </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:499.31px;left:1220.87px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:499.31px;left:2454.46px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:499.31px;left:2858.17px;white-space:nowrap">Agency </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:499.31px;left:3636.2px;white-space:nowrap">Securities </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:533.18px;left:4647.82px;white-space:nowrap">(continued)</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:744.23px;left:432px;white-space:nowrap">Hungary </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:744.23px;left:1125.44px;white-space:nowrap">2.9%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:955.27px;left:432px;white-space:nowrap">Hungary </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:955.27px;left:1081.22px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:955.27px;left:2006.06px;white-space:nowrap">Bond</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:955.27px;left:2379.73px;white-space:nowrap">,</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.76px;left:576px;white-space:nowrap">1%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.76px;left:896.16px;letter-spacing:-1.48px;white-space:nowrap">11/26/25</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.76px;left:1552.96px;letter-spacing:50.55px;white-space:nowrap">..................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.76px;left:7040.8px;white-space:nowrap">3,157,100,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.76px;left:8167.17px;white-space:nowrap">HUF</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.76px;left:9279.22px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.76px;left:9368.2px;white-space:nowrap">6,480,956</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1351.45px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1348.24px;left:576px;white-space:nowrap">4.75%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1348.24px;left:1118.58px;letter-spacing:-1.48px;white-space:nowrap">11/24/32</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1348.24px;left:1739.78px;letter-spacing:50.75px;white-space:nowrap">................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1348.24px;left:7040.8px;white-space:nowrap">3,790,500,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1348.24px;left:8167.17px;white-space:nowrap">HUF</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1348.24px;left:9368.2px;white-space:nowrap">7,372,942</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1632px;left:9279.22px;white-space:nowrap">13,853,898</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1930.33px;left:432px;white-space:nowrap">India </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1930.33px;left:849.81px;white-space:nowrap">9.4%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2141.38px;left:432px;white-space:nowrap">India </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2141.38px;left:823.41px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2141.38px;left:1748.25px;white-space:nowrap">Bond</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2141.38px;left:2121.92px;white-space:nowrap">,</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2337.86px;left:576px;white-space:nowrap">7.27%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2337.86px;left:1118.58px;white-space:nowrap">4/08/26</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2337.86px;left:1739.78px;letter-spacing:50.75px;white-space:nowrap">................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2337.86px;left:7263.22px;white-space:nowrap">79,000,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2337.86px;left:8220.45px;white-space:nowrap">INR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2337.86px;left:9501.64px;white-space:nowrap">957,763</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2534.34px;left:576px;white-space:nowrap">8.33%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2534.34px;left:1118.58px;white-space:nowrap">7/09/26</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2534.34px;left:1739.78px;letter-spacing:50.75px;white-space:nowrap">................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2534.34px;left:7174.23px;white-space:nowrap">624,000,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2534.34px;left:8220.45px;white-space:nowrap">INR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2534.34px;left:9368.2px;white-space:nowrap">7,797,691</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.83px;left:576px;white-space:nowrap">7.26%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.83px;left:1118.58px;white-space:nowrap">1/14/29</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.83px;left:1739.78px;letter-spacing:50.75px;white-space:nowrap">................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.83px;left:7040.8px;white-space:nowrap">1,500,000,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.83px;left:8220.45px;white-space:nowrap">INR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.83px;left:9302.97px;letter-spacing:-2.37px;white-space:nowrap">18,111,778</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2927.31px;left:576px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2927.31px;left:1082.95px;white-space:nowrap">Bond, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2927.31px;left:1545.53px;white-space:nowrap">5.77%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2927.31px;left:2088.11px;white-space:nowrap">8/03/30</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2927.31px;left:2673.91px;letter-spacing:53.73px;white-space:nowrap">......</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2927.31px;left:7040.8px;white-space:nowrap">1,650,000,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2927.31px;left:8220.45px;white-space:nowrap">INR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2927.31px;left:9279.22px;white-space:nowrap">18,181,327</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3211.08px;left:9279.22px;white-space:nowrap">45,048,559</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3509.4px;left:432px;white-space:nowrap">Indonesia </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3509.4px;left:1223.25px;white-space:nowrap">7.9%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3720.45px;left:432px;white-space:nowrap">Indonesia </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3720.45px;left:1170.36px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3720.45px;left:2095.2px;white-space:nowrap">Bond</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3720.45px;left:2468.88px;white-space:nowrap">,</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3916.93px;left:576px;white-space:nowrap">FR64, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3916.93px;left:1056.16px;white-space:nowrap">6.125%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3916.93px;left:1687.72px;white-space:nowrap">5/15/28</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3916.93px;left:2300.26px;letter-spacing:51.82px;white-space:nowrap">..........</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3916.93px;left:6862.83px;white-space:nowrap">162,800,000,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3916.93px;left:8220.45px;white-space:nowrap">IDR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3916.93px;left:9279.22px;white-space:nowrap">10,247,539</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4113.42px;left:576px;white-space:nowrap">FR71, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4113.42px;left:1056.16px;white-space:nowrap">9%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4113.42px;left:1376.31px;white-space:nowrap">3/15/29</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4113.42px;left:1926.61px;letter-spacing:51.01px;white-space:nowrap">..............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4113.42px;left:6862.83px;white-space:nowrap">237,200,000,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4113.42px;left:8220.45px;white-space:nowrap">IDR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4113.42px;left:9279.22px;white-space:nowrap">16,979,817</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4309.9px;left:576px;white-space:nowrap">FR86, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4309.9px;left:1056.16px;white-space:nowrap">5.5%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4309.9px;left:1509.75px;white-space:nowrap">4/15/26</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4309.9px;left:2113.44px;letter-spacing:51.35px;white-space:nowrap">............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4309.9px;left:6862.83px;white-space:nowrap">169,102,000,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4309.9px;left:8220.45px;white-space:nowrap">IDR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4309.9px;left:9291.09px;letter-spacing:-1.19px;white-space:nowrap">10,656,114</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4593.67px;left:9279.22px;white-space:nowrap">37,883,470</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4891.99px;left:432px;white-space:nowrap">Malaysia </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4891.99px;left:1143.56px;white-space:nowrap">3.6%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5103.04px;left:432px;white-space:nowrap">Malaysia </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5103.04px;left:1107.78px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5103.04px;left:2032.63px;white-space:nowrap">Bond</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5103.04px;left:2406.3px;white-space:nowrap">,</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5299.52px;left:576px;white-space:nowrap">3.882%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5299.52px;left:1207.56px;white-space:nowrap">3/14/25</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5299.52px;left:1741.39px;letter-spacing:50.75px;white-space:nowrap">................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5299.52px;left:7352.2px;white-space:nowrap">9,350,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5299.52px;left:8140.45px;white-space:nowrap">MYR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5299.52px;left:9368.2px;white-space:nowrap">2,132,563</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5496px;left:576px;white-space:nowrap">3.955%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5496px;left:1207.56px;white-space:nowrap">9/15/25</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5496px;left:1741.39px;letter-spacing:50.75px;white-space:nowrap">................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5496px;left:7263.22px;white-space:nowrap">20,960,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5496px;left:8140.45px;white-space:nowrap">MYR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5496px;left:9368.2px;white-space:nowrap">4,782,840</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5692.49px;left:576px;white-space:nowrap">3.899%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5692.49px;left:1207.56px;letter-spacing:-1.48px;white-space:nowrap">11/16/27</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5692.49px;left:1833.2px;letter-spacing:50.87px;white-space:nowrap">...............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5692.49px;left:7263.22px;white-space:nowrap">45,880,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5692.49px;left:8140.45px;white-space:nowrap">MYR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5692.49px;left:9279.22px;white-space:nowrap">10,435,231</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5976.25px;left:9279.22px;white-space:nowrap">17,350,634</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6274.58px;left:432px;white-space:nowrap">Mexico </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6274.58px;left:1018.88px;white-space:nowrap">1.9%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.62px;left:432px;white-space:nowrap">Mexican </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.62px;left:1072.23px;white-space:nowrap">Bonos </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.62px;left:1570.36px;white-space:nowrap">Desarr </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.62px;left:2094.89px;white-space:nowrap">Fixed </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.62px;left:2530.59px;white-space:nowrap">Rate</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.62px;left:2868.56px;white-space:nowrap">,</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6682.11px;left:576px;white-space:nowrap">M, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6682.11px;left:798.19px;white-space:nowrap">7.5%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6682.11px;left:1251.78px;white-space:nowrap">5/26/33</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6682.11px;left:1833.2px;letter-spacing:50.87px;white-space:nowrap">...............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6682.11px;left:7174.23px;white-space:nowrap">155,700,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6682.11px;left:8140.45px;white-space:nowrap">MXN</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6682.11px;left:9368.2px;white-space:nowrap">7,147,245</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6878.59px;left:576px;white-space:nowrap">M </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6878.59px;left:753.73px;white-space:nowrap">20, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6878.59px;left:1020.61px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6878.59px;left:1527.56px;white-space:nowrap">Bond, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6878.59px;left:1990.14px;white-space:nowrap">8.5%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6878.59px;left:2443.73px;white-space:nowrap">5/31/29</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6878.59px;left:3047.57px;letter-spacing:63.28px;white-space:nowrap">..</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6878.59px;left:7263.22px;white-space:nowrap">35,600,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6878.59px;left:8140.45px;white-space:nowrap">MXN</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6878.59px;left:9368.2px;white-space:nowrap">1,778,050</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7162.36px;left:9368.2px;white-space:nowrap">8,925,295</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7460.68px;left:432px;white-space:nowrap">Mongolia </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7460.68px;left:1178.56px;white-space:nowrap">1.0%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7660.38px;left:380.12px;white-space:nowrap">b</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7671.73px;left:432px;white-space:nowrap">Mongolia </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7671.73px;left:1125.75px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7671.73px;left:2050.59px;white-space:nowrap">Bond</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7671.73px;left:2424.27px;white-space:nowrap">,</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7868.21px;left:576px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7868.21px;left:1082.95px;white-space:nowrap">Bond, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7868.21px;left:1545.53px;white-space:nowrap">144A, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7868.21px;left:2008.11px;white-space:nowrap">4.45%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7868.21px;left:2550.69px;white-space:nowrap">7/07/31</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7868.21px;left:3140.98px;letter-spacing:77.61px;white-space:nowrap">.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7868.21px;left:7352.2px;white-space:nowrap">3,790,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7868.21px;left:9368.2px;white-space:nowrap">2,957,027</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8064.7px;left:576px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8064.7px;left:1082.95px;white-space:nowrap">Note, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8064.7px;left:1509.83px;white-space:nowrap">144A, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8064.7px;left:1972.41px;white-space:nowrap">5.125%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8064.7px;left:2603.97px;white-space:nowrap">4/07/26</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8064.7px;left:3140.98px;letter-spacing:77.61px;white-space:nowrap">.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8064.7px;left:7485.64px;white-space:nowrap">600,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8064.7px;left:9501.64px;white-space:nowrap">519,044</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8261.18px;left:576px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8261.18px;left:1082.95px;white-space:nowrap">Note, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8261.18px;left:1509.83px;white-space:nowrap">144A, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8261.18px;left:1972.41px;white-space:nowrap">3.5%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8261.18px;left:2426px;white-space:nowrap">7/07/27</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8261.18px;left:3047.57px;letter-spacing:63.28px;white-space:nowrap">..</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8261.18px;left:7352.2px;white-space:nowrap">1,690,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8261.18px;left:9368.2px;white-space:nowrap">1,364,855</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8544.94px;left:9368.2px;white-space:nowrap">4,840,926</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8843.27px;left:432px;white-space:nowrap">Norway </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8843.27px;left:1054.42px;white-space:nowrap">1.6%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9042.96px;left:380.12px;white-space:nowrap">b</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9054.31px;left:432px;white-space:nowrap">Norway </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9054.31px;left:1018.8px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9054.31px;left:1943.64px;white-space:nowrap">Bond</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9054.31px;left:2317.31px;white-space:nowrap">,</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9250.8px;left:576px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9250.8px;left:1082.95px;white-space:nowrap">Bond, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9250.8px;left:1545.53px;white-space:nowrap">144A, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9250.8px;left:2008.11px;white-space:nowrap">Reg </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9250.8px;left:2346.08px;white-space:nowrap">S, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9250.8px;left:2541.7px;white-space:nowrap">3%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9442.8px;left:576px;white-space:nowrap">3/14/24</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9442.8px;left:1179.3px;letter-spacing:50.26px;white-space:nowrap">......................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9442.8px;left:7263.22px;white-space:nowrap">30,878,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9442.8px;left:8149.28px;white-space:nowrap">NOK</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9442.8px;left:9368.2px;white-space:nowrap">3,146,160</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9639.28px;left:576px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9639.28px;left:1082.95px;white-space:nowrap">Bond, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9639.28px;left:1545.53px;white-space:nowrap">144A, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9639.28px;left:2008.11px;white-space:nowrap">Reg </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9639.28px;left:2346.08px;white-space:nowrap">S, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9639.28px;left:2541.7px;white-space:nowrap">1.75%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9831.28px;left:576px;white-space:nowrap">3/13/25</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9831.28px;left:1179.3px;letter-spacing:50.26px;white-space:nowrap">......................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9831.28px;left:7263.22px;white-space:nowrap">28,937,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9831.28px;left:8149.28px;white-space:nowrap">NOK</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9831.28px;left:9368.2px;white-space:nowrap">2,871,080</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10027.77px;left:576px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10027.77px;left:1082.95px;white-space:nowrap">Bond, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10027.77px;left:1545.53px;white-space:nowrap">144A, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10027.77px;left:2008.11px;white-space:nowrap">Reg </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10027.77px;left:2346.08px;white-space:nowrap">S, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10027.77px;left:2541.7px;white-space:nowrap">1.5%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10219.77px;left:576px;white-space:nowrap">2/19/26</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10219.77px;left:1179.3px;letter-spacing:50.26px;white-space:nowrap">......................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10219.77px;left:7263.22px;white-space:nowrap">17,165,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10219.77px;left:8149.28px;white-space:nowrap">NOK</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10219.77px;left:9368.2px;white-space:nowrap">1,671,541</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10503.53px;left:9368.2px;white-space:nowrap">7,688,781</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10801.86px;left:432px;white-space:nowrap">Oman </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10801.86px;left:929.89px;white-space:nowrap">0.8%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11001.55px;left:380.12px;white-space:nowrap">b</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10998.34px;left:432px;white-space:nowrap">Oman </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10998.34px;left:912.16px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10998.34px;left:1837px;white-space:nowrap">Bond, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10998.34px;left:2299.58px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10998.34px;left:2806.53px;white-space:nowrap">Bond, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11190.34px;left:576px;white-space:nowrap">144A, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11190.34px;left:1038.58px;white-space:nowrap">4.75%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11190.34px;left:1581.16px;white-space:nowrap">6/15/26</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11190.34px;left:2114.98px;letter-spacing:51.35px;white-space:nowrap">............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11190.34px;left:7352.2px;white-space:nowrap">4,190,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11190.34px;left:9368.2px;white-space:nowrap">4,059,465</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:11488.67px;left:432px;white-space:nowrap">South </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:11488.67px;left:929.66px;white-space:nowrap">Korea </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:11488.67px;left:1427.63px;white-space:nowrap">3.3%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11699.71px;left:432px;white-space:nowrap">Korea </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11699.71px;left:900.52px;letter-spacing:-0.66px;white-space:nowrap">Treasury </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11699.71px;left:1570.28px;white-space:nowrap">Bonds</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11699.71px;left:2023.95px;white-space:nowrap">,</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11896.2px;left:576px;white-space:nowrap">3%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11896.2px;left:896.16px;white-space:nowrap">9/10/24</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11896.2px;left:1459.54px;letter-spacing:50.47px;white-space:nowrap">...................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11896.2px;left:7040.8px;white-space:nowrap">4,610,000,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11896.2px;left:8125.61px;letter-spacing:-0.96px;white-space:nowrap">KRW</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11896.2px;left:9368.2px;white-space:nowrap">3,617,008</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-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:7001.26px;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:7519.15px;white-space:nowrap">statements.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual </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, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:580.79px;letter-spacing:-4.8px;white-space:nowrap">11</div></div>
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		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
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			<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
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			<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">


































































































































































			<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:160px;position:absolute;top:213.02px;left:0px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:160px;position:absolute;top:213.02px;left:432px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:213.02px;left:5992.83px;white-space:nowrap">Industry</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div><div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:160px;position:absolute;top:213.02px;left:8407.02px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:213.02px;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:426.11px;left:0px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;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:426.11px;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:426.11px;left:8052.88px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;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:426.11px;left:10068.88px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:499.31px;left:432px;white-space:nowrap">Foreign </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:499.31px;left:1220.87px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:499.31px;left:2454.46px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:499.31px;left:2858.17px;white-space:nowrap">Agency </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:499.31px;left:3636.2px;white-space:nowrap">Securities </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:533.18px;left:4647.82px;white-space:nowrap">(continued)</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:744.23px;left:432px;white-space:nowrap">South </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:744.23px;left:929.66px;white-space:nowrap">Korea </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:744.23px;left:1427.63px;white-space:nowrap">(continued)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:955.27px;left:432px;white-space:nowrap">Korea </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:955.27px;left:900.52px;letter-spacing:-0.66px;white-space:nowrap">Treasury </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:955.27px;left:1570.28px;white-space:nowrap">Bonds, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:955.27px;left:2112.86px;white-space:nowrap">(continued)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.76px;left:576px;white-space:nowrap">1.875%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.76px;left:1207.56px;white-space:nowrap">12/10/24</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.76px;left:1833.2px;letter-spacing:50.87px;white-space:nowrap">...............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.76px;left:7174.23px;white-space:nowrap">506,000,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.76px;left:8125.61px;letter-spacing:-0.96px;white-space:nowrap">KRW</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.76px;left:9412.66px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.76px;left:9501.64px;white-space:nowrap">387,489</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1348.24px;left:576px;white-space:nowrap">1.875%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1348.24px;left:1207.56px;white-space:nowrap">6/10/26</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1348.24px;left:1741.39px;letter-spacing:50.75px;white-space:nowrap">................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1348.24px;left:6951.81px;white-space:nowrap">15,749,000,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1348.24px;left:8125.61px;letter-spacing:-0.96px;white-space:nowrap">KRW</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1348.24px;left:9291.09px;letter-spacing:-1.19px;white-space:nowrap">11,747,436</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1632px;left:9279.22px;white-space:nowrap">15,751,933</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1930.33px;left:432px;white-space:nowrap">Thailand </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1930.33px;left:1134.27px;white-space:nowrap">4.5%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2141.38px;left:432px;white-space:nowrap">Thailand </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2141.38px;left:1090.2px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2141.38px;left:2015.05px;white-space:nowrap">Bond</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2141.38px;left:2388.72px;white-space:nowrap">,</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2337.86px;left:576px;white-space:nowrap">0.75%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2337.86px;left:1118.58px;white-space:nowrap">9/17/24</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2337.86px;left:1739.78px;letter-spacing:50.75px;white-space:nowrap">................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2337.86px;left:7174.23px;white-space:nowrap">433,040,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2337.86px;left:8176px;white-space:nowrap">THB</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2337.86px;left:9279.22px;white-space:nowrap">12,358,879</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2534.34px;left:576px;white-space:nowrap">1%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2534.34px;left:896.16px;white-space:nowrap">6/17/27</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2534.34px;left:1459.54px;letter-spacing:50.47px;white-space:nowrap">...................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2534.34px;left:7174.23px;white-space:nowrap">224,500,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2534.34px;left:8176px;white-space:nowrap">THB</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2534.34px;left:9368.2px;white-space:nowrap">6,228,673</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.83px;left:576px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.83px;left:1082.95px;white-space:nowrap">Note, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.83px;left:1509.83px;white-space:nowrap">0.66%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.83px;left:2052.41px;letter-spacing:-1.48px;white-space:nowrap">11/22/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.83px;left:2673.91px;letter-spacing:53.73px;white-space:nowrap">......</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.83px;left:7263.22px;white-space:nowrap">98,890,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.83px;left:8176px;white-space:nowrap">THB</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.83px;left:9368.2px;white-space:nowrap">2,839,949</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3014.59px;left:9279.22px;white-space:nowrap">21,427,501</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3293.61px;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:3293.61px;left:950.46px;white-space:nowrap">Foreign </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3293.61px;left:1739.32px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3293.61px;left:2972.92px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3293.61px;left:3376.63px;white-space:nowrap">Agency </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3293.61px;left:4154.66px;white-space:nowrap">Securities </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3293.61px;left:5166.28px;white-space:nowrap">(Cost </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3293.61px;left:5732.88px;white-space:nowrap">$343,900,753)</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3293.61px;left:7124.25px;letter-spacing:54.66px;white-space:nowrap">............</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3327.48px;left:9190.23px;white-space:nowrap">298,187,357</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3687.95px;left:432px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3687.95px;left:876.53px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3687.95px;left:2110.13px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3687.95px;left:2513.84px;white-space:nowrap">Agency </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3687.95px;left:3291.86px;white-space:nowrap">Securities </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3687.95px;left:4303.48px;white-space:nowrap">8.0%</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3932.87px;left:432px;white-space:nowrap">United </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3932.87px;left:974.19px;white-space:nowrap">States </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3932.87px;left:1498.88px;white-space:nowrap">8.0%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4129.35px;left:432px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4129.35px;left:784.73px;letter-spacing:-0.66px;white-space:nowrap">Treasury </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4129.35px;left:1454.5px;white-space:nowrap">Notes, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4129.35px;left:1961.38px;white-space:nowrap">4.5%, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4129.35px;left:2414.97px;letter-spacing:-1.48px;white-space:nowrap">11/30/24</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4129.35px;left:3047.57px;letter-spacing:63.28px;white-space:nowrap">..</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4129.35px;left:7263.22px;white-space:nowrap">38,480,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4129.35px;left:9279.22px;white-space:nowrap">38,484,510</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4408.37px;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:4408.37px;left:950.46px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4408.37px;left:1394.99px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4408.37px;left:2628.58px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4408.37px;left:3032.29px;white-space:nowrap">Agency </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4408.37px;left:3810.32px;white-space:nowrap">Securities </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4408.37px;left:4821.94px;white-space:nowrap">(Cost </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4408.37px;left:5388.54px;white-space:nowrap">$38,549,603)</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4408.37px;left:6601.42px;letter-spacing:53px;white-space:nowrap">.................</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4442.24px;left:9279.22px;white-space:nowrap">38,484,510</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4884.17px;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:4884.17px;left:950.46px;white-space:nowrap">Long </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4884.17px;left:1494.7px;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:4884.17px;left:2024.48px;white-space:nowrap">Investments </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4884.17px;left:3247.14px;white-space:nowrap">(Cost </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4884.17px;left:3813.74px;white-space:nowrap">$382,450,356)</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4884.17px;left:5137.49px;letter-spacing:51.19px;white-space:nowrap">...............................</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4918.03px;left:9190.23px;white-space:nowrap">336,671,867</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5496.83px;left:432px;white-space:nowrap">Short </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5496.83px;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:5496.83px;left:1539.52px;white-space:nowrap">Investments </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5496.83px;left:2762.18px;white-space:nowrap">25.9%</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:6018.92px;left:0px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;font-weight:bold;position:absolute;top:6018.92px;left:432px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5951.18px;left:5992.83px;white-space:nowrap">Industry</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5759.18px;left:7388.22px;white-space:nowrap">Principal </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5951.18px;left:7423.4px;white-space:nowrap">Amount</div><div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:5954.4px;left:8027.7px;white-space:nowrap">*</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5951.18px;left:8407.02px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5951.18px;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:6164.28px;left:0px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:6164.28px;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:6164.28px;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:6164.28px;left:8052.88px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:6164.28px;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:6164.28px;left:10068.88px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6237.48px;left:432px;white-space:nowrap">Foreign </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6237.48px;left:1220.87px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6237.48px;left:2454.46px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6237.48px;left:2858.17px;white-space:nowrap">Agency </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6237.48px;left:3636.2px;white-space:nowrap">Securities </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6237.48px;left:4647.82px;white-space:nowrap">16.6%</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6482.4px;left:432px;white-space:nowrap">Brazil </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6482.4px;left:912.16px;white-space:nowrap">1.8%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6682.09px;left:385.36px;white-space:nowrap">c</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6678.88px;left:432px;white-space:nowrap">Brazil </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6678.88px;left:876.53px;white-space:nowrap">Letras </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6678.88px;left:1365.67px;white-space:nowrap">do </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6678.88px;left:1585.2px;letter-spacing:-2.22px;white-space:nowrap">Tesouro </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6678.88px;left:2198.88px;white-space:nowrap">Nacional</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6678.88px;left:2821.45px;white-space:nowrap">, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6870.88px;left:576px;white-space:nowrap">1/01/25</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6870.88px;left:1179.3px;letter-spacing:50.26px;white-space:nowrap">......................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6870.88px;left:7263.22px;white-space:nowrap">58,000,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6870.88px;left:8190.69px;letter-spacing:-1.98px;white-space:nowrap">BRL</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6870.88px;left:9368.2px;white-space:nowrap">8,641,883</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7169.21px;left:432px;white-space:nowrap">Japan </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7169.21px;left:938.87px;white-space:nowrap">10.3%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7368.9px;left:385.36px;white-space:nowrap">c</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7380.25px;left:432px;white-space:nowrap">Japan </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7380.25px;left:909.5px;letter-spacing:-0.66px;white-space:nowrap">Treasury </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7380.25px;left:1579.27px;white-space:nowrap">Bills</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7380.25px;left:1872.63px;white-space:nowrap">,</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7576.73px;left:576px;white-space:nowrap">1/25/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7576.73px;left:1179.3px;letter-spacing:50.26px;white-space:nowrap">......................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7576.73px;left:7174.23px;white-space:nowrap">822,000,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7576.73px;left:8205.45px;letter-spacing:-0.96px;white-space:nowrap">JPY</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7576.73px;left:9368.2px;white-space:nowrap">6,261,882</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7773.22px;left:576px;white-space:nowrap">2/27/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7773.22px;left:1179.3px;letter-spacing:50.26px;white-space:nowrap">......................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7773.22px;left:7040.8px;white-space:nowrap">1,254,500,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7773.22px;left:8205.45px;letter-spacing:-0.96px;white-space:nowrap">JPY</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7773.22px;left:9368.2px;white-space:nowrap">9,558,263</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7969.7px;left:576px;white-space:nowrap">4/10/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7969.7px;left:1179.3px;letter-spacing:50.26px;white-space:nowrap">......................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7969.7px;left:7174.23px;white-space:nowrap">466,800,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7969.7px;left:8205.45px;letter-spacing:-0.96px;white-space:nowrap">JPY</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7969.7px;left:9368.2px;white-space:nowrap">3,557,282</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8166.19px;left:576px;white-space:nowrap">5/10/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8166.19px;left:1179.3px;letter-spacing:50.26px;white-space:nowrap">......................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8166.19px;left:7040.8px;white-space:nowrap">1,258,000,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8166.19px;left:8205.45px;letter-spacing:-0.96px;white-space:nowrap">JPY</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8166.19px;left:9368.2px;white-space:nowrap">9,587,462</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8362.67px;left:576px;white-space:nowrap">9/20/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8362.67px;left:1179.3px;letter-spacing:50.26px;white-space:nowrap">......................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8362.67px;left:7040.8px;white-space:nowrap">2,101,200,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8362.67px;left:8205.45px;letter-spacing:-0.96px;white-space:nowrap">JPY</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8362.67px;left:9279.22px;white-space:nowrap">16,016,258</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8559.16px;left:576px;white-space:nowrap">10/20/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8559.16px;left:1272.72px;letter-spacing:50.32px;white-space:nowrap">.....................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8559.16px;left:7174.23px;white-space:nowrap">627,900,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8559.16px;left:8205.45px;letter-spacing:-0.96px;white-space:nowrap">JPY</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8559.16px;left:9368.2px;white-space:nowrap">4,786,127</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8842.92px;left:9279.22px;white-space:nowrap">49,767,274</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9141.25px;left:432px;white-space:nowrap">Singapore </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9141.25px;left:1258.8px;white-space:nowrap">4.5%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9340.94px;left:385.36px;white-space:nowrap">c</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9352.29px;left:432px;white-space:nowrap">Singapore </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9352.29px;left:1203.02px;letter-spacing:-0.66px;white-space:nowrap">Treasury </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9352.29px;left:1872.78px;white-space:nowrap">Bills</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9352.29px;left:2166.14px;white-space:nowrap">,</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9548.78px;left:576px;white-space:nowrap">1/10/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9548.78px;left:1179.3px;letter-spacing:50.26px;white-space:nowrap">......................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9548.78px;left:7263.22px;white-space:nowrap">20,580,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9548.78px;left:8149.28px;white-space:nowrap">SGD</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9548.78px;left:9279.22px;white-space:nowrap">15,350,998</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9745.26px;left:576px;white-space:nowrap">1/24/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9745.26px;left:1179.3px;letter-spacing:50.26px;white-space:nowrap">......................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9745.26px;left:7352.2px;white-space:nowrap">8,350,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9745.26px;left:8149.28px;white-space:nowrap">SGD</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9745.26px;left:9368.2px;white-space:nowrap">6,218,281</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10029.02px;left:9279.22px;white-space:nowrap">21,569,279</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10308.04px;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:10308.04px;left:950.46px;white-space:nowrap">Foreign </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10308.04px;left:1739.32px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10308.04px;left:2972.92px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10308.04px;left:3376.63px;white-space:nowrap">Agency </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10308.04px;left:4154.66px;white-space:nowrap">Securities </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10308.04px;left:5166.28px;white-space:nowrap">(Cost </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10308.04px;left:5732.88px;white-space:nowrap">$75,461,219)</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10308.04px;left:6915.12px;letter-spacing:53.85px;white-space:nowrap">..............</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10341.91px;left:9279.22px;white-space:nowrap">79,978,436</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10702.38px;left:432px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10702.38px;left:876.53px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10702.38px;left:2110.13px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10702.38px;left:2513.84px;white-space:nowrap">Agency </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10702.38px;left:3291.86px;white-space:nowrap">Securities </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10702.38px;left:4303.48px;white-space:nowrap">5.9%</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10947.3px;left:432px;white-space:nowrap">United </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10947.3px;left:974.19px;white-space:nowrap">States </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10947.3px;left:1498.88px;white-space:nowrap">5.9%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11146.99px;left:385.36px;white-space:nowrap">c</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11143.78px;left:432px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11143.78px;left:784.73px;letter-spacing:-0.66px;white-space:nowrap">Treasury </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11143.78px;left:1454.5px;white-space:nowrap">Bills, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11143.78px;left:1836.77px;white-space:nowrap">1/12/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11143.78px;left:2393.68px;letter-spacing:52.14px;white-space:nowrap">.........</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11143.78px;left:7263.22px;white-space:nowrap">28,335,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11143.78px;left:9279.22px;white-space:nowrap">28,310,437</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11422.8px;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:11422.8px;left:950.46px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11422.8px;left:1394.99px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11422.8px;left:2628.58px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11422.8px;left:3032.29px;white-space:nowrap">Agency </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11422.8px;left:3810.32px;white-space:nowrap">Securities </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11422.8px;left:4821.94px;white-space:nowrap">(Cost </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11422.8px;left:5388.54px;white-space:nowrap">$28,305,045)</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11422.8px;left:6601.42px;letter-spacing:53px;white-space:nowrap">.................</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:11456.67px;left:9279.22px;white-space:nowrap">28,310,437</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">Annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4138.67px;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:4656.56px;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="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5065.28px;left:0px;white-space:nowrap">At </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5065.28px;left:220.08px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5065.28px;left:1100.39px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5065.28px;left:1400.63px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5065.28px;left:1901.07px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5065.28px;left:2201.31px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5065.28px;left:2661.59px;white-space:nowrap">had </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5065.28px;left:3011.92px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5065.28px;left:3312.16px;white-space:nowrap">following </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5065.28px;left:4062.57px;white-space:nowrap">forward </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5065.28px;left:4712.78px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5065.28px;left:5543.44px;white-space:nowrap">contracts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5065.28px;left:6323.73px;white-space:nowrap">outstanding. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5065.28px;left:7354.51px;white-space:nowrap">See </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5065.28px;left:7724.79px;white-space:nowrap">Note </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5065.28px;left:8155.02px;white-space:nowrap">1(d).&#160;</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:80px;position:absolute;top:346.36px;left:0px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:346.36px;left:432px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:278.62px;left:5992.83px;white-space:nowrap">Industry</div><div style="font-family:Arial, sans-serif;font-size:150px;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:150px;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:200px;font-weight:bold;position:absolute;top:564.92px;left:432px;white-space:nowrap">Money </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:564.92px;left:1120.96px;white-space:nowrap">Market </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:564.92px;left:1821.26px;white-space:nowrap">Funds </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:564.92px;left:2476.73px;white-space:nowrap">3.4%</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:809.83px;left:432px;white-space:nowrap">United </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:809.83px;left:974.19px;white-space:nowrap">States </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:809.83px;left:1498.88px;white-space:nowrap">3.4%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1009.53px;left:302.33px;white-space:nowrap">d,e</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1006.32px;left:432px;white-space:nowrap">Institutional </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1006.32px;left:1285.83px;white-space:nowrap">Fiduciary </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1006.32px;left:1976.45px;letter-spacing:-0.99px;white-space:nowrap">Trust </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1006.32px;left:2379.42px;white-space:nowrap">- </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1006.32px;left:2477.16px;white-space:nowrap">Money </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1198.32px;left:576px;white-space:nowrap">Market </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1198.32px;left:1109.44px;white-space:nowrap">Portfolio, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1198.32px;left:1785.3px;white-space:nowrap">3.782%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1198.32px;left:2393.68px;letter-spacing:52.14px;white-space:nowrap">.........</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1198.32px;left:7191.22px;letter-spacing:0px;white-space:nowrap">16,157,932</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1198.32px;left:9190.23px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1198.32px;left:9279.22px;white-space:nowrap">16,157,932</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1477.33px;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:1477.33px;left:950.46px;white-space:nowrap">Money </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1477.33px;left:1639.42px;white-space:nowrap">Market </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1477.33px;left:2339.71px;white-space:nowrap">Funds </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1477.33px;left:2995.18px;white-space:nowrap">(Cost </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1477.33px;left:3561.79px;white-space:nowrap">$16,157,932)</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1477.33px;left:4823.79px;letter-spacing:51px;white-space:nowrap">..................................</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1511.2px;left:9279.22px;white-space:nowrap">16,157,932</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1812.76px;left:0px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:1812.76px;left:432px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1812.76px;left:8058.44px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1812.76px;left:8490.44px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:1812.76px;left:10074.44px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1877.5px;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:1877.5px;left:950.46px;white-space:nowrap">Short </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1877.5px;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:1877.5px;left:2057.98px;white-space:nowrap">Investments </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1877.5px;left:3280.63px;white-space:nowrap">(Cost </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1877.5px;left:3847.23px;letter-spacing:-0.92px;white-space:nowrap">$119,924,196</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1877.5px;left:5059.64px;white-space:nowrap">)</div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:1877.5px;left:5137.49px;letter-spacing:51.19px;white-space:nowrap">...............................</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1911.37px;left:9190.23px;white-space:nowrap">124,446,805</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:2125.65px;left:0px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:2125.65px;left:432px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:2125.65px;left:10074.44px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2190.39px;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:2190.39px;left:950.46px;white-space:nowrap">Investments </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2190.39px;left:2173.11px;white-space:nowrap">(Cost </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2190.39px;left:2739.71px;white-space:nowrap">$502,374,552) </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2190.39px;left:4085.32px;white-space:nowrap">96.0%</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2190.39px;left:4719.22px;letter-spacing:50.94px;white-space:nowrap">...................................</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2224.25px;left:9110.08px;letter-spacing:-0.74px;white-space:nowrap">$461,118,672</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2415.99px;left:432px;white-space:nowrap">Other </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2415.99px;left:1013.54px;white-space:nowrap">Assets, </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2415.99px;left:1780.63px;white-space:nowrap">less </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2415.99px;left:2225.46px;white-space:nowrap">Liabilities </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2415.99px;left:3203.48px;white-space:nowrap">4.0%</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2415.99px;left:3673.56px;letter-spacing:50.51px;white-space:nowrap">.............................................</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2449.86px;left:9279.22px;white-space:nowrap">19,076,801</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2736.16px;left:432px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2736.16px;left:802.41px;white-space:nowrap">Assets </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2736.16px;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:2736.16px;left:2209.63px;letter-spacing:50.15px;white-space:nowrap">...........................................................</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2770.03px;left:9101.25px;white-space:nowrap">$480,195,473</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:2984.31px;left:426.44px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:2984.31px;left:432px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:2984.31px;left:10074.44px;white-space:nowrap">a</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:3135.59px;left:0px;white-space:nowrap">* </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3131.37px;left:49.69px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3131.37px;left:312.27px;white-space:nowrap">principal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3131.37px;left:837.35px;white-space:nowrap">amount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3131.37px;left:1311.49px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3131.37px;left:1442.74px;white-space:nowrap">stated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3131.37px;left:1836.72px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3131.37px;left:1975.32px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3131.37px;left:2266.96px;white-space:nowrap">dollars </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3131.37px;left:2689.93px;white-space:nowrap">unless </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3131.37px;left:3105.71px;white-space:nowrap">otherwise </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3131.37px;left:3703.68px;white-space:nowrap">indicated.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:3332.07px;left:0px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3327.85px;left:59.62px;letter-spacing:-3.59px;white-space:nowrap">A </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3327.85px;left:176.42px;white-space:nowrap">portion </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3327.85px;left:614.07px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3327.85px;left:767.2px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3327.85px;left:934.93px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3327.85px;left:1080.87px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3327.85px;left:1299.78px;white-space:nowrap">security </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3327.85px;left:1788.37px;white-space:nowrap">purchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3327.85px;left:2437.59px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3327.85px;left:2620.01px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3327.85px;left:2729.46px;white-space:nowrap">delayed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3327.85px;left:3225.56px;white-space:nowrap">delivery </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3327.85px;left:3714.15px;white-space:nowrap">basis. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3327.85px;left:4093.45px;white-space:nowrap">See </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3327.85px;left:4363.37px;white-space:nowrap">Note </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3327.85px;left:4676.96px;white-space:nowrap">1(c).</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:3528.56px;left:0px;white-space:nowrap">b </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3524.34px;left:63.81px;white-space:nowrap">Security </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3524.34px;left:574.28px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3524.34px;left:844.05px;white-space:nowrap">purchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3524.34px;left:1493.26px;white-space:nowrap">pursuant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3524.34px;left:2040.37px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3524.34px;left:2186.31px;white-space:nowrap">Rule </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3524.34px;left:2492.56px;letter-spacing:-1.44px;white-space:nowrap">144A </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3524.34px;left:2828.26px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3524.34px;left:2981.39px;white-space:nowrap">Regulation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3524.34px;left:3645.14px;white-space:nowrap">S </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3524.34px;left:3769.12px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3524.34px;left:4141.15px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3524.34px;left:4360.06px;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3524.34px;left:4965.45px;letter-spacing:0px;white-space:nowrap">Act </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3524.34px;left:5191.55px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3524.34px;left:5337.48px;white-space:nowrap">1933. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3524.34px;left:5702.33px;letter-spacing:-1.44px;white-space:nowrap">144A </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3524.34px;left:6038.03px;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3524.34px;left:6628.73px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3524.34px;left:6913.11px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3524.34px;left:7095.53px;white-space:nowrap">sold </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3524.34px;left:7372.72px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3524.34px;left:7511.31px;white-space:nowrap">transactions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3524.34px;left:8255.3px;white-space:nowrap">exempt </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3524.34px;left:8722.09px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3524.34px;left:9021px;white-space:nowrap">registration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3524.34px;left:9706.55px;white-space:nowrap">only </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3716.34px;left:0px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3716.34px;left:145.94px;text-rendering:optimizeLegibility;white-space:nowrap">qualified </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3716.34px;left:671.17px;white-space:nowrap">institutional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3716.34px;left:1364.14px;white-space:nowrap">buyers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3716.34px;left:1794.45px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3716.34px;left:1947.58px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3716.34px;left:2086.17px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3716.34px;left:2195.63px;white-space:nowrap">public </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3716.34px;left:2574.92px;letter-spacing:-0.25px;white-space:nowrap">offering </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3716.34px;left:3046.8px;white-space:nowrap">registered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3716.34px;left:3666.72px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3716.34px;left:4038.75px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3716.34px;left:4257.66px;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3716.34px;left:4863.05px;white-space:nowrap">Act </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3716.34px;left:5089.14px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3716.34px;left:5235.08px;white-space:nowrap">1933. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3716.34px;left:5599.92px;white-space:nowrap">Regulation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3716.34px;left:6263.67px;white-space:nowrap">S </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3716.34px;left:6387.66px;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3716.34px;left:6978.36px;white-space:nowrap">cannot </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3716.34px;left:7408.83px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3716.34px;left:7591.25px;white-space:nowrap">sold </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3716.34px;left:7868.44px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3716.34px;left:8007.03px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3716.34px;left:8225.94px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3716.34px;left:8641.64px;white-space:nowrap">States </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3716.34px;left:9050.16px;white-space:nowrap">without </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3716.34px;left:9502.34px;white-space:nowrap">either </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3908.34px;left:0px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3908.34px;left:182.42px;letter-spacing:-0.23px;white-space:nowrap">effective </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3908.34px;left:705.39px;white-space:nowrap">registration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3908.34px;left:1390.94px;white-space:nowrap">statement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3908.34px;left:2003.67px;text-rendering:optimizeLegibility;white-space:nowrap">filed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3908.34px;left:2280.86px;white-space:nowrap">pursuant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3908.34px;left:2827.97px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3908.34px;left:2973.91px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3908.34px;left:3192.81px;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3908.34px;left:3798.2px;white-space:nowrap">Act </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3908.34px;left:4024.3px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3908.34px;left:4170.23px;white-space:nowrap">1933, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3908.34px;left:4535.08px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3908.34px;left:4688.2px;white-space:nowrap">pursuant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3908.34px;left:5235.31px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3908.34px;left:5381.25px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3908.34px;left:5563.67px;white-space:nowrap">exemption </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3908.34px;left:6205.55px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3908.34px;left:6504.45px;white-space:nowrap">registration. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3908.34px;left:7219.3px;white-space:nowrap">At </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3908.34px;left:7379.77px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3908.34px;left:8021.41px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3908.34px;left:8240.31px;white-space:nowrap">2022, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3908.34px;left:8605.16px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3908.34px;left:8824.06px;white-space:nowrap">aggregate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3908.34px;left:9451.48px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3908.34px;left:9801.64px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4100.34px;left:0px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4100.34px;left:357.5px;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4100.34px;left:948.2px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4100.34px;left:1217.97px;white-space:nowrap">$54,756,232, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4100.34px;left:2020.63px;white-space:nowrap">representing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4100.34px;left:2786.48px;letter-spacing:-1.6px;white-space:nowrap">11.4% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4100.34px;left:3185.39px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4100.34px;left:3331.33px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4100.34px;left:3550.23px;white-space:nowrap">assets.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:4301.04px;left:0px;white-space:nowrap">c </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4296.82px;left:58.21px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4296.82px;left:320.79px;white-space:nowrap">security </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4296.82px;left:809.38px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4296.82px;left:1079.15px;white-space:nowrap">issued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4296.82px;left:1494.93px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4296.82px;left:1677.35px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4296.82px;left:1786.8px;white-space:nowrap">discount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4296.82px;left:2312.04px;white-space:nowrap">basis </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4296.82px;left:2654.85px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4296.82px;left:2924.61px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4296.82px;left:3107.04px;white-space:nowrap">stated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4296.82px;left:3501.02px;white-space:nowrap">coupon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4296.82px;left:3967.97px;white-space:nowrap">rate.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:4497.53px;left:0px;white-space:nowrap">d </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4493.31px;left:63.81px;white-space:nowrap">See </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4493.31px;left:333.73px;white-space:nowrap">Note </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4493.31px;left:647.33px;white-space:nowrap">3(c) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4493.31px;left:909.75px;white-space:nowrap">regarding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4493.31px;left:1500.53px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4493.31px;left:2237.17px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4493.31px;left:2375.76px;text-rendering:optimizeLegibility;white-space:nowrap">affiliated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4493.31px;left:2901px;white-space:nowrap">management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4493.31px;left:3703.34px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4493.31px;left:4374.36px;white-space:nowrap">companies.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:4694.01px;left:0px;white-space:nowrap">e </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4689.79px;left:62.49px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4689.79px;left:325.07px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4689.79px;left:587.65px;white-space:nowrap">shown </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4689.79px;left:1003.35px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4689.79px;left:1134.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4689.79px;left:1353.51px;white-space:nowrap">annualized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4689.79px;left:2024.68px;white-space:nowrap">seven-day </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4689.79px;left:2666.55px;letter-spacing:-0.23px;white-space:nowrap">effective </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4689.79px;left:3189.52px;white-space:nowrap">yield </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4689.79px;left:3495.85px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4689.79px;left:3641.79px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4689.79px;left:4042.96px;white-space:nowrap">end.</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5525.95px;left:0px;white-space:nowrap">Forward </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5525.95px;left:844.53px;white-space:nowrap">Exchange </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5525.95px;left:1844.92px;white-space:nowrap">Contracts</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6157.76px;left:0px;white-space:nowrap">Currency</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5965.76px;left:1781.44px;white-space:nowrap">Counter-</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6157.76px;left:2004.87px;white-space:nowrap">party</div><div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:6160.97px;left:2396.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6157.76px;left:2662.44px;letter-spacing:-2.97px;white-space:nowrap">Type</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6157.76px;left:4103.09px;white-space:nowrap">Quantity</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5965.76px;left:5390.19px;white-space:nowrap">Contract</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6157.76px;left:5381.44px;white-space:nowrap">Amount</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6157.76px;left:5985.73px;white-space:nowrap">*</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5965.76px;left:6598.03px;white-space:nowrap">Settlement</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6157.76px;left:7069.2px;white-space:nowrap">Date</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5965.76px;left:7902.86px;white-space:nowrap">Unrealized</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6157.76px;left:7734.11px;white-space:nowrap">Appreciation</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5965.76px;left:9198.86px;white-space:nowrap">Unrealized</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6157.76px;left:9038.86px;white-space:nowrap">Depreciation</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:6402.85px;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:6402.85px;left:2436.88px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:6402.85px;left:3012.88px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:6402.85px;left:4740.88px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:6402.85px;left:6036.88px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:6402.85px;left:7404.88px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:6402.85px;left:8772.88px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:6402.85px;left:10068.88px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6480.8px;left:0px;white-space:nowrap">OTC </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6480.8px;left:382.19px;white-space:nowrap">Forward </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6480.8px;left:1057.81px;white-space:nowrap">Exchange </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6480.8px;left:1858.13px;white-space:nowrap">Contracts</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6677.29px;left:0px;white-space:nowrap">Euro</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6677.29px;left:373.65px;letter-spacing:50.42px;white-space:nowrap">.............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6677.29px;left:2012.3px;white-space:nowrap">HSBK</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6677.29px;left:2748.3px;white-space:nowrap">Buy</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6677.29px;left:4040.2px;white-space:nowrap">7,002,350</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6677.29px;left:5336.2px;white-space:nowrap">7,310,103</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6677.29px;left:6894.05px;letter-spacing:-1.7px;white-space:nowrap">1/11/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6677.29px;left:8116.66px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6677.29px;left:8205.64px;white-space:nowrap">189,199</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6677.29px;left:9831.02px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6677.29px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6873.77px;left:0px;white-space:nowrap">Euro</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6873.77px;left:373.65px;letter-spacing:50.42px;white-space:nowrap">.............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6873.77px;left:2012.3px;white-space:nowrap">HSBK</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6873.77px;left:2757.2px;white-space:nowrap">Sell</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6873.77px;left:4040.2px;white-space:nowrap">7,002,350</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6873.77px;left:5336.2px;white-space:nowrap">6,887,581</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6873.77px;left:6894.05px;letter-spacing:-1.7px;white-space:nowrap">1/11/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6873.77px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6873.77px;left:9406.95px;letter-spacing:-1.32px;white-space:nowrap">(611,720)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7070.26px;left:0px;white-space:nowrap">Indian </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7070.26px;left:480.39px;white-space:nowrap">Rupee</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7070.26px;left:1027.54px;letter-spacing:52.13px;white-space:nowrap">......</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7070.26px;left:2012.3px;white-space:nowrap">HSBK</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7070.26px;left:2748.3px;white-space:nowrap">Buy</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7070.26px;left:3951.22px;white-space:nowrap">96,812,500</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7070.26px;left:5336.2px;white-space:nowrap">1,201,684</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7070.26px;left:6894.05px;letter-spacing:-1.7px;white-space:nowrap">1/11/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7070.26px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7070.26px;left:9484.06px;white-space:nowrap">(32,100)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7266.74px;left:0px;white-space:nowrap">Indian </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7266.74px;left:480.39px;white-space:nowrap">Rupee</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7266.74px;left:1027.54px;letter-spacing:52.13px;white-space:nowrap">......</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7266.74px;left:2012.3px;white-space:nowrap">HSBK</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7266.74px;left:2757.2px;white-space:nowrap">Sell</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7266.74px;left:3951.22px;white-space:nowrap">41,000,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7266.74px;left:5469.64px;white-space:nowrap">508,644</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7266.74px;left:6894.05px;letter-spacing:-1.7px;white-space:nowrap">1/11/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7266.74px;left:8294.63px;white-space:nowrap">13,326</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7266.74px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7463.22px;left:0px;white-space:nowrap">South </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7463.22px;left:462.58px;white-space:nowrap">Korean </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7463.22px;left:1022.97px;letter-spacing:-0.96px;white-space:nowrap">Won</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7463.22px;left:1401.2px;letter-spacing:58.47px;white-space:nowrap">..</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7463.22px;left:1968px;white-space:nowrap">MSCO</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7463.22px;left:2748.3px;white-space:nowrap">Buy</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7463.22px;left:3639.81px;white-space:nowrap">10,560,000,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7463.22px;left:5336.2px;white-space:nowrap">8,059,223</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7463.22px;left:6882.17px;white-space:nowrap">1/17/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7463.22px;left:8205.64px;white-space:nowrap">328,638</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7463.22px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7659.71px;left:0px;white-space:nowrap">Euro</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7659.71px;left:373.65px;letter-spacing:50.42px;white-space:nowrap">.............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7659.71px;left:2012.3px;white-space:nowrap">DBAB</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7659.71px;left:2757.2px;white-space:nowrap">Sell</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7659.71px;left:4040.2px;white-space:nowrap">1,187,636</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7659.71px;left:5247.22px;white-space:nowrap">12,643,100</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7659.71px;left:6103.92px;white-space:nowrap">SEK</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7659.71px;left:6882.17px;white-space:nowrap">1/19/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7659.71px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7659.71px;left:9484.06px;white-space:nowrap">(60,027)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7856.19px;left:0px;white-space:nowrap">Swedish </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7856.19px;left:649.22px;white-space:nowrap">Krona</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7856.19px;left:1120.96px;letter-spacing:52.76px;white-space:nowrap">.....</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7856.19px;left:2012.3px;white-space:nowrap">DBAB</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7856.19px;left:2757.2px;white-space:nowrap">Sell</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7856.19px;left:3951.22px;white-space:nowrap">12,643,100</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7856.19px;left:5336.2px;white-space:nowrap">1,203,681</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7856.19px;left:6095.09px;white-space:nowrap">EUR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7856.19px;left:6882.17px;white-space:nowrap">1/19/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7856.19px;left:8294.63px;white-space:nowrap">77,221</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7856.19px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8052.68px;left:0px;white-space:nowrap">Chilean </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8052.68px;left:587.03px;white-space:nowrap">Peso</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8052.68px;left:1027.54px;letter-spacing:52.13px;white-space:nowrap">......</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8052.68px;left:1976.83px;white-space:nowrap">GSCO</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8052.68px;left:2748.3px;white-space:nowrap">Buy</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8052.68px;left:3862.23px;white-space:nowrap">948,990,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8052.68px;left:5469.64px;white-space:nowrap">986,476</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8052.68px;left:6882.17px;white-space:nowrap">1/20/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8052.68px;left:8205.64px;white-space:nowrap">129,792</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8052.68px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.16px;left:0px;white-space:nowrap">Chilean </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.16px;left:587.03px;white-space:nowrap">Peso</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.16px;left:1027.54px;letter-spacing:52.13px;white-space:nowrap">......</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.16px;left:2021.28px;white-space:nowrap">JPHQ</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.16px;left:2748.3px;white-space:nowrap">Buy</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.16px;left:3728.8px;white-space:nowrap">2,292,596,735</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.16px;left:5336.2px;white-space:nowrap">2,323,382</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.16px;left:6882.17px;white-space:nowrap">1/24/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.16px;left:8205.64px;white-space:nowrap">371,825</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.16px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8445.65px;left:0px;white-space:nowrap">Euro</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8445.65px;left:373.65px;letter-spacing:50.42px;white-space:nowrap">.............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8445.65px;left:1985.81px;white-space:nowrap">BZWS</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8445.65px;left:2748.3px;white-space:nowrap">Buy</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8445.65px;left:4040.2px;white-space:nowrap">5,604,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8445.65px;left:5336.2px;white-space:nowrap">5,864,873</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8445.65px;left:6882.17px;white-space:nowrap">1/25/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8445.65px;left:8205.64px;white-space:nowrap">143,221</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8445.65px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8642.13px;left:0px;white-space:nowrap">Euro</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8642.13px;left:373.65px;letter-spacing:50.42px;white-space:nowrap">.............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8642.13px;left:1985.81px;white-space:nowrap">BZWS</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8642.13px;left:2757.2px;white-space:nowrap">Sell</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8642.13px;left:4040.2px;white-space:nowrap">5,604,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8642.13px;left:5336.2px;white-space:nowrap">5,557,375</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8642.13px;left:6882.17px;white-space:nowrap">1/25/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8642.13px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8642.13px;left:9395.08px;white-space:nowrap">(450,718)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8838.62px;left:0px;white-space:nowrap">Euro</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8838.62px;left:373.65px;letter-spacing:50.42px;white-space:nowrap">.............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8838.62px;left:2012.3px;white-space:nowrap">DBAB</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8838.62px;left:2748.3px;white-space:nowrap">Buy</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8838.62px;left:3951.22px;white-space:nowrap">21,600,184</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8838.62px;left:5247.22px;white-space:nowrap">22,769,004</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8838.62px;left:6882.17px;white-space:nowrap">1/25/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8838.62px;left:8205.64px;white-space:nowrap">388,726</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8838.62px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9035.1px;left:0px;white-space:nowrap">Euro</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9035.1px;left:373.65px;letter-spacing:50.42px;white-space:nowrap">.............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9035.1px;left:2012.3px;white-space:nowrap">DBAB</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9035.1px;left:2757.2px;white-space:nowrap">Sell</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9035.1px;left:3951.22px;white-space:nowrap">21,600,185</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9035.1px;left:5247.22px;white-space:nowrap">22,397,976</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9035.1px;left:6882.17px;white-space:nowrap">1/25/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9035.1px;left:8205.64px;white-space:nowrap">220,120</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9035.1px;left:9395.08px;white-space:nowrap">(979,874)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9231.58px;left:0px;white-space:nowrap">South </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9231.58px;left:462.58px;white-space:nowrap">Korean </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9231.58px;left:1022.97px;letter-spacing:-0.96px;white-space:nowrap">Won</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9231.58px;left:1401.2px;letter-spacing:58.47px;white-space:nowrap">..</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9231.58px;left:2145.81px;white-space:nowrap">CITI</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9231.58px;left:2748.3px;white-space:nowrap">Buy</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9231.58px;left:3862.23px;white-space:nowrap">952,000,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9231.58px;left:5469.64px;white-space:nowrap">732,984</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9231.58px;left:6882.17px;white-space:nowrap">1/25/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9231.58px;left:8294.63px;white-space:nowrap">23,284</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9231.58px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9428.07px;left:0px;white-space:nowrap">Canadian </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9428.07px;left:729.45px;white-space:nowrap">Dollar</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9428.07px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9428.07px;left:2021.28px;white-space:nowrap">JPHQ</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9428.07px;left:2748.3px;white-space:nowrap">Buy</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9428.07px;left:4040.2px;white-space:nowrap">1,043,246</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9428.07px;left:5469.64px;white-space:nowrap">781,044</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9428.07px;left:6882.17px;white-space:nowrap">1/26/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9428.07px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9428.07px;left:9484.06px;white-space:nowrap">(10,447)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9624.55px;left:0px;white-space:nowrap">Canadian </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9624.55px;left:729.45px;white-space:nowrap">Dollar</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9624.55px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9624.55px;left:2021.28px;white-space:nowrap">JPHQ</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9624.55px;left:2757.2px;white-space:nowrap">Sell</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9624.55px;left:4040.2px;white-space:nowrap">1,043,246</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9624.55px;left:5469.64px;white-space:nowrap">754,176</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9624.55px;left:6095.09px;white-space:nowrap">EUR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9624.55px;left:6882.17px;white-space:nowrap">1/26/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9624.55px;left:8294.63px;white-space:nowrap">38,023</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9624.55px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9821.04px;left:0px;white-space:nowrap">Euro</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9821.04px;left:373.65px;letter-spacing:50.42px;white-space:nowrap">.............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9821.04px;left:2021.28px;white-space:nowrap">JPHQ</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9821.04px;left:2757.2px;white-space:nowrap">Sell</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9821.04px;left:4173.64px;white-space:nowrap">782,906</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9821.04px;left:5336.2px;white-space:nowrap">1,043,246</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9821.04px;left:6095.09px;white-space:nowrap">CAD</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9821.04px;left:6882.17px;white-space:nowrap">1/26/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9821.04px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9821.04px;left:9484.06px;white-space:nowrap">(68,827)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10017.52px;left:0px;white-space:nowrap">Euro</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10017.52px;left:373.65px;letter-spacing:50.42px;white-space:nowrap">.............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10017.52px;left:1968px;white-space:nowrap">UBSW</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10017.52px;left:2748.3px;white-space:nowrap">Buy</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10017.52px;left:4173.64px;white-space:nowrap">513,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10017.52px;left:5469.64px;white-space:nowrap">546,384</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10017.52px;left:6882.17px;white-space:nowrap">1/30/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10017.52px;left:8383.61px;white-space:nowrap">3,816</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10017.52px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10214.01px;left:0px;white-space:nowrap">Euro</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10214.01px;left:373.65px;letter-spacing:50.42px;white-space:nowrap">.............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10214.01px;left:1968px;white-space:nowrap">UBSW</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10214.01px;left:2757.2px;white-space:nowrap">Sell</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10214.01px;left:4173.64px;white-space:nowrap">513,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10214.01px;left:5469.64px;white-space:nowrap">526,830</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10214.01px;left:6882.17px;white-space:nowrap">1/30/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10214.01px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10214.01px;left:9484.06px;white-space:nowrap">(23,370)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10410.49px;left:0px;white-space:nowrap">Canadian </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10410.49px;left:729.45px;white-space:nowrap">Dollar</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10410.49px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10410.49px;left:2012.3px;white-space:nowrap">HSBK</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10410.49px;left:2748.3px;white-space:nowrap">Buy</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10410.49px;left:3951.22px;white-space:nowrap">41,640,446</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10410.49px;left:5247.22px;white-space:nowrap">31,125,422</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10410.49px;left:6882.17px;white-space:nowrap">2/03/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10410.49px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10410.49px;left:9395.08px;white-space:nowrap">(366,090)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10606.97px;left:0px;white-space:nowrap">Canadian </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10606.97px;left:729.45px;white-space:nowrap">Dollar</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10606.97px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10606.97px;left:2012.3px;white-space:nowrap">HSBK</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10606.97px;left:2757.2px;white-space:nowrap">Sell</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10606.97px;left:3951.22px;white-space:nowrap">18,320,446</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10606.97px;left:5247.22px;white-space:nowrap">13,237,769</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10606.97px;left:6095.09px;white-space:nowrap">EUR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10606.97px;left:6882.17px;white-space:nowrap">2/03/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10606.97px;left:8205.64px;white-space:nowrap">668,898</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10606.97px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10803.46px;left:0px;white-space:nowrap">Euro</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10803.46px;left:373.65px;letter-spacing:50.42px;white-space:nowrap">.............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10803.46px;left:2012.3px;white-space:nowrap">HSBK</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10803.46px;left:2757.2px;white-space:nowrap">Sell</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10803.46px;left:3951.22px;white-space:nowrap">13,836,098</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10803.46px;left:5247.22px;white-space:nowrap">18,320,446</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10803.46px;left:6095.09px;white-space:nowrap">CAD</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10803.46px;left:6882.17px;white-space:nowrap">2/03/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10803.46px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10803.46px;left:9261.64px;white-space:nowrap">(1,310,809)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10999.94px;left:0px;white-space:nowrap">Euro</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10999.94px;left:373.65px;letter-spacing:50.42px;white-space:nowrap">.............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10999.94px;left:1968px;white-space:nowrap">MSCO</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10999.94px;left:2748.3px;white-space:nowrap">Buy</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10999.94px;left:4040.2px;white-space:nowrap">1,215,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10999.94px;left:5336.2px;white-space:nowrap">1,295,276</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10999.94px;left:6882.17px;white-space:nowrap">2/06/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10999.94px;left:8383.61px;white-space:nowrap">8,479</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10999.94px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11196.43px;left:0px;white-space:nowrap">Euro</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11196.43px;left:373.65px;letter-spacing:50.42px;white-space:nowrap">.............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11196.43px;left:1968px;white-space:nowrap">MSCO</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11196.43px;left:2757.2px;white-space:nowrap">Sell</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11196.43px;left:4040.2px;white-space:nowrap">1,215,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11196.43px;left:5336.2px;white-space:nowrap">1,255,170</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11196.43px;left:6882.17px;white-space:nowrap">2/06/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11196.43px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11196.43px;left:9484.06px;white-space:nowrap">(48,585)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11392.91px;left:0px;white-space:nowrap">Chilean </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11392.91px;left:587.03px;white-space:nowrap">Peso</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11392.91px;left:1027.54px;letter-spacing:52.13px;white-space:nowrap">......</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11392.91px;left:1976.83px;white-space:nowrap">GSCO</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11392.91px;left:2748.3px;white-space:nowrap">Buy</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11392.91px;left:3728.8px;white-space:nowrap">2,160,520,195</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11392.91px;left:5336.2px;white-space:nowrap">2,364,325</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11392.91px;left:6882.17px;white-space:nowrap">2/21/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11392.91px;left:8205.64px;white-space:nowrap">164,985</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11392.91px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11589.4px;left:0px;white-space:nowrap">Chilean </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11589.4px;left:587.03px;white-space:nowrap">Peso</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11589.4px;left:1027.54px;letter-spacing:52.13px;white-space:nowrap">......</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11589.4px;left:1968px;white-space:nowrap">MSCO</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11589.4px;left:2748.3px;white-space:nowrap">Buy</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11589.4px;left:3728.8px;white-space:nowrap">1,630,680,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11589.4px;left:5336.2px;white-space:nowrap">1,781,872</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11589.4px;left:6882.17px;white-space:nowrap">2/21/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11589.4px;left:8205.64px;white-space:nowrap">127,157</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11589.4px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11785.88px;left:0px;white-space:nowrap">Japanese </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11785.88px;left:735.47px;letter-spacing:-4.9px;white-space:nowrap">Yen</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11785.88px;left:1027.54px;letter-spacing:52.13px;white-space:nowrap">......</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11785.88px;left:2030.03px;letter-spacing:-4.41px;white-space:nowrap">BOFA</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11785.88px;left:2748.3px;white-space:nowrap">Buy</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11785.88px;left:3728.8px;white-space:nowrap">1,126,346,080</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11785.88px;left:5336.2px;white-space:nowrap">8,153,066</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11785.88px;left:6882.17px;white-space:nowrap">2/22/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11785.88px;left:8205.64px;white-space:nowrap">484,066</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11785.88px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11982.37px;left:0px;white-space:nowrap">South </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11982.37px;left:462.58px;white-space:nowrap">Korean </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11982.37px;left:1022.97px;letter-spacing:-0.96px;white-space:nowrap">Won</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11982.37px;left:1401.2px;letter-spacing:58.47px;white-space:nowrap">..</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11982.37px;left:1968px;white-space:nowrap">MSCO</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11982.37px;left:2748.3px;white-space:nowrap">Buy</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11982.37px;left:3651.69px;letter-spacing:-0.85px;white-space:nowrap">11,030,000,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11982.37px;left:5336.2px;white-space:nowrap">8,434,334</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11982.37px;left:6882.17px;white-space:nowrap">2/22/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11982.37px;left:8205.64px;white-space:nowrap">333,071</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11982.37px;left:9920px;white-space:nowrap">&#8212;</div></div>
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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:7001.26px;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:7519.15px;white-space:nowrap">statements.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual </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:180px;position:absolute;top:6639.96px;left:0px;white-space:nowrap">At </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6639.96px;left:220.08px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6639.96px;left:1100.39px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6639.96px;left:1400.63px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6639.96px;left:1901.07px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6639.96px;left:2201.31px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6639.96px;left:2661.59px;white-space:nowrap">had </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6639.96px;left:3011.92px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6639.96px;left:3312.16px;white-space:nowrap">following </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6639.96px;left:4062.57px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6639.96px;left:4702.85px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6639.96px;left:5063.03px;white-space:nowrap">swap </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6639.96px;left:5533.24px;white-space:nowrap">contracts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6639.96px;left:6313.54px;white-space:nowrap">outstanding. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6639.96px;left:7344.32px;white-space:nowrap">See </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6639.96px;left:7714.6px;white-space:nowrap">Note </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6639.96px;left:8144.82px;white-space:nowrap">1</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6639.96px;left:8244.93px;white-space:nowrap">(</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6639.96px;left:8304.87px;white-space:nowrap">d</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6639.96px;left:8404.98px;white-space:nowrap">).&#160;</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:48.27px;left:0px;white-space:nowrap">Forward </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:48.27px;left:844.53px;white-space:nowrap">Exchange </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:48.27px;left:1844.92px;white-space:nowrap">Contracts </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:82.14px;left:2833.98px;white-space:nowrap">(continued)</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:534.62px;left:0px;white-space:nowrap">Currency</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:342.62px;left:1781.44px;white-space:nowrap">Counter-</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:534.62px;left:2004.87px;white-space:nowrap">party</div><div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:537.83px;left:2396.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:534.62px;left:2662.44px;letter-spacing:-2.97px;white-space:nowrap">Type</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:534.62px;left:4103.09px;white-space:nowrap">Quantity</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:342.62px;left:5390.19px;white-space:nowrap">Contract</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:534.62px;left:5381.44px;white-space:nowrap">Amount*</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:342.62px;left:6598.03px;white-space:nowrap">Settlement</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:534.62px;left:7069.2px;white-space:nowrap">Date</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:342.62px;left:7902.86px;white-space:nowrap">Unrealized</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:534.62px;left:7734.11px;white-space:nowrap">Appreciation</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:342.62px;left:9198.86px;white-space:nowrap">Unrealized</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:534.62px;left:9038.86px;white-space:nowrap">Depreciation</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:779.72px;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:779.72px;left:2436.88px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:779.72px;left:3012.88px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:779.72px;left:4740.88px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:779.72px;left:6036.88px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:779.72px;left:7404.88px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:779.72px;left:8772.88px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:779.72px;left:10068.88px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:857.67px;left:0px;white-space:nowrap">OTC </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:857.67px;left:382.19px;white-space:nowrap">Forward </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:857.67px;left:1057.81px;white-space:nowrap">Exchange </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:857.67px;left:1858.13px;white-space:nowrap">Contracts </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:857.67px;left:2649.38px;white-space:nowrap">(continued)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1054.15px;left:0px;white-space:nowrap">Chilean </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1054.15px;left:587.03px;white-space:nowrap">Peso</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1054.15px;left:1027.54px;letter-spacing:52.13px;white-space:nowrap">......</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1054.15px;left:1976.83px;white-space:nowrap">GSCO</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1054.15px;left:2748.3px;white-space:nowrap">Buy</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1054.15px;left:3874.11px;letter-spacing:-1.08px;white-space:nowrap">671,911,539</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1054.15px;left:5469.64px;white-space:nowrap">748,648</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1054.15px;left:6882.17px;white-space:nowrap">3/15/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1054.15px;left:8205.64px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1054.15px;left:8294.63px;white-space:nowrap">35,088</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1054.15px;left:9831.02px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1054.15px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1250.63px;left:0px;white-space:nowrap">Chinese </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1250.63px;left:628.59px;letter-spacing:-2.21px;white-space:nowrap">Yuan</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1250.63px;left:1027.54px;letter-spacing:52.13px;white-space:nowrap">......</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1250.63px;left:2145.81px;white-space:nowrap">CITI</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1250.63px;left:2748.3px;white-space:nowrap">Buy</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1250.63px;left:3862.23px;white-space:nowrap">234,650,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1250.63px;left:5247.22px;white-space:nowrap">33,840,496</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1250.63px;left:6882.17px;white-space:nowrap">3/15/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1250.63px;left:8205.64px;white-space:nowrap">251,936</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1250.63px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1447.12px;left:0px;white-space:nowrap">Euro</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1447.12px;left:373.65px;letter-spacing:50.42px;white-space:nowrap">.............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1447.12px;left:2012.3px;white-space:nowrap">DBAB</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1447.12px;left:2757.2px;white-space:nowrap">Sell</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1447.12px;left:3951.22px;white-space:nowrap">19,148,030</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1447.12px;left:5158.23px;white-space:nowrap">193,330,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1447.12px;left:6090.64px;white-space:nowrap">NOK</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1447.12px;left:6882.17px;white-space:nowrap">3/15/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1447.12px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1447.12px;left:9395.08px;white-space:nowrap">(803,314)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1643.6px;left:0px;white-space:nowrap">Japanese </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1643.6px;left:735.47px;letter-spacing:-4.9px;white-space:nowrap">Yen</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1643.6px;left:1027.54px;letter-spacing:52.13px;white-space:nowrap">......</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1643.6px;left:2006.36px;letter-spacing:-0.72px;white-space:nowrap">BNDP</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1643.6px;left:2748.3px;white-space:nowrap">Buy</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1643.6px;left:3874.11px;letter-spacing:-1.08px;white-space:nowrap">560,110,460</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1643.6px;left:5336.2px;white-space:nowrap">3,997,645</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1643.6px;left:6882.17px;white-space:nowrap">3/15/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1643.6px;left:8205.64px;white-space:nowrap">309,671</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1643.6px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.09px;left:0px;white-space:nowrap">Japanese </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.09px;left:735.47px;letter-spacing:-4.9px;white-space:nowrap">Yen</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.09px;left:1027.54px;letter-spacing:52.13px;white-space:nowrap">......</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.09px;left:2030.03px;letter-spacing:-4.41px;white-space:nowrap">BOFA</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.09px;left:2748.3px;white-space:nowrap">Buy</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.09px;left:3728.8px;white-space:nowrap">1,991,921,070</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.09px;left:5247.22px;white-space:nowrap">14,222,166</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.09px;left:6882.17px;white-space:nowrap">3/15/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.09px;left:8072.2px;white-space:nowrap">1,095,944</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.09px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2036.57px;left:0px;white-space:nowrap">Japanese </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2036.57px;left:735.47px;letter-spacing:-4.9px;white-space:nowrap">Yen</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2036.57px;left:1027.54px;letter-spacing:52.13px;white-space:nowrap">......</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2036.57px;left:2021.28px;white-space:nowrap">JPHQ</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2036.57px;left:2748.3px;white-space:nowrap">Buy</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2036.57px;left:3862.23px;white-space:nowrap">588,073,610</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2036.57px;left:5336.2px;white-space:nowrap">4,197,348</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2036.57px;left:6882.17px;white-space:nowrap">3/15/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2036.57px;left:8205.64px;white-space:nowrap">325,008</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2036.57px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2233.06px;left:0px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2233.06px;left:364.53px;white-space:nowrap">Zealand </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2233.06px;left:987.19px;white-space:nowrap">Dollar</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2233.06px;left:1494.61px;letter-spacing:67.98px;white-space:nowrap">.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2233.06px;left:2145.81px;white-space:nowrap">CITI</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2233.06px;left:2748.3px;white-space:nowrap">Buy</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2233.06px;left:3951.22px;white-space:nowrap">16,040,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2233.06px;left:5247.22px;white-space:nowrap">10,274,021</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2233.06px;left:6882.17px;white-space:nowrap">3/15/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2233.06px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2233.06px;left:9484.06px;white-space:nowrap">(83,731)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2429.54px;left:0px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2429.54px;left:364.53px;white-space:nowrap">Zealand </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2429.54px;left:987.19px;white-space:nowrap">Dollar</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2429.54px;left:1494.61px;letter-spacing:67.98px;white-space:nowrap">.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2429.54px;left:2021.28px;white-space:nowrap">JPHQ</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2429.54px;left:2748.3px;white-space:nowrap">Buy</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2429.54px;left:4040.2px;white-space:nowrap">2,720,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2429.54px;left:5336.2px;white-space:nowrap">1,636,420</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2429.54px;left:6882.17px;white-space:nowrap">3/15/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2429.54px;left:8294.63px;white-space:nowrap">91,609</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2429.54px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2626.03px;left:0px;white-space:nowrap">South </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2626.03px;left:462.58px;white-space:nowrap">Korean </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2626.03px;left:1022.97px;letter-spacing:-0.96px;white-space:nowrap">Won</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2626.03px;left:1401.2px;letter-spacing:58.47px;white-space:nowrap">..</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2626.03px;left:2006.36px;letter-spacing:-0.72px;white-space:nowrap">BNDP</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2626.03px;left:2748.3px;white-space:nowrap">Buy</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2626.03px;left:3639.81px;white-space:nowrap">92,494,400,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2626.03px;left:5247.22px;white-space:nowrap">66,778,139</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2626.03px;left:6882.17px;white-space:nowrap">3/15/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2626.03px;left:8072.2px;white-space:nowrap">6,790,242</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2626.03px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2822.51px;left:0px;white-space:nowrap">British </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2822.51px;left:488.98px;white-space:nowrap">Pound</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2822.51px;left:1027.54px;letter-spacing:52.13px;white-space:nowrap">......</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2822.51px;left:2012.3px;white-space:nowrap">DBAB</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2822.51px;left:2757.2px;white-space:nowrap">Sell</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2822.51px;left:4052.08px;letter-spacing:-1.32px;white-space:nowrap">2,110,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2822.51px;left:5336.2px;white-space:nowrap">2,428,491</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2822.51px;left:6095.09px;white-space:nowrap">EUR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2822.51px;left:6882.17px;white-space:nowrap">4/25/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2822.51px;left:8294.63px;white-space:nowrap">61,698</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2822.51px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3018.99px;left:0px;white-space:nowrap">Euro</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3018.99px;left:373.65px;letter-spacing:50.42px;white-space:nowrap">.............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3018.99px;left:1985.81px;white-space:nowrap">BZWS</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3018.99px;left:2748.3px;white-space:nowrap">Buy</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3018.99px;left:4040.2px;white-space:nowrap">2,630,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3018.99px;left:5336.2px;white-space:nowrap">2,818,812</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3018.99px;left:6882.17px;white-space:nowrap">4/25/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3018.99px;left:8294.63px;white-space:nowrap">17,724</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3018.99px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3215.48px;left:0px;white-space:nowrap">Euro</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3215.48px;left:373.65px;letter-spacing:50.42px;white-space:nowrap">.............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3215.48px;left:1985.81px;white-space:nowrap">BZWS</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3215.48px;left:2757.2px;white-space:nowrap">Sell</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3215.48px;left:4040.2px;white-space:nowrap">2,630,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3215.48px;left:5336.2px;white-space:nowrap">2,921,128</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3215.48px;left:6882.17px;white-space:nowrap">4/25/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3215.48px;left:8294.63px;white-space:nowrap">84,591</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3215.48px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.96px;left:0px;white-space:nowrap">Euro</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.96px;left:373.65px;letter-spacing:50.42px;white-space:nowrap">.............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.96px;left:2012.3px;white-space:nowrap">DBAB</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.96px;left:2748.3px;white-space:nowrap">Buy</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.96px;left:4040.2px;white-space:nowrap">4,970,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.96px;left:5336.2px;white-space:nowrap">5,326,230</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.96px;left:6882.17px;white-space:nowrap">4/25/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.96px;left:8294.63px;white-space:nowrap">34,069</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.96px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.45px;left:0px;white-space:nowrap">Euro</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.45px;left:373.65px;letter-spacing:50.42px;white-space:nowrap">.............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.45px;left:2012.3px;white-space:nowrap">DBAB</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.45px;left:2757.2px;white-space:nowrap">Sell</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.45px;left:4040.2px;white-space:nowrap">2,387,837</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.45px;left:5348.08px;letter-spacing:-1.32px;white-space:nowrap">2,110,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.45px;left:6096.5px;letter-spacing:-0.96px;white-space:nowrap">GBP</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.45px;left:6882.17px;white-space:nowrap">4/25/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.45px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.45px;left:9484.06px;white-space:nowrap">(17,851)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3804.93px;left:0px;white-space:nowrap">Euro</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3804.93px;left:373.65px;letter-spacing:50.42px;white-space:nowrap">.............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3804.93px;left:2012.3px;white-space:nowrap">DBAB</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3804.93px;left:2757.2px;white-space:nowrap">Sell</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3804.93px;left:4040.2px;white-space:nowrap">7,327,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3804.93px;left:5336.2px;white-space:nowrap">7,304,829</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3804.93px;left:6882.17px;white-space:nowrap">4/25/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3804.93px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3804.93px;left:9395.08px;white-space:nowrap">(597,568)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4001.42px;left:0px;white-space:nowrap">Canadian </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4001.42px;left:729.45px;white-space:nowrap">Dollar</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4001.42px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4001.42px;left:2012.3px;white-space:nowrap">HSBK</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4001.42px;left:2757.2px;white-space:nowrap">Sell</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4001.42px;left:3951.22px;white-space:nowrap">23,320,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4001.42px;left:5247.22px;white-space:nowrap">16,577,944</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4001.42px;left:6095.09px;white-space:nowrap">EUR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4001.42px;left:6882.17px;white-space:nowrap">5/03/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4001.42px;left:8205.64px;white-space:nowrap">644,928</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4001.42px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.9px;left:0px;white-space:nowrap">Euro</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.9px;left:373.65px;letter-spacing:50.42px;white-space:nowrap">.............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.9px;left:2012.3px;white-space:nowrap">HSBK</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.9px;left:2757.2px;white-space:nowrap">Sell</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.9px;left:3951.22px;white-space:nowrap">26,183,349</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.9px;left:5247.22px;white-space:nowrap">35,626,636</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.9px;left:6095.09px;white-space:nowrap">CAD</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.9px;left:6882.17px;white-space:nowrap">5/03/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.9px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.9px;left:9261.64px;white-space:nowrap">(1,909,738)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4394.38px;left:0px;white-space:nowrap">Euro</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4394.38px;left:373.65px;letter-spacing:50.42px;white-space:nowrap">.............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4394.38px;left:2021.28px;white-space:nowrap">JPHQ</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4394.38px;left:2757.2px;white-space:nowrap">Sell</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4394.38px;left:4262.63px;white-space:nowrap">56,986</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4394.38px;left:5558.63px;white-space:nowrap">57,122</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4394.38px;left:6882.17px;white-space:nowrap">5/03/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4394.38px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4394.38px;left:9573.05px;white-space:nowrap">(4,367)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4590.87px;left:0px;white-space:nowrap">Chilean </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4590.87px;left:587.03px;white-space:nowrap">Peso</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4590.87px;left:1027.54px;letter-spacing:52.13px;white-space:nowrap">......</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4590.87px;left:2033px;letter-spacing:-0.72px;white-space:nowrap">BAST</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4590.87px;left:2748.3px;white-space:nowrap">Buy</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4590.87px;left:3639.81px;white-space:nowrap">16,891,500,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4590.87px;left:5247.22px;white-space:nowrap">17,782,960</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4590.87px;left:6882.17px;white-space:nowrap">5/22/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4590.87px;left:8072.2px;white-space:nowrap">1,718,784</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4590.87px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4787.35px;left:0px;white-space:nowrap">Japanese </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4787.35px;left:735.47px;letter-spacing:-4.9px;white-space:nowrap">Yen</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4787.35px;left:1027.54px;letter-spacing:52.13px;white-space:nowrap">......</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4787.35px;left:2012.3px;white-space:nowrap">DBAB</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4787.35px;left:2748.3px;white-space:nowrap">Buy</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4787.35px;left:3728.8px;white-space:nowrap">2,592,748,780</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4787.35px;left:5247.22px;white-space:nowrap">19,330,133</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4787.35px;left:6882.17px;white-space:nowrap">6/15/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4787.35px;left:8205.64px;white-space:nowrap">877,515</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4787.35px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4983.84px;left:0px;white-space:nowrap">Chilean </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4983.84px;left:587.03px;white-space:nowrap">Peso</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4983.84px;left:1027.54px;letter-spacing:52.13px;white-space:nowrap">......</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4983.84px;left:1976.83px;white-space:nowrap">GSCO</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4983.84px;left:2748.3px;white-space:nowrap">Buy</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4983.84px;left:3728.8px;white-space:nowrap">2,262,230,732</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4983.84px;left:5336.2px;white-space:nowrap">2,265,412</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4983.84px;left:6882.17px;white-space:nowrap">7/26/23</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4983.84px;left:8205.64px;white-space:nowrap">327,079</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4983.84px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5212.32px;left:144px;letter-spacing:-2.96px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5212.32px;left:526.42px;white-space:nowrap">Forward </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5212.32px;left:1157.67px;white-space:nowrap">Exchange </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5212.32px;left:1913.77px;white-space:nowrap">Contracts</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5212.32px;left:2615.57px;letter-spacing:50.12px;white-space:nowrap">...................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5212.32px;left:7894.23px;white-space:nowrap">$16,379,733</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5212.32px;left:9172.66px;white-space:nowrap">$(7,379,136)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5472.81px;left:288px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5472.81px;left:581.44px;white-space:nowrap">unrealized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5472.81px;left:1364.17px;white-space:nowrap">appreciation </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5472.81px;left:2280.34px;white-space:nowrap">(depreciation)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5472.81px;left:3269.46px;letter-spacing:50.31px;white-space:nowrap">............................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5472.81px;left:7983.22px;white-space:nowrap">$9,000,597</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:5987.65px;left:0px;white-space:nowrap">*</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5983.43px;left:79.75px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5983.43px;left:225.69px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5983.43px;left:517.33px;white-space:nowrap">dollars </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5983.43px;left:940.3px;white-space:nowrap">unless </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5983.43px;left:1356.08px;white-space:nowrap">otherwise </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5983.43px;left:1954.05px;white-space:nowrap">indicated.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:6198.7px;left:0px;white-space:nowrap">a</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6194.47px;left:92.55px;white-space:nowrap">May </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6194.47px;left:376.93px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6194.47px;left:559.35px;white-space:nowrap">comprised </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6194.47px;left:1201.07px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6194.47px;left:1347px;white-space:nowrap">multiple </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6194.47px;left:1835.6px;white-space:nowrap">contracts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6194.47px;left:2404.5px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6194.47px;left:2674.27px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6194.47px;left:2893.18px;white-space:nowrap">same </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6194.47px;left:3250.52px;letter-spacing:-0.69px;white-space:nowrap">counterparty, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6194.47px;left:4043.25px;white-space:nowrap">currency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6194.47px;left:4582.86px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6194.47px;left:4838.25px;letter-spacing:0px;white-space:nowrap">settlement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6194.47px;left:5480.13px;white-space:nowrap">date.</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7100.63px;left:0px;white-space:nowrap">Interest </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7100.63px;left:778.03px;white-space:nowrap">Rate </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7100.63px;left:1267.09px;white-space:nowrap">Swap </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7100.63px;left:1845.02px;white-space:nowrap">Contracts</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8182.03px;left:0px;white-space:nowrap">Description</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7990.03px;left:2213.05px;white-space:nowrap">Payment</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8182.03px;left:2070.86px;white-space:nowrap">Frequency</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7990.03px;left:3149.44px;white-space:nowrap">Counter-</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8182.03px;left:3424.75px;white-space:nowrap">party</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7990.03px;left:4057.73px;white-space:nowrap">Maturity</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8182.03px;left:4333.2px;white-space:nowrap">Date</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7990.03px;left:5192.08px;white-space:nowrap">Notional</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8182.03px;left:5165.44px;white-space:nowrap">Amount</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8182.03px;left:5769.73px;white-space:nowrap">*</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8182.03px;left:7141.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7606.03px;left:7815.02px;white-space:nowrap">Unamortized</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7798.03px;left:8206.42px;white-space:nowrap">Upfront</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7990.03px;left:8028.06px;white-space:nowrap">Payments</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8182.03px;left:8010.48px;white-space:nowrap">(Receipts)</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7798.03px;left:9270.86px;white-space:nowrap">Unrealized</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7990.03px;left:9102.11px;white-space:nowrap">Appreciation</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8182.03px;left:9004.3px;white-space:nowrap">(Depreciation)</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:8428.31px;left:5832px;white-space:nowrap">aa </div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:8428.31px;left:7548.88px;white-space:nowrap">aa </div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:8428.31px;left:8772.88px;white-space:nowrap">aa </div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:8428.31px;left:10068.88px;white-space:nowrap">aa </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8512.36px;left:0px;white-space:nowrap">Centrally </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8512.36px;left:729.14px;white-space:nowrap">Cleared </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8512.36px;left:1360.55px;white-space:nowrap">Swap </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8512.36px;left:1822.89px;white-space:nowrap">Contracts</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8772.84px;left:0px;white-space:nowrap">Receive </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8772.84px;left:622.5px;white-space:nowrap">Floating </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8772.84px;left:1236.17px;white-space:nowrap">1-day </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8964.84px;left:144px;white-space:nowrap">SOFR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8964.84px;left:653.89px;letter-spacing:52.98px;white-space:nowrap">............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8964.84px;left:2381.8px;white-space:nowrap">Annual</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9193.33px;left:144px;white-space:nowrap">Pay </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9193.33px;left:464.16px;white-space:nowrap">Fixed </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9193.33px;left:899.86px;white-space:nowrap">1.762%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9193.33px;left:1451.78px;letter-spacing:79.3px;white-space:nowrap">...</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9193.33px;left:2381.8px;white-space:nowrap">Annual</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9193.33px;left:4146.17px;white-space:nowrap">3/15/27</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9193.33px;left:5120.2px;white-space:nowrap">8,400,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9193.33px;left:6892.66px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9193.33px;left:6981.64px;white-space:nowrap">687,881</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9193.33px;left:8535.02px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9193.33px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9193.33px;left:9412.66px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9193.33px;left:9501.64px;white-space:nowrap">687,881</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9421.81px;left:0px;white-space:nowrap">Receive </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9421.81px;left:622.5px;white-space:nowrap">Floating </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9421.81px;left:1236.17px;white-space:nowrap">1-day </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9613.81px;left:144px;white-space:nowrap">SOFR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9613.81px;left:653.89px;letter-spacing:52.98px;white-space:nowrap">............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9613.81px;left:2381.8px;white-space:nowrap">Annual</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9842.29px;left:144px;white-space:nowrap">Pay </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9842.29px;left:464.16px;white-space:nowrap">Fixed </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9842.29px;left:899.86px;letter-spacing:-1.98px;white-space:nowrap">1.811%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9842.29px;left:1451.78px;letter-spacing:79.3px;white-space:nowrap">...</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9842.29px;left:2381.8px;white-space:nowrap">Annual</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9842.29px;left:4146.17px;white-space:nowrap">3/15/32</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9842.29px;left:5120.2px;white-space:nowrap">4,300,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9842.29px;left:6981.64px;white-space:nowrap">592,777</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9842.29px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9842.29px;left:9501.64px;white-space:nowrap">592,777</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10070.78px;left:0px;white-space:nowrap">Receive </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10070.78px;left:622.5px;white-space:nowrap">Floating </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10070.78px;left:1236.17px;white-space:nowrap">1-day </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10262.78px;left:144px;white-space:nowrap">SOFR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10262.78px;left:653.89px;letter-spacing:52.98px;white-space:nowrap">............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10262.78px;left:2381.8px;white-space:nowrap">Annual</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10491.26px;left:144px;white-space:nowrap">Pay </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10491.26px;left:464.16px;white-space:nowrap">Fixed </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10491.26px;left:899.86px;white-space:nowrap">2.176%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10491.26px;left:1451.78px;letter-spacing:79.3px;white-space:nowrap">...</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10491.26px;left:2381.8px;white-space:nowrap">Annual</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10491.26px;left:4146.17px;white-space:nowrap">3/28/32</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10491.26px;left:5120.2px;white-space:nowrap">1,840,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10491.26px;left:6981.64px;white-space:nowrap">198,398</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10491.26px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10491.26px;left:9501.64px;white-space:nowrap">198,398</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10719.75px;left:0px;white-space:nowrap">Receive </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10719.75px;left:622.5px;white-space:nowrap">Floating </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10719.75px;left:1236.17px;white-space:nowrap">1-day </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10911.75px;left:144px;white-space:nowrap">SOFR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10911.75px;left:653.89px;letter-spacing:52.98px;white-space:nowrap">............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10911.75px;left:2381.8px;white-space:nowrap">Annual</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11140.23px;left:144px;white-space:nowrap">Pay </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11140.23px;left:464.16px;white-space:nowrap">Fixed </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11140.23px;left:899.86px;white-space:nowrap">2.257%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11140.23px;left:1451.78px;letter-spacing:79.3px;white-space:nowrap">...</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11140.23px;left:2381.8px;white-space:nowrap">Annual</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11140.23px;left:4146.17px;white-space:nowrap">3/30/32</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11140.23px;left:5120.2px;white-space:nowrap">1,840,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11140.23px;left:6981.64px;white-space:nowrap">185,508</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11140.23px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11140.23px;left:9501.64px;white-space:nowrap">185,508</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11368.72px;left:0px;white-space:nowrap">Receive </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11368.72px;left:622.5px;white-space:nowrap">Floating </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11368.72px;left:1236.17px;white-space:nowrap">1-day </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11560.72px;left:144px;white-space:nowrap">SOFR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11560.72px;left:653.89px;letter-spacing:52.98px;white-space:nowrap">............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11560.72px;left:2381.8px;white-space:nowrap">Annual</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11789.2px;left:144px;white-space:nowrap">Pay </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11789.2px;left:464.16px;white-space:nowrap">Fixed </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11789.2px;left:899.86px;white-space:nowrap">2.253%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11789.2px;left:1451.78px;letter-spacing:79.3px;white-space:nowrap">...</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11789.2px;left:2381.8px;white-space:nowrap">Annual</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11789.2px;left:4146.17px;white-space:nowrap">3/31/32</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11789.2px;left:5120.2px;white-space:nowrap">1,850,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11789.2px;left:6981.64px;white-space:nowrap">192,519</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11789.2px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11789.2px;left:9501.64px;white-space:nowrap">192,519</div></div>
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			<div style="width:9164.39px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

				<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(911.718px,64.999px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

				<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4138.67px;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:4656.56px;white-space:nowrap">statements.</div></div>
		</div>
		<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">
			<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) 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;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">
			<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
		</div>
		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:614.90px;left:0px;position:absolute;top:0px;transform:translate(36.000px,116.899px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">


































































































































			<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:48.27px;left:0px;white-space:nowrap">Interest </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:48.27px;left:778.03px;white-space:nowrap">Rate </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:48.27px;left:1267.09px;white-space:nowrap">Swap </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:48.27px;left:1845.02px;white-space:nowrap">Contracts </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:82.14px;left:2834.08px;white-space:nowrap">(continued)</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1129.67px;left:0px;white-space:nowrap">Description</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:937.67px;left:2213.05px;white-space:nowrap">Payment</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1129.67px;left:2070.86px;white-space:nowrap">Frequency</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:937.67px;left:3149.44px;white-space:nowrap">Counter-</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1129.67px;left:3424.75px;white-space:nowrap">party</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:937.67px;left:4057.73px;white-space:nowrap">Maturity</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1129.67px;left:4333.2px;white-space:nowrap">Date</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:937.67px;left:5192.08px;white-space:nowrap">Notional</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1129.67px;left:5165.44px;white-space:nowrap">Amount*</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1129.67px;left:7141.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:553.67px;left:7815.02px;white-space:nowrap">Unamortized</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:745.67px;left:8206.42px;white-space:nowrap">Upfront</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:937.67px;left:8028.06px;white-space:nowrap">Payments</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1129.67px;left:8010.48px;white-space:nowrap">(Receipts)</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:745.67px;left:9270.86px;white-space:nowrap">Unrealized</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:937.67px;left:9102.11px;white-space:nowrap">Appreciation</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1129.67px;left:9004.3px;white-space:nowrap">(Depreciation)</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1375.95px;left:5832px;white-space:nowrap">aa </div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:1375.95px;left:7548.88px;white-space:nowrap">aa </div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:1375.95px;left:8772.88px;white-space:nowrap">aa </div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:1375.95px;left:10068.88px;white-space:nowrap">aa </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1459.99px;left:0px;white-space:nowrap">Centrally </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1459.99px;left:729.14px;white-space:nowrap">Cleared </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1459.99px;left:1360.55px;white-space:nowrap">Swap </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1459.99px;left:1822.89px;white-space:nowrap">Contracts </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1459.99px;left:2614.14px;white-space:nowrap">(continued)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1720.48px;left:0px;white-space:nowrap">Receive </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1720.48px;left:622.5px;white-space:nowrap">Floating </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1720.48px;left:1236.17px;white-space:nowrap">1-day </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1912.48px;left:144px;white-space:nowrap">SOFR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1912.48px;left:653.89px;letter-spacing:52.98px;white-space:nowrap">............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1912.48px;left:2381.8px;white-space:nowrap">Annual</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2140.96px;left:144px;white-space:nowrap">Pay </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2140.96px;left:464.16px;white-space:nowrap">Fixed </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2140.96px;left:899.86px;white-space:nowrap">2.418%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2140.96px;left:1451.78px;letter-spacing:79.3px;white-space:nowrap">...</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2140.96px;left:2381.8px;white-space:nowrap">Annual</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2140.96px;left:4158.05px;letter-spacing:-1.7px;white-space:nowrap">4/11/32</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2140.96px;left:5120.2px;white-space:nowrap">2,560,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2140.96px;left:6892.66px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2140.96px;left:6981.64px;white-space:nowrap">225,667</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2140.96px;left:8535.02px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2140.96px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2140.96px;left:9412.66px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2140.96px;left:9501.64px;white-space:nowrap">225,667</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2369.44px;left:0px;white-space:nowrap">Receive </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2369.44px;left:622.5px;white-space:nowrap">Floating </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2369.44px;left:1236.17px;white-space:nowrap">1-day </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2561.44px;left:144px;white-space:nowrap">SOFR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2561.44px;left:653.89px;letter-spacing:52.98px;white-space:nowrap">............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2561.44px;left:2381.8px;white-space:nowrap">Annual</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2789.93px;left:144px;white-space:nowrap">Pay </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2789.93px;left:464.16px;white-space:nowrap">Fixed </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2789.93px;left:899.86px;white-space:nowrap">2.463%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2789.93px;left:1451.78px;letter-spacing:79.3px;white-space:nowrap">...</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2789.93px;left:2381.8px;white-space:nowrap">Annual</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2789.93px;left:4146.17px;white-space:nowrap">4/18/32</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2789.93px;left:5253.64px;white-space:nowrap">940,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2789.93px;left:7070.63px;white-space:nowrap">79,730</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2789.93px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2789.93px;left:9590.63px;white-space:nowrap">79,730</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3018.41px;left:0px;white-space:nowrap">Receive </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3018.41px;left:622.5px;white-space:nowrap">Floating </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3018.41px;left:1236.17px;white-space:nowrap">1-day </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3210.41px;left:144px;white-space:nowrap">SOFR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3210.41px;left:653.89px;letter-spacing:52.98px;white-space:nowrap">............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3210.41px;left:2381.8px;white-space:nowrap">Annual</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3438.9px;left:144px;white-space:nowrap">Pay </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3438.9px;left:464.16px;white-space:nowrap">Fixed </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3438.9px;left:899.86px;white-space:nowrap">2.541%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3438.9px;left:1451.78px;letter-spacing:79.3px;white-space:nowrap">...</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3438.9px;left:2381.8px;white-space:nowrap">Annual</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3438.9px;left:4146.17px;white-space:nowrap">4/19/32</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3438.9px;left:5253.64px;white-space:nowrap">520,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3438.9px;left:7070.63px;white-space:nowrap">40,668</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3438.9px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3438.9px;left:9590.63px;white-space:nowrap">40,668</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3667.38px;left:0px;white-space:nowrap">Receive </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3667.38px;left:622.5px;white-space:nowrap">Floating </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3667.38px;left:1236.17px;white-space:nowrap">1-day </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3859.38px;left:144px;white-space:nowrap">SOFR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3859.38px;left:653.89px;letter-spacing:52.98px;white-space:nowrap">............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3859.38px;left:2381.8px;white-space:nowrap">Annual</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4087.87px;left:144px;white-space:nowrap">Pay </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4087.87px;left:464.16px;white-space:nowrap">Fixed </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4087.87px;left:899.86px;white-space:nowrap">2.549%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4087.87px;left:1451.78px;letter-spacing:79.3px;white-space:nowrap">...</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4087.87px;left:2381.8px;white-space:nowrap">Annual</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4087.87px;left:4146.17px;white-space:nowrap">4/19/32</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4087.87px;left:5120.2px;white-space:nowrap">1,250,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4087.87px;left:7070.63px;white-space:nowrap">96,907</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4087.87px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4087.87px;left:9590.63px;white-space:nowrap">96,907</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4316.35px;left:0px;white-space:nowrap">Receive </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4316.35px;left:622.5px;white-space:nowrap">Floating </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4316.35px;left:1236.17px;white-space:nowrap">1-day </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4508.35px;left:144px;white-space:nowrap">SOFR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4508.35px;left:653.89px;letter-spacing:52.98px;white-space:nowrap">............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4508.35px;left:2381.8px;white-space:nowrap">Annual</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4736.83px;left:144px;white-space:nowrap">Pay </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4736.83px;left:464.16px;white-space:nowrap">Fixed </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4736.83px;left:899.86px;white-space:nowrap">2.67%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4736.83px;left:1358.37px;letter-spacing:71.71px;white-space:nowrap">....</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4736.83px;left:2381.8px;white-space:nowrap">Annual</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4736.83px;left:4146.17px;white-space:nowrap">4/21/32</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4736.83px;left:5120.2px;white-space:nowrap">1,240,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4736.83px;left:7070.63px;white-space:nowrap">83,517</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4736.83px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4736.83px;left:9590.63px;white-space:nowrap">83,517</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4965.32px;left:0px;white-space:nowrap">Receive </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4965.32px;left:622.5px;white-space:nowrap">Floating </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4965.32px;left:1236.17px;white-space:nowrap">1-day </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5157.32px;left:144px;white-space:nowrap">SOFR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5157.32px;left:653.89px;letter-spacing:52.98px;white-space:nowrap">............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5157.32px;left:2381.8px;white-space:nowrap">Annual</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5385.8px;left:144px;white-space:nowrap">Pay </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5385.8px;left:464.16px;white-space:nowrap">Fixed </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5385.8px;left:899.86px;white-space:nowrap">2.645%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5385.8px;left:1451.78px;letter-spacing:79.3px;white-space:nowrap">...</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5385.8px;left:2381.8px;white-space:nowrap">Annual</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5385.8px;left:4146.17px;white-space:nowrap">5/16/32</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5385.8px;left:5253.64px;white-space:nowrap">350,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5385.8px;left:7070.63px;white-space:nowrap">25,041</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5385.8px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5385.8px;left:9590.63px;white-space:nowrap">25,041</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5614.29px;left:0px;white-space:nowrap">Receive </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5614.29px;left:622.5px;white-space:nowrap">Floating </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5614.29px;left:1236.17px;white-space:nowrap">1-day </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5806.29px;left:144px;white-space:nowrap">SOFR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5806.29px;left:653.89px;letter-spacing:52.98px;white-space:nowrap">............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5806.29px;left:2381.8px;white-space:nowrap">Annual</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.77px;left:144px;white-space:nowrap">Pay </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.77px;left:464.16px;white-space:nowrap">Fixed </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.77px;left:899.86px;white-space:nowrap">2.741%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.77px;left:1451.78px;letter-spacing:79.3px;white-space:nowrap">...</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.77px;left:2381.8px;white-space:nowrap">Annual</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.77px;left:4146.17px;white-space:nowrap">5/19/32</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.77px;left:5120.2px;white-space:nowrap">1,175,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.77px;left:7070.63px;white-space:nowrap">74,541</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.77px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.77px;left:9590.63px;white-space:nowrap">74,541</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6263.26px;left:0px;white-space:nowrap">Receive </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6263.26px;left:622.5px;white-space:nowrap">Floating </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6263.26px;left:1236.17px;white-space:nowrap">1-day </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6455.26px;left:144px;white-space:nowrap">SOFR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6455.26px;left:653.89px;letter-spacing:52.98px;white-space:nowrap">............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6455.26px;left:2381.8px;white-space:nowrap">Annual</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6683.74px;left:144px;white-space:nowrap">Pay </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6683.74px;left:464.16px;white-space:nowrap">Fixed </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6683.74px;left:899.86px;white-space:nowrap">2.662%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6683.74px;left:1451.78px;letter-spacing:79.3px;white-space:nowrap">...</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6683.74px;left:2381.8px;white-space:nowrap">Annual</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6683.74px;left:4146.17px;white-space:nowrap">6/02/32</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6683.74px;left:5120.2px;white-space:nowrap">1,536,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6683.74px;left:6993.52px;letter-spacing:-1.7px;white-space:nowrap">114,145</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6683.74px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6683.74px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">114,145</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6912.23px;left:0px;white-space:nowrap">Receive </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6912.23px;left:622.5px;white-space:nowrap">Floating </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6912.23px;left:1236.17px;white-space:nowrap">1-day </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7104.23px;left:144px;white-space:nowrap">SOFR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7104.23px;left:653.89px;letter-spacing:52.98px;white-space:nowrap">............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7104.23px;left:2381.8px;white-space:nowrap">Annual</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7332.71px;left:144px;white-space:nowrap">Pay </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7332.71px;left:464.16px;white-space:nowrap">Fixed </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7332.71px;left:899.86px;white-space:nowrap">2.989%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7332.71px;left:1451.78px;letter-spacing:79.3px;white-space:nowrap">...</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7332.71px;left:2381.8px;white-space:nowrap">Annual</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7332.71px;left:4146.17px;white-space:nowrap">6/30/32</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7332.71px;left:5120.2px;white-space:nowrap">1,190,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7332.71px;left:7070.63px;white-space:nowrap">58,058</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7332.71px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7332.71px;left:9590.63px;white-space:nowrap">58,058</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7561.19px;left:0px;white-space:nowrap">Receive </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7561.19px;left:622.5px;white-space:nowrap">Floating </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7561.19px;left:1236.17px;white-space:nowrap">1-day </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7753.19px;left:144px;white-space:nowrap">SOFR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7753.19px;left:653.89px;letter-spacing:52.98px;white-space:nowrap">............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7753.19px;left:2381.8px;white-space:nowrap">Annual</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7981.68px;left:144px;white-space:nowrap">Pay </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7981.68px;left:464.16px;white-space:nowrap">Fixed </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7981.68px;left:899.86px;white-space:nowrap">2.612%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7981.68px;left:1451.78px;letter-spacing:79.3px;white-space:nowrap">...</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7981.68px;left:2381.8px;white-space:nowrap">Annual</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7981.68px;left:4146.17px;white-space:nowrap">7/07/32</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7981.68px;left:5120.2px;white-space:nowrap">1,197,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7981.68px;left:7070.63px;white-space:nowrap">92,756</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7981.68px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7981.68px;left:9590.63px;white-space:nowrap">92,756</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8210.16px;left:720px;letter-spacing:-2.96px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8210.16px;left:1102.42px;white-space:nowrap">Interest </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8210.16px;left:1680.47px;white-space:nowrap">Rate </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8210.16px;left:2062.89px;white-space:nowrap">Swap </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8210.16px;left:2507.58px;white-space:nowrap">Contracts</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8210.16px;left:3234.39px;letter-spacing:51.7px;white-space:nowrap">...............................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8210.16px;left:6771.09px;letter-spacing:-1.19px;white-space:nowrap">$2,748,113</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8210.16px;left:8535.02px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8210.16px;left:8624px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8210.16px;left:9291.09px;letter-spacing:-1.19px;white-space:nowrap">$2,748,113</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:8545.01px;left:0px;white-space:nowrap">*</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8540.79px;left:79.75px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8540.79px;left:225.69px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8540.79px;left:517.33px;white-space:nowrap">dollars </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8540.79px;left:940.3px;white-space:nowrap">unless </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8540.79px;left:1356.08px;white-space:nowrap">otherwise </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8540.79px;left:1954.05px;white-space:nowrap">indicated.</div></div>
		</div>
		<div style="height:26.78px;left:0px;position:absolute;top:0px;transform:translate(36.000px,698.944px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:381.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-6.85px;left:0px;white-space:nowrap">See </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-6.85px;left:269.92px;white-space:nowrap">Note&#160;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-6.85px;left:583.52px;white-space:nowrap">10</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-6.85px;left:729.45px;white-space:nowrap">&#160;regarding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-6.85px;left:1356.72px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-6.85px;left:1692.27px;white-space:nowrap">derivative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-6.85px;left:2290.31px;white-space:nowrap">information.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:243.15px;left:0px;white-space:nowrap">See </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:243.15px;left:262.73px;white-space:nowrap">Abbreviations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:243.15px;left:1094.22px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:243.15px;left:1276.64px;white-space:nowrap">page </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:243.15px;left:1605px;white-space:nowrap">29</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:243.15px;left:1750.94px;white-space:nowrap">.</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:26.46px;left:0px;position:absolute;top:0px;transform:translate(54.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:432px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) 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:7437.56px;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:8393.66px;letter-spacing:9.6px;white-space:nowrap">Global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:9034.53px;letter-spacing:10.29px;white-space:nowrap">Income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:9679.78px;letter-spacing:9px;white-space:nowrap">Fund</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:41.15px;left:0px;position:absolute;top:0px;transform:translate(54.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) 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">Statement </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1257.34px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1532.07px;white-space:nowrap">Assets </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2384.56px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2890.6px;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">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:880.31px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:1180.55px;white-space:nowrap">2022</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:3857.28px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:7001.26px;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:7519.15px;white-space:nowrap">statements.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual </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, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">15</div></div>
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			<div style="font-family:Arial, sans-serif;font-size:150px;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:150px;font-weight:bold;position:absolute;top:245.02px;left:8977.58px;white-space:nowrap">Global </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:245.02px;left:9519.84px;white-space:nowrap">Income </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:437.02px;left:9689.06px;white-space:nowrap">Fund</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:1600.11px;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">$486,216,620</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:2471.59px;white-space:nowrap">(Note </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:2907.3px;white-space:nowrap">3</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:2996.28px;white-space:nowrap">c</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:3076.28px;white-space:nowrap">)</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">16,157,932</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:1668.47px;white-space:nowrap">issuers </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.35px;left:2241.91px;letter-spacing:49.56px;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">$444,960,740</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:2539.95px;white-space:nowrap">(Note </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.83px;left:2975.66px;white-space:nowrap">3</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.83px;left:3064.64px;white-space:nowrap">c</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.83px;left:3144.64px;white-space:nowrap">)</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">16,157,932</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:9590.63px;white-space:nowrap">14,403</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2245.8px;left:144px;white-space:nowrap">Restricted </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2245.8px;left:908.69px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2245.8px;left:1291.11px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2245.8px;left:1522.28px;white-space:nowrap">OTC </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2245.8px;left:1904.47px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2245.8px;left:2633.69px;white-space:nowrap">contracts </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2245.8px;left:3327.28px;white-space:nowrap">(Note </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2245.8px;left:3762.98px;white-space:nowrap">1</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2245.8px;left:3851.97px;white-space:nowrap">e</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2245.8px;left:3940.95px;white-space:nowrap">)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2245.8px;left:4016.76px;letter-spacing:49.81px;white-space:nowrap">...............................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2245.8px;left:9368.2px;white-space:nowrap">2,910,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2448.29px;left:144px;white-space:nowrap">Foreign </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2448.29px;left:730.95px;letter-spacing:-1.19px;white-space:nowrap">currency, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2448.29px;left:1421.5px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2448.29px;left:1599.39px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2448.29px;left:2026.34px;white-space:nowrap">(cost </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2448.29px;left:2417.52px;white-space:nowrap">$108,834)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2448.29px;left:3176.05px;letter-spacing:49.67px;white-space:nowrap">........................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2448.29px;left:9590.63px;white-space:nowrap">85,204</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2650.77px;left:144px;white-space:nowrap">Receivables:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2853.26px;left:288px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2853.26px;left:1115.03px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2853.26px;left:1835.27px;white-space:nowrap">sold</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2853.26px;left:2148.5px;letter-spacing:49.55px;white-space:nowrap">...................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2853.26px;left:9679.61px;white-space:nowrap">4,639</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3055.74px;left:288px;white-space:nowrap">Dividends </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3055.74px;left:1035.03px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3055.74px;left:1346.44px;white-space:nowrap">interest</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3055.74px;left:1961.68px;letter-spacing:49.54px;white-space:nowrap">.....................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3055.74px;left:9368.2px;white-space:nowrap">7,586,510</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3258.22px;left:288px;white-space:nowrap">Deposits </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3258.22px;left:954.95px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3258.22px;left:1283.94px;white-space:nowrap">brokers </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3258.22px;left:1861.91px;white-space:nowrap">for:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3460.71px;left:432px;white-space:nowrap">OTC </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3460.71px;left:814.19px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3460.71px;left:1543.41px;white-space:nowrap">contracts</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3460.71px;left:2241.91px;letter-spacing:49.56px;white-space:nowrap">..................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3460.71px;left:9368.2px;white-space:nowrap">4,182,467</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3663.19px;left:432px;white-space:nowrap">Centrally </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3663.19px;left:1107.78px;white-space:nowrap">cleared </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3663.19px;left:1677px;white-space:nowrap">swap </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3663.19px;left:2094.97px;white-space:nowrap">contracts</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3663.19px;left:2802.39px;letter-spacing:49.62px;white-space:nowrap">............................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3663.19px;left:9368.2px;white-space:nowrap">1,139,044</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3865.68px;left:288px;letter-spacing:-1.19px;white-space:nowrap">Variation </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3865.68px;left:952.06px;white-space:nowrap">margin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3865.68px;left:1485.58px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3865.68px;left:1708px;white-space:nowrap">centrally </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3865.68px;left:2348.23px;white-space:nowrap">cleared </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3865.68px;left:2917.45px;white-space:nowrap">swap </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3865.68px;left:3335.42px;white-space:nowrap">contracts</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3865.68px;left:4016.76px;letter-spacing:49.81px;white-space:nowrap">...............................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3865.68px;left:9501.64px;white-space:nowrap">103,013</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4068.16px;left:144px;white-space:nowrap">Unrealized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4068.16px;left:953.3px;white-space:nowrap">appreciation </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4068.16px;left:1869.47px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4068.16px;left:2091.89px;white-space:nowrap">OTC </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4068.16px;left:2474.08px;white-space:nowrap">forward </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4068.16px;left:3052.05px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4068.16px;left:3790.41px;white-space:nowrap">contracts</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4068.16px;left:4483.83px;letter-spacing:49.91px;white-space:nowrap">..........................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4068.16px;left:9279.22px;white-space:nowrap">16,379,733</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4299.65px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4299.65px;left:958.42px;white-space:nowrap">assets</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4299.65px;left:1494.61px;letter-spacing:49.5px;white-space:nowrap">..........................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4299.65px;left:9190.23px;white-space:nowrap">493,523,685</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4531.13px;left:0px;white-space:nowrap">Liabilities:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4733.62px;left:144px;white-space:nowrap">Payables:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4936.1px;left:288px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4936.1px;left:1115.03px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4936.1px;left:1835.27px;white-space:nowrap">purchased</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4936.1px;left:2615.57px;letter-spacing:49.6px;white-space:nowrap">..............................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4936.1px;left:9368.2px;white-space:nowrap">2,204,522</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5138.58px;left:288px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5138.58px;left:1266.36px;white-space:nowrap">fees</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5138.58px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5138.58px;left:9501.64px;white-space:nowrap">217,274</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5341.07px;left:288px;letter-spacing:-0.59px;white-space:nowrap">Trustees&#39; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5341.07px;left:979.48px;white-space:nowrap">fees </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5341.07px;left:1326.36px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5341.07px;left:1637.77px;white-space:nowrap">expenses</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5341.07px;left:2335.33px;letter-spacing:49.57px;white-space:nowrap">.................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5341.07px;left:9679.61px;white-space:nowrap">8,720</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5543.55px;left:288px;white-space:nowrap">Deposits </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5543.55px;left:954.95px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5543.55px;left:1319.41px;white-space:nowrap">brokers </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5543.55px;left:1897.38px;white-space:nowrap">for:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5746.04px;left:432px;white-space:nowrap">OTC </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5746.04px;left:814.19px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5746.04px;left:1543.41px;white-space:nowrap">contracts</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5746.04px;left:2241.91px;letter-spacing:49.56px;white-space:nowrap">..................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5746.04px;left:9368.2px;white-space:nowrap">2,910,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.52px;left:144px;white-space:nowrap">Unrealized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.52px;left:953.3px;white-space:nowrap">depreciation </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.52px;left:1869.47px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.52px;left:2091.89px;white-space:nowrap">OTC </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.52px;left:2474.08px;white-space:nowrap">forward </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.52px;left:3052.05px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.52px;left:3790.41px;white-space:nowrap">contracts</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.52px;left:4483.83px;letter-spacing:49.91px;white-space:nowrap">..........................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.52px;left:9368.2px;white-space:nowrap">7,379,136</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6151.01px;left:144px;white-space:nowrap">Accrued </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6151.01px;left:775.41px;white-space:nowrap">expenses </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6151.01px;left:1504.78px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6151.01px;left:1816.19px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6151.01px;left:2225.33px;white-space:nowrap">liabilities</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6151.01px;left:2895.81px;letter-spacing:49.64px;white-space:nowrap">...........................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6151.01px;left:9501.64px;white-space:nowrap">608,560</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6382.49px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6382.49px;left:958.42px;white-space:nowrap">liabilities</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6382.49px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6382.49px;left:9279.22px;white-space:nowrap">13,328,212</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6642.97px;left:864px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6642.97px;left:1157.44px;white-space:nowrap">assets, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6642.97px;left:1708.77px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6642.97px;left:1886.66px;white-space:nowrap">value</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6642.97px;left:2335.33px;letter-spacing:49.57px;white-space:nowrap">.................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6642.97px;left:9101.25px;white-space:nowrap">$480,195,473</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7048.92px;left:0px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7048.92px;left:293.44px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7048.92px;left:800.31px;white-space:nowrap">consist </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7048.92px;left:1342.73px;white-space:nowrap">of:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7280.4px;left:144px;white-space:nowrap">Paid-in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7280.4px;left:686.5px;white-space:nowrap">capital</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7280.4px;left:1214.37px;letter-spacing:49.48px;white-space:nowrap">.............................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7280.4px;left:9101.25px;white-space:nowrap">$602,032,387</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7482.88px;left:144px;letter-spacing:-2.96px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7482.88px;left:526.42px;white-space:nowrap">distributable </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7482.88px;left:1433.61px;white-space:nowrap">earnings </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7482.88px;left:2091.81px;white-space:nowrap">(losses)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7482.88px;left:2708.98px;letter-spacing:49.61px;white-space:nowrap">.............................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7482.88px;left:9083.67px;white-space:nowrap">(121,836,914)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7714.37px;left:864px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7714.37px;left:1157.44px;white-space:nowrap">assets, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7714.37px;left:1708.77px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7714.37px;left:1886.66px;white-space:nowrap">value</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7714.37px;left:2335.33px;letter-spacing:49.57px;white-space:nowrap">.................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7714.37px;left:9101.25px;white-space:nowrap">$480,195,473</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7974.85px;left:144px;white-space:nowrap">Shares </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7974.85px;left:695.41px;white-space:nowrap">outstanding</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7974.85px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7974.85px;left:9190.23px;white-space:nowrap">102,746,371</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8235.34px;left:144px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8235.34px;left:437.44px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8235.34px;left:864.31px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8235.34px;left:1291.27px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8235.34px;left:1566.97px;white-space:nowrap">share</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8235.34px;left:2055.09px;letter-spacing:49.55px;white-space:nowrap">....................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8235.34px;left:9679.61px;white-space:nowrap">$4.67</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:25.92px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:421.09px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) 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:9.6px;white-space:nowrap">Global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:1596.97px;letter-spacing:10.29px;white-space:nowrap">Income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:2242.22px;letter-spacing:9px;white-space:nowrap">Fund</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.32px;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:836.88px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
		</div>
		<div style="height:40.26px;left:0px;position:absolute;top:0px;transform:translate(36.000px,76.568px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:684.27px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) 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">Statement </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1257.34px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1546.42px;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">year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:960.47px;white-space:nowrap">ended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:1511.02px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:2391.33px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:2691.56px;white-space:nowrap">2022</div></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">Annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4138.67px;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:4656.56px;white-space:nowrap">statements.</div></div>
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			<div style="font-family:Arial, sans-serif;font-size:150px;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:150px;font-weight:bold;position:absolute;top:245.02px;left:8977.58px;white-space:nowrap">Global </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:245.02px;left:9519.84px;white-space:nowrap">Income </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:437.02px;left:9689.06px;white-space:nowrap">Fund</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:1151.92px;left:288px;white-space:nowrap">Non-controlled </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:1373px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:2000.42px;white-space:nowrap">(Note </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:2436.13px;white-space:nowrap">3</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:2525.11px;white-space:nowrap">c</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:2605.11px;white-space:nowrap">)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:2708.98px;letter-spacing:49.61px;white-space:nowrap">.............................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:9412.66px;white-space:nowrap">$264,033</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:144px;white-space:nowrap">Interest: </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:766.5px;white-space:nowrap">(net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:1086.66px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:1264.55px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:1798.22px;white-space:nowrap">taxes </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:2225.09px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:2402.98px;white-space:nowrap">$480,156)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1556.89px;left:288px;text-rendering:optimizeLegibility;white-space:nowrap">Unaffiliated </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1556.89px;left:1128.94px;white-space:nowrap">issuers</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1556.89px;left:1681.44px;letter-spacing:49.51px;white-space:nowrap">........................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1556.89px;left:9279.22px;white-space:nowrap">24,051,327</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1788.38px;left:432px;letter-spacing:-2.96px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1788.38px;left:814.42px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1788.38px;left:1632.55px;white-space:nowrap">income</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1788.38px;left:2148.5px;letter-spacing:49.55px;white-space:nowrap">...................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1788.38px;left:9279.22px;white-space:nowrap">24,315,360</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2019.86px;left:0px;white-space:nowrap">Expenses:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2222.35px;left:144px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2222.35px;left:1122.36px;white-space:nowrap">fees </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2222.35px;left:1469.23px;white-space:nowrap">(Note </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2222.35px;left:1904.94px;white-space:nowrap">3a)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2222.35px;left:2148.5px;letter-spacing:49.55px;white-space:nowrap">...................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2222.35px;left:9368.2px;white-space:nowrap">3,321,887</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2424.83px;left:144px;letter-spacing:-0.66px;white-space:nowrap">Transfer </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2424.83px;left:778.22px;white-space:nowrap">agent </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2424.83px;left:1223.06px;white-space:nowrap">fees</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2424.83px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2424.83px;left:9501.64px;white-space:nowrap">781,309</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2627.32px;left:144px;white-space:nowrap">Custodian </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2627.32px;left:908.92px;white-space:nowrap">fees</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2627.32px;left:1214.37px;letter-spacing:49.48px;white-space:nowrap">.............................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2627.32px;left:9501.64px;white-space:nowrap">164,742</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2829.8px;left:144px;white-space:nowrap">Registration </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2829.8px;left:1042.2px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2829.8px;left:1353.61px;text-rendering:optimizeLegibility;white-space:nowrap">filing </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2829.8px;left:1727.13px;white-space:nowrap">fees</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2829.8px;left:2055.09px;letter-spacing:49.55px;white-space:nowrap">....................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2829.8px;left:9501.64px;white-space:nowrap">131,224</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.28px;left:144px;white-space:nowrap">Professional </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.28px;left:1068.92px;white-space:nowrap">fees</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.28px;left:1401.2px;letter-spacing:49.49px;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">1,034,679</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3234.77px;left:144px;white-space:nowrap">Other</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3234.77px;left:560.48px;letter-spacing:49.43px;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">40,142</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.25px;left:432px;letter-spacing:-2.96px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.25px;left:814.42px;white-space:nowrap">expenses</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.25px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.25px;left:9368.2px;white-space:nowrap">5,473,983</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3639.74px;left:432px;white-space:nowrap">Expenses </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3639.74px;left:1179.11px;white-space:nowrap">waived/paid </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3639.74px;left:2068.56px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3639.74px;left:2282px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3639.74px;left:2909.42px;white-space:nowrap">(Note </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3639.74px;left:3345.13px;white-space:nowrap">3</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3639.74px;left:3434.11px;white-space:nowrap">c</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3639.74px;left:3558.56px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3639.74px;left:3869.97px;white-space:nowrap">3</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3639.74px;left:3958.95px;white-space:nowrap">d</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3639.74px;left:4047.94px;white-space:nowrap">)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3639.74px;left:4110.18px;letter-spacing:49.83px;white-space:nowrap">..............................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3639.74px;left:9395.08px;white-space:nowrap">(470,492)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3871.22px;left:576px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3871.22px;left:869.44px;white-space:nowrap">expenses</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3871.22px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3871.22px;left:9368.2px;white-space:nowrap">5,003,491</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4131.71px;left:720px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4131.71px;left:1013.44px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4131.71px;left:1831.56px;white-space:nowrap">income</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4131.71px;left:2428.74px;letter-spacing:49.58px;white-space:nowrap">................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4131.71px;left:9291.09px;letter-spacing:-1.19px;white-space:nowrap">19,311,869</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4392.19px;left:0px;white-space:nowrap">Realized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4392.19px;left:667.03px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4392.19px;left:978.44px;white-space:nowrap">unrealized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4392.19px;left:1761.17px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4392.19px;left:2188.13px;white-space:nowrap">(losses):</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4652.67px;left:144px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4652.67px;left:437.44px;white-space:nowrap">realized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4652.67px;left:1042.2px;white-space:nowrap">gain </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4652.67px;left:1389.16px;white-space:nowrap">(loss) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4652.67px;left:1824.7px;white-space:nowrap">from:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4884.16px;left:288px;white-space:nowrap">Investments: </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4884.16px;left:1239.48px;white-space:nowrap">(net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4884.16px;left:1559.64px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4884.16px;left:1737.53px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4884.16px;left:2271.2px;white-space:nowrap">taxes </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4884.16px;left:2698.08px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4884.16px;left:2875.97px;white-space:nowrap">$30,772)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5086.64px;left:432px;text-rendering:optimizeLegibility;white-space:nowrap">Unaffiliated </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5086.64px;left:1272.94px;white-space:nowrap">issuers</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5086.64px;left:1868.26px;letter-spacing:49.53px;white-space:nowrap">......................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5086.64px;left:9172.66px;white-space:nowrap">(37,816,945)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5289.13px;left:288px;white-space:nowrap">Foreign </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5289.13px;left:874.95px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5289.13px;left:1532.92px;white-space:nowrap">transactions</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5289.13px;left:2428.74px;letter-spacing:49.58px;white-space:nowrap">................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5289.13px;left:9261.64px;white-space:nowrap">(2,098,048)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5491.61px;left:288px;white-space:nowrap">Forward </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5491.61px;left:919.25px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5491.61px;left:1657.61px;white-space:nowrap">contracts</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5491.61px;left:2335.33px;letter-spacing:49.57px;white-space:nowrap">.................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5491.61px;left:9172.66px;white-space:nowrap">(12,600,160)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5723.1px;left:576px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5723.1px;left:869.44px;white-space:nowrap">realized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5723.1px;left:1474.2px;white-space:nowrap">gain </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5723.1px;left:1821.16px;white-space:nowrap">(loss)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5723.1px;left:2241.91px;letter-spacing:49.56px;white-space:nowrap">..................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5723.1px;left:9172.66px;white-space:nowrap">(52,515,153)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5954.58px;left:144px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5954.58px;left:437.44px;white-space:nowrap">change </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5954.58px;left:1006.81px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5954.58px;left:1175.8px;white-space:nowrap">unrealized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5954.58px;left:1958.53px;white-space:nowrap">appreciation </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5954.58px;left:2874.7px;white-space:nowrap">(depreciation) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5954.58px;left:3897.44px;white-space:nowrap">on:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6157.07px;left:288px;white-space:nowrap">Investments:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6359.55px;left:432px;text-rendering:optimizeLegibility;white-space:nowrap">Unaffiliated </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6359.55px;left:1272.94px;white-space:nowrap">issuers</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6359.55px;left:1868.26px;letter-spacing:49.53px;white-space:nowrap">......................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6359.55px;left:9172.66px;white-space:nowrap">(17,298,282)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6562.03px;left:288px;letter-spacing:-0.49px;white-space:nowrap">Translation </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6562.03px;left:1118px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6562.03px;left:1295.89px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6562.03px;left:1705.03px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6562.03px;left:2211.91px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6562.03px;left:2523.31px;white-space:nowrap">liabilities </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6562.03px;left:3172.45px;white-space:nowrap">denominated </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6562.03px;left:4142.06px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6562.03px;left:4311.05px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6562.03px;left:4844.72px;white-space:nowrap">currencies</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6562.03px;left:5604.79px;letter-spacing:50.29px;white-space:nowrap">..............................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6562.03px;left:9501.64px;white-space:nowrap">122,720</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6764.52px;left:288px;white-space:nowrap">Forward </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6764.52px;left:919.25px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6764.52px;left:1657.61px;white-space:nowrap">contracts</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6764.52px;left:2335.33px;letter-spacing:49.57px;white-space:nowrap">.................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6764.52px;left:9368.2px;white-space:nowrap">7,517,989</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6967px;left:288px;white-space:nowrap">Swap </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6967px;left:732.69px;white-space:nowrap">contracts</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6967px;left:1401.2px;letter-spacing:49.49px;white-space:nowrap">...........................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6967px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">2,748,113</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7169.49px;left:288px;white-space:nowrap">Change </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7169.49px;left:892.92px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7169.49px;left:1061.91px;white-space:nowrap">deferred </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7169.49px;left:1702.3px;white-space:nowrap">taxes </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7169.49px;left:2129.17px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7169.49px;left:2351.59px;white-space:nowrap">unrealized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7169.49px;left:3134.33px;white-space:nowrap">appreciation</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7169.49px;left:4016.76px;letter-spacing:49.81px;white-space:nowrap">...............................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7169.49px;left:9590.63px;white-space:nowrap">94,549</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7400.97px;left:576px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7400.97px;left:869.44px;white-space:nowrap">change </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7400.97px;left:1438.81px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7400.97px;left:1607.8px;white-space:nowrap">unrealized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7400.97px;left:2390.53px;white-space:nowrap">appreciation </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7400.97px;left:3306.7px;white-space:nowrap">(depreciation)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7400.97px;left:4297px;letter-spacing:49.87px;white-space:nowrap">............................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7400.97px;left:9273.52px;letter-spacing:-1.08px;white-space:nowrap">(6,814,911)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7661.46px;left:0px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7661.46px;left:293.44px;white-space:nowrap">realized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7661.46px;left:898.2px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7661.46px;left:1209.61px;white-space:nowrap">unrealized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7661.46px;left:1992.34px;white-space:nowrap">gain </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7661.46px;left:2339.3px;white-space:nowrap">(loss)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7661.46px;left:2802.39px;letter-spacing:49.62px;white-space:nowrap">............................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7661.46px;left:9172.66px;white-space:nowrap">(59,330,064)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7921.94px;left:0px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7921.94px;left:293.44px;white-space:nowrap">increase </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7921.94px;left:942.66px;white-space:nowrap">(decrease) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7921.94px;left:1751.88px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7921.94px;left:1920.86px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7921.94px;left:2187.73px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7921.94px;left:2694.61px;white-space:nowrap">resulting </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7921.94px;left:3343.83px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7921.94px;left:3708.28px;white-space:nowrap">operations</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7921.94px;left:4483.83px;letter-spacing:49.91px;white-space:nowrap">..........................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7921.94px;left:9083.67px;white-space:nowrap">$(40,018,195)</div></div>
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				<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(8270.481px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

				<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:7001.26px;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:7519.15px;white-space:nowrap">statements.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual </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:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">
			<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) 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">17</div></div>
		</div>
		<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(527.260px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">
			<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
		</div>
		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:614.90px;left:0px;position:absolute;top:0px;transform:translate(54.000px,116.899px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

































			<div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:53.02px;left:7162.35px;letter-spacing:-1.19px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:53.02px;left:8003.84px;white-space:nowrap">Global </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:53.02px;left:8546.1px;white-space:nowrap">Income </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:53.02px;left:9150.71px;white-space:nowrap">Fund</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:313.5px;left:7480.52px;letter-spacing:-1.77px;white-space:nowrap">Year </div><div style="font-family:Arial, sans-serif;font-size:150px;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:150px;font-weight:bold;position:absolute;top:505.5px;left:6910.98px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:505.5px;left:7729.19px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:505.5px;left:7996.06px;white-space:nowrap">2022</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:313.5px;left:9208.52px;letter-spacing:-1.77px;white-space:nowrap">Year </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:313.5px;left:9591.09px;white-space:nowrap">Ended</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:505.5px;left:8638.98px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:505.5px;left:9457.19px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:505.5px;left:9724.06px;white-space:nowrap">2021</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:815.44px;left:0px;white-space:nowrap">Increase </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:815.44px;left:658.13px;white-space:nowrap">(decrease) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:815.44px;left:1467.34px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:815.44px;left:1636.33px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:815.44px;left:1903.2px;white-space:nowrap">assets:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1017.92px;left:144px;white-space:nowrap">Operations:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1220.41px;left:288px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1220.41px;left:581.44px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1220.41px;left:1399.56px;white-space:nowrap">income</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1220.41px;left:1961.68px;letter-spacing:49.7px;white-space:nowrap">.................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1220.41px;left:7474.11px;letter-spacing:-1.08px;white-space:nowrap">$19,311,869</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1220.41px;left:9190.23px;white-space:nowrap">$27,840,597</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1422.89px;left:288px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1422.89px;left:581.44px;white-space:nowrap">realized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1422.89px;left:1186.2px;white-space:nowrap">gain </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1422.89px;left:1533.16px;white-space:nowrap">(loss)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1422.89px;left:1961.68px;letter-spacing:49.7px;white-space:nowrap">.................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1422.89px;left:7444.66px;white-space:nowrap">(52,515,153)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1422.89px;left:9083.67px;white-space:nowrap">(122,553,952)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1625.38px;left:288px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1625.38px;left:581.44px;white-space:nowrap">change </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1625.38px;left:1150.81px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1625.38px;left:1319.8px;white-space:nowrap">unrealized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1625.38px;left:2102.53px;white-space:nowrap">appreciation </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1625.38px;left:3018.7px;white-space:nowrap">(depreciation)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1625.38px;left:4016.76px;letter-spacing:50.3px;white-space:nowrap">...........................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1625.38px;left:7545.52px;letter-spacing:-1.08px;white-space:nowrap">(6,814,911)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1625.38px;left:9279.22px;white-space:nowrap">55,906,805</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1856.86px;left:576px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1856.86px;left:869.44px;white-space:nowrap">increase </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1856.86px;left:1518.66px;white-space:nowrap">(decrease) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1856.86px;left:2327.88px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1856.86px;left:2496.86px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1856.86px;left:2763.73px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1856.86px;left:3270.61px;white-space:nowrap">resulting </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1856.86px;left:3919.83px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1856.86px;left:4284.28px;white-space:nowrap">operations</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1856.86px;left:5044.31px;letter-spacing:51.22px;white-space:nowrap">................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1856.86px;left:7444.66px;white-space:nowrap">(40,018,195)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1856.86px;left:9172.66px;white-space:nowrap">(38,806,550)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2088.35px;left:144px;white-space:nowrap">Distributions </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2088.35px;left:1068.77px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2088.35px;left:1246.66px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2088.35px;left:2216.11px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2088.35px;left:2580.56px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2088.35px;left:2838.45px;white-space:nowrap">return </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2088.35px;left:3300.88px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2088.35px;left:3478.77px;white-space:nowrap">capital</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2088.35px;left:4016.76px;letter-spacing:50.3px;white-space:nowrap">...........................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2088.35px;left:7444.66px;white-space:nowrap">(40,672,363)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2088.35px;left:9172.66px;white-space:nowrap">(48,995,410)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.29px;left:144px;white-space:nowrap">Capital </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.29px;left:686.5px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.29px;left:1131.19px;white-space:nowrap">transactions </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.29px;left:2038.3px;white-space:nowrap">(Note </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.29px;left:2474px;white-space:nowrap">2)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.29px;left:2616.27px;letter-spacing:49.82px;white-space:nowrap">..........................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.29px;left:7667.08px;white-space:nowrap">(277,359)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.29px;left:9083.67px;white-space:nowrap">(170,215,462)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.23px;left:576px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.23px;left:869.44px;white-space:nowrap">increase </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.23px;left:1518.66px;white-space:nowrap">(decrease) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.23px;left:2327.88px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.23px;left:2496.86px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.23px;left:2763.73px;white-space:nowrap">assets</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.23px;left:3269.46px;letter-spacing:49.99px;white-space:nowrap">...................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.23px;left:7444.66px;white-space:nowrap">(80,967,917)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.23px;left:9083.67px;white-space:nowrap">(258,017,422)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2858.71px;left:0px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2858.71px;left:293.44px;white-space:nowrap">assets:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3061.2px;left:144px;white-space:nowrap">Beginning </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3061.2px;left:900.17px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3061.2px;left:1078.06px;white-space:nowrap">year</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3061.2px;left:1401.2px;letter-spacing:49.62px;white-space:nowrap">.......................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3061.2px;left:7462.23px;white-space:nowrap">561,163,390</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3061.2px;left:9190.23px;white-space:nowrap">819,180,812</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3292.68px;left:144px;white-space:nowrap">End </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3292.68px;left:473.14px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3292.68px;left:651.03px;white-space:nowrap">year</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3292.68px;left:1027.54px;letter-spacing:49.57px;white-space:nowrap">...........................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3292.68px;left:7373.25px;white-space:nowrap">$480,195,473</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3292.68px;left:9101.25px;white-space:nowrap">$561,163,390</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:25.92px;left:0px;position:absolute;top:0px;transform:translate(35.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:421.09px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) 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:9.6px;white-space:nowrap">Global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:1596.97px;letter-spacing:10.29px;white-space:nowrap">Income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:2242.22px;letter-spacing:9px;white-space:nowrap">Fund</div></div>
		</div>
		<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(36.000px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) 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">Notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:853.24px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:1181.6px;white-space:nowrap">Financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:2445.12px;white-space:nowrap">Statements</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: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">Global </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1450.81px;white-space:nowrap">Income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2091.09px;white-space:nowrap">Fund&#160;(Fund) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3131.54px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3311.54px;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:594px;left:4262.43px;white-space:nowrap">closed-</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:0px;white-space:nowrap">end </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:350.33px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:1450.99px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:2371.38px;letter-spacing:-1.48px;white-space:nowrap">company. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:3185.16px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:3545.33px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:4005.62px;white-space:nowrap">follows </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:4605.82px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:0px;white-space:nowrap">accounting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:920.65px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:1270.99px;white-space:nowrap">reporting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:2031.42px;white-space:nowrap">guidance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:2812.06px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:3002.17px;white-space:nowrap">Financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:3762.6px;white-space:nowrap">Accounting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344px;left:0px;white-space:nowrap">Standards </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344px;left:870.56px;white-space:nowrap">Boards </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344px;left:1490.89px;letter-spacing:-1.42px;white-space:nowrap">(FASB) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344px;left:2111.04px;white-space:nowrap">Accounting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344px;left:3051.65px;white-space:nowrap">Standard </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344px;left:3832.21px;text-rendering:optimizeLegibility;white-space:nowrap">Codification </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594px;left:0px;letter-spacing:-3.33px;white-space:nowrap">Topic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594px;left:470.21px;white-space:nowrap">946, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594px;left:870.56px;white-space:nowrap">Financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594px;left:1640.92px;white-space:nowrap">Services </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594px;left:2381.13px;white-space:nowrap">&#8211; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594px;left:2531.25px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594px;left:3461.66px;white-space:nowrap">Companies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594px;left:4422.13px;white-space:nowrap">(ASC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844px;left:0px;white-space:nowrap">946) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844px;left:410.27px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844px;left:760.61px;white-space:nowrap">applies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844px;left:1381.03px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844px;left:1681.26px;white-space:nowrap">specialized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844px;left:2621.78px;white-space:nowrap">accounting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844px;left:3542.43px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844px;left:3892.76px;white-space:nowrap">reporting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094px;left:0px;white-space:nowrap">guidance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094px;left:780.64px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094px;left:970.75px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094px;left:1370.83px;white-space:nowrap">Generally </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094px;left:2181.27px;white-space:nowrap">Accepted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094px;left:2971.85px;white-space:nowrap">Accounting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094px;left:3912.45px;white-space:nowrap">Principles </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344px;left:0px;white-space:nowrap">(U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344px;left:460.02px;white-space:nowrap">GAAP), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344px;left:1120.17px;white-space:nowrap">including, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344px;left:1930.69px;white-space:nowrap">but </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344px;left:2230.93px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344px;left:2531.16px;white-space:nowrap">limited </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344px;left:3101.31px;white-space:nowrap">to, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344px;left:3341.51px;white-space:nowrap">ASC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344px;left:3761.63px;white-space:nowrap">946. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2774px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2774px;left:360.18px;white-space:nowrap">following </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2774px;left:1110.59px;white-space:nowrap">summarizes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2774px;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:2774px;left:3015.62px;text-rendering:optimizeLegibility;white-space:nowrap">significant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2774px;left:3866.04px;white-space:nowrap">accounting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3024px;left:0px;white-space:nowrap">policies.</div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3527.54px;left:0px;white-space:nowrap">a. </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3527.54px;left:211.25px;white-space:nowrap">Financial </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3527.54px;left:1087.58px;white-space:nowrap">Instrument </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3527.54px;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:3858px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3858px;left:360.18px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3858px;left:944.82px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3858px;left:1955.21px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3858px;left:2145.32px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3858px;left:2855.74px;white-space:nowrap">instruments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3858px;left:3836.07px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3858px;left:4146.24px;white-space:nowrap">carried </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4108px;left:0px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4108px;left:200.13px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4108px;left:500.19px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4108px;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:4108px;left:1437.36px;white-space:nowrap">Fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4108px;left:1797.36px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4108px;left:2277.69px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4108px;left:2457.69px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4108px;left:2757.92px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4108px;left:3198.08px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4108px;left:3548.32px;white-space:nowrap">would </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4108px;left:4068.63px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:0px;white-space:nowrap">received </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:730.37px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:930.5px;white-space:nowrap">sell </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:1250.6px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:1500.82px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:1981.05px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:2191.11px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:2581.44px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:2781.56px;white-space:nowrap">transfer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:3441.8px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:3591.91px;white-space:nowrap">liability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:4182.1px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:4372.21px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4608px;left:0px;white-space:nowrap">orderly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4608px;left:600.21px;white-space:nowrap">transaction </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4608px;left:1530.7px;white-space:nowrap">between </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4608px;left:2261.25px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4608px;left:2861.37px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4608px;left:3831.86px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4608px;left:4082.08px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4858px;left:0px;white-space:nowrap">measurement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4858px;left:1150.49px;white-space:nowrap">date. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4858px;left:1597.59px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4858px;left:1957.76px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4858px;left:2418.05px;white-space:nowrap">calculates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4858px;left:3268.48px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4858px;left:3568.71px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4858px;left:3868.95px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4858px;left:4349.18px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:0px;letter-spacing:-2.23px;white-space:nowrap">(NAV) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:526.64px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:836.81px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:1337.08px;white-space:nowrap">each&#160;business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:2537.84px;white-space:nowrap">day&#160;as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:3118.18px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:3318.31px;white-space:nowrap">4 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:3468.43px;white-space:nowrap">p.m. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:3868.51px;white-space:nowrap">Eastern </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;left:0px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;left:390.06px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;left:600.12px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;left:900.35px;white-space:nowrap">regularly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;left:1640.65px;white-space:nowrap">scheduled </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;left:2511.3px;white-space:nowrap">close </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;left:2981.51px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;left:3181.64px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;left:3481.88px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;left:3888.72px;letter-spacing:-3.3px;white-space:nowrap">York </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;left:4292.31px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5608px;left:0px;white-space:nowrap">Exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5608px;left:850.61px;white-space:nowrap">(NYSE), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5608px;left:1560.67px;white-space:nowrap">whichever </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5608px;left:2421.04px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5608px;left:2601.04px;letter-spacing:-1.1px;white-space:nowrap">earlier. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5608px;left:3191.31px;white-space:nowrap">Under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5608px;left:3731.57px;white-space:nowrap">compliance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5858px;left:0px;white-space:nowrap">policies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5858px;left:650.3px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5858px;left:1000.63px;white-space:nowrap">procedures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5858px;left:1951.17px;white-space:nowrap">approved </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5858px;left:2751.77px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5858px;left:2991.88px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5858px;left:3292.12px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5858px;left:3876.77px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5858px;left:4407.1px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6108px;left:0px;letter-spacing:-0.74px;white-space:nowrap">Trustees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6108px;left:743.55px;white-space:nowrap">(the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6108px;left:1103.73px;white-space:nowrap">Board), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6108px;left:1744.01px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6108px;left:2044.25px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6108px;left:2574.58px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6108px;left:2914.8px;white-space:nowrap">designated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6108px;left:3845.57px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6108px;left:4145.8px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6358px;left:0px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6358px;left:920.39px;white-space:nowrap">manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6358px;left:1680.82px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6358px;left:1920.94px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6358px;left:2221.17px;white-space:nowrap">valuation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6358px;left:2991.71px;white-space:nowrap">designee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6358px;left:3772.35px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6358px;left:4122.69px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6608px;left:0px;white-space:nowrap">responsibility </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6608px;left:1090.46px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6608px;left:1350.53px;white-space:nowrap">oversight </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6608px;left:2130.91px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6608px;left:2331.04px;white-space:nowrap">valuation. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6608px;left:3148.33px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6608px;left:3508.51px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6858px;left:0px;white-space:nowrap">manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6858px;left:760.43px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6858px;left:940.43px;white-space:nowrap">assisted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6858px;left:1650.76px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6858px;left:1890.88px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6858px;left:2191.11px;letter-spacing:-0.23px;white-space:nowrap">Fund&#8217;s/Funds&#39; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6858px;left:3362.78px;white-space:nowrap">administrator </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6858px;left:4453.15px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7108px;left:0px;white-space:nowrap">performing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7108px;left:910.37px;white-space:nowrap">this </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7108px;left:1240.49px;letter-spacing:-0.83px;white-space:nowrap">responsibility, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7108px;left:2367.6px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7108px;left:3128.12px;white-space:nowrap">leading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7108px;left:3758.64px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7108px;left:4058.88px;white-space:nowrap">cross-</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7358px;left:0px;white-space:nowrap">functional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7358px;left:820.55px;letter-spacing:-1.34px;white-space:nowrap">Valuation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7358px;left:1607.78px;white-space:nowrap">Committee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7358px;left:2528px;white-space:nowrap">(VC). </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7358px;left:2994.7px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7358px;left:3354.87px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7358px;left:3815.16px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7358px;left:4205.21px;white-space:nowrap">utilize </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7608px;left:0px;white-space:nowrap">independent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7608px;left:1040.98px;white-space:nowrap">pricing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7608px;left:1621.23px;white-space:nowrap">services, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7608px;left:2381.4px;white-space:nowrap">quotations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7608px;left:3262.06px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7608px;left:3672.07px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7608px;left:4482.33px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7858px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7858px;left:710.42px;white-space:nowrap">instrument </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7858px;left:1600.75px;white-space:nowrap">dealers, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7858px;left:2291.13px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7858px;left:2641.46px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7858px;left:3101.75px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7858px;left:3701.87px;white-space:nowrap">sources </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7858px;left:4382.14px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8108px;left:0px;white-space:nowrap">determine </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8108px;left:850.43px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8108px;left:1150.49px;white-space:nowrap">value.&#160;</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8538px;left:0px;white-space:nowrap">Debt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8538px;left:430.22px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8538px;left:1240.49px;white-space:nowrap">generally </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8538px;left:2020.96px;white-space:nowrap">trade </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8538px;left:2481.24px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8538px;left:2671.35px;white-space:nowrap">the&#160;over-the-counter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8788px;left:0px;white-space:nowrap">(OTC) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8788px;left:549.84px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8788px;left:1149.96px;white-space:nowrap">rather </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8788px;left:1670.19px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8788px;left:2070.53px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8788px;left:2320.75px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8788px;left:2470.87px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8788px;left:3281.13px;white-space:nowrap">exchange. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8788px;left:4158.54px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9038px;left:0px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9038px;left:584.65px;white-space:nowrap">pricing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9038px;left:1164.9px;white-space:nowrap">services </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9038px;left:1875.06px;white-space:nowrap">use </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9038px;left:2215.28px;white-space:nowrap">multiple </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9038px;left:2885.54px;white-space:nowrap">valuation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9038px;left:3656.07px;white-space:nowrap">techniques </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9288px;left:0px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9288px;left:200.13px;white-space:nowrap">determine </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9288px;left:1050.56px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9288px;left:1350.62px;white-space:nowrap">value. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9288px;left:1880.95px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9288px;left:2081.07px;white-space:nowrap">instances </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9288px;left:2891.51px;white-space:nowrap">where </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9288px;left:3431.78px;text-rendering:optimizeLegibility;white-space:nowrap">sufficient </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9538px;left:0px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9538px;left:600.12px;white-space:nowrap">activity </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9538px;left:1200.23px;white-space:nowrap">exists, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9538px;left:1760.36px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9538px;left:2060.6px;white-space:nowrap">pricing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9538px;left:2640.85px;white-space:nowrap">services </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9538px;left:3351.01px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9538px;left:3741.06px;white-space:nowrap">utilize </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9538px;left:4251.27px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9788px;left:0px;white-space:nowrap">market-based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9788px;left:1150.49px;white-space:nowrap">approach </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9788px;left:1951.08px;white-space:nowrap">through </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9788px;left:2611.58px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9788px;left:3121.79px;white-space:nowrap">quotes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9788px;left:3712.24px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9788px;left:4122.25px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10038px;left:0px;white-space:nowrap">makers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10038px;left:640.11px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10038px;left:950.27px;white-space:nowrap">used </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10038px;left:1390.61px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10038px;left:1590.73px;white-space:nowrap">determine </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10038px;left:2441.16px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10038px;left:2741.22px;white-space:nowrap">value. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10038px;left:3271.55px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10038px;left:3471.68px;white-space:nowrap">instances </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10288px;left:0px;white-space:nowrap">where </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10288px;left:540.26px;text-rendering:optimizeLegibility;white-space:nowrap">sufficient </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10288px;left:1296.12px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10288px;left:1896.24px;white-space:nowrap">activity </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10288px;left:2496.36px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10288px;left:2886.42px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10288px;left:3186.65px;white-space:nowrap">exist </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10288px;left:3606.77px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10288px;left:3816.83px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10288px;left:3996.83px;white-space:nowrap">limited, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10538px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10538px;left:300.23px;white-space:nowrap">pricing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10538px;left:880.49px;white-space:nowrap">services </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10538px;left:1590.64px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10538px;left:1970.86px;white-space:nowrap">utilize </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10538px;left:2481.06px;white-space:nowrap">proprietary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10538px;left:3391.44px;white-space:nowrap">valuation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10788px;left:0px;white-space:nowrap">models </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10788px;left:630.26px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10788px;left:1140.47px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10788px;left:1530.53px;white-space:nowrap">consider </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10788px;left:2260.9px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10788px;left:2861.02px;white-space:nowrap">characteristics </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10788px;left:4061.34px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10788px;left:4491.56px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11038px;left:0px;white-space:nowrap">benchmark </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11038px;left:940.43px;white-space:nowrap">yield </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11038px;left:1360.63px;white-space:nowrap">curves, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11038px;left:1990.81px;white-space:nowrap">credit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11038px;left:2480.98px;white-space:nowrap">spreads, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11038px;left:3221.37px;white-space:nowrap">estimated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11038px;left:4051.76px;white-space:nowrap">default </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11288px;left:0px;white-space:nowrap">rates, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11288px;left:500.19px;white-space:nowrap">anticipated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11288px;left:1420.84px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11288px;left:2020.96px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11288px;left:2661.24px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11288px;left:3021.42px;letter-spacing:-1.11px;white-space:nowrap">volatility, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11288px;left:3748.27px;white-space:nowrap">coupon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11538px;left:0px;white-space:nowrap">rates, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11538px;left:500.19px;white-space:nowrap">anticipated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11538px;left:1420.84px;white-space:nowrap">timing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11538px;left:1951px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11538px;left:2151.12px;white-space:nowrap">principal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11538px;left:2871.47px;white-space:nowrap">repayments, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11538px;left:3911.92px;white-space:nowrap">underlying </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11788px;left:0px;white-space:nowrap">collateral, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11788px;left:820.37px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11788px;left:1170.7px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11788px;left:1630.99px;white-space:nowrap">unique </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11788px;left:2221.52px;white-space:nowrap">security </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11788px;left:2891.69px;white-space:nowrap">features </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11788px;left:3592.09px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11788px;left:3782.2px;white-space:nowrap">order </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11788px;left:4252.41px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5220px;white-space:nowrap">estimate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5950.28px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6250.52px;white-space:nowrap">relevant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6940.9px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7371.12px;text-rendering:optimizeLegibility;white-space:nowrap">flows, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7881.24px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8391.45px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8701.61px;white-space:nowrap">then </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9101.95px;white-space:nowrap">discounted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5220px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5420.13px;white-space:nowrap">calculate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6180.56px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6480.79px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6780.85px;white-space:nowrap">value. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7311.18px;white-space:nowrap">Securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8151.5px;white-space:nowrap">denominated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9242.31px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5220px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5370.12px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5970.5px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6710.71px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7020.88px;white-space:nowrap">converted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7861.38px;white-space:nowrap">into </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8201.6px;white-space:nowrap">their </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8601.77px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9001.85px;white-space:nowrap">dollar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5220px;white-space:nowrap">equivalent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6090.64px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6290.77px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6591.01px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7191.39px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8022.04px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8382.22px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8572.32px;text-rendering:optimizeLegibility;white-space:nowrap">effect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:9058.71px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:9258.84px;white-space:nowrap">4 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:9408.96px;white-space:nowrap">p.m. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5220px;white-space:nowrap">Eastern </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5890.34px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6280.4px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6530.63px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6830.86px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7231.2px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7581.45px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7881.68px;white-space:nowrap">values </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8452px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8652.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8952.36px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:9552.74px;white-space:nowrap">debt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:5220px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:6030.26px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:6340.43px;white-space:nowrap">determined. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:5220px;white-space:nowrap">Investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:6240.41px;white-space:nowrap">in&#160;open-end&#160;mutual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:7831.49px;white-space:nowrap">funds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:8321.84px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:8632px;white-space:nowrap">valued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:9212.43px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:9412.56px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:5220px;white-space:nowrap">closing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;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:2338.64px;left:5220px;white-space:nowrap">Certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:5850.26px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:6670.63px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:7381.05px;white-space:nowrap">instruments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:8361.39px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:8671.55px;white-space:nowrap">centrally </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:9391.82px;white-space:nowrap">cleared </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:5220px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:5430.06px;white-space:nowrap">trade </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:5890.34px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:6080.45px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:6380.68px;white-space:nowrap">OTC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:6810.64px;white-space:nowrap">market. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:7457.52px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:7817.7px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:8402.34px;white-space:nowrap">pricing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:8982.6px;white-space:nowrap">services </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:5220px;white-space:nowrap">use </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:5560.22px;white-space:nowrap">various </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:6190.49px;white-space:nowrap">techniques </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:7111.14px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:7871.66px;white-space:nowrap">industry </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:8551.93px;white-space:nowrap">standard </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:9302.43px;white-space:nowrap">option </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:5220px;white-space:nowrap">pricing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:5800.25px;white-space:nowrap">models </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:6430.52px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:6780.85px;white-space:nowrap">proprietary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:7691.22px;white-space:nowrap">discounted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:8611.88px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:9042.1px;text-rendering:optimizeLegibility;white-space:nowrap">flow </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:9412.21px;white-space:nowrap">models </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:5220px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:5420.13px;white-space:nowrap">determine </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:6270.56px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:6570.79px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:6870.85px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:7351.17px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:7551.3px;white-space:nowrap">those </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:8041.64px;white-space:nowrap">instruments. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:9068.73px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:9428.91px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:5220px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:5520.23px;text-rendering:optimizeLegibility;white-space:nowrap">benefit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:6110.68px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:6320.74px;white-space:nowrap">obligation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:7141.38px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:7651.76px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:7951.99px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:8772.36px;white-space:nowrap">contract, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:9512.67px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:5220px;white-space:nowrap">measured </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:6070.43px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:6310.55px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:6610.78px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:6910.84px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:7391.16px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:7591.29px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:7891.52px;white-space:nowrap">contract, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:8631.83px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:8811.83px;white-space:nowrap">included </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:9532.35px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:9722.46px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:5220px;white-space:nowrap">assets. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:5580.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:6040.46px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:6380.68px;white-space:nowrap">procedures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:7331.22px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:7531.35px;white-space:nowrap">determine </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:8381.78px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:8682.01px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:8982.07px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:5220px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:5420.13px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:6130.55px;white-space:nowrap">instruments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:7110.88px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:7370.95px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:7881.15px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:8481.27px;white-space:nowrap">prices </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:9011.43px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:9321.59px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5018.64px;left:5220px;white-space:nowrap">reliable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5018.64px;left:5850.35px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5018.64px;left:6060.41px;white-space:nowrap">readily </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5018.64px;left:6640.66px;white-space:nowrap">available. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5018.64px;left:7451.19px;white-space:nowrap">Under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5018.64px;left:7991.46px;white-space:nowrap">these </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5018.64px;left:8481.8px;white-space:nowrap">procedures, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5268.64px;left:5220px;white-space:nowrap">the&#160;Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5268.64px;left:5980.52px;white-space:nowrap">primarily </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5268.64px;left:6710.54px;white-space:nowrap">employs </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5268.64px;left:7430.8px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5268.64px;left:7580.92px;white-space:nowrap">market-based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5268.64px;left:8731.41px;white-space:nowrap">approach </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5518.64px;left:5220px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5518.64px;left:5730.21px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5518.64px;left:6120.26px;white-space:nowrap">use </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5518.64px;left:6460.49px;white-space:nowrap">related </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5518.64px;left:7060.87px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5518.64px;left:7270.93px;white-space:nowrap">comparable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5518.64px;left:8261.46px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5518.64px;left:8831.69px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5518.64px;left:9041.75px;white-space:nowrap">liabilities, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5768.64px;left:5220px;white-space:nowrap">recent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5768.64px;left:5770.28px;white-space:nowrap">transactions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5768.64px;left:6840.79px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5768.64px;left:7440.91px;white-space:nowrap">multiples, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5768.64px;left:8251.17px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5768.64px;left:8601.5px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5768.64px;left:9061.79px;white-space:nowrap">relevant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6018.64px;left:5220px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6018.64px;left:6160.43px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6018.64px;left:6420.5px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6018.64px;left:6720.73px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6018.64px;left:7641.12px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6018.64px;left:7841.25px;white-space:nowrap">determine </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6018.64px;left:8691.68px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6018.64px;left:8991.91px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6018.64px;left:9291.97px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6018.64px;left:9772.29px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6268.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6268.64px;left:5520.23px;white-space:nowrap">investment. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6268.64px;left:6480.7px;white-space:nowrap">An </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6268.64px;left:6750.88px;white-space:nowrap">income-based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6268.64px;left:7931.51px;white-space:nowrap">valuation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6268.64px;left:8702.05px;white-space:nowrap">approach </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6268.64px;left:9502.65px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6518.64px;left:5220px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6518.64px;left:5600.21px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6518.64px;left:5850.44px;white-space:nowrap">used </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6518.64px;left:6290.77px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6518.64px;left:6480.88px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6518.64px;left:6991.08px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6518.64px;left:7291.32px;white-space:nowrap">anticipated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6518.64px;left:8211.97px;white-space:nowrap">future </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6518.64px;left:8722.27px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6518.64px;left:9152.49px;text-rendering:optimizeLegibility;white-space:nowrap">flows </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6518.64px;left:9612.6px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6518.64px;left:9812.72px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:5220px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:6140.39px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:6450.56px;white-space:nowrap">discounted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:7371.21px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:7571.34px;white-space:nowrap">calculate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:8331.77px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:8631.83px;white-space:nowrap">value. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:9162.16px;white-space:nowrap">Discounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:5220px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:5610.06px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:5990.27px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:6240.5px;white-space:nowrap">applied </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:6871.03px;white-space:nowrap">due </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:7221.36px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:7421.48px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:7721.72px;white-space:nowrap">nature </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:8282.11px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:8492.17px;white-space:nowrap">duration </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:9192.66px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:9392.78px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:5220px;white-space:nowrap">restrictions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:6140.21px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:6390.44px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:6690.67px;white-space:nowrap">disposition </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:7591.2px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:7791.33px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:8091.56px;white-space:nowrap">investments. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:9151.96px;white-space:nowrap">Due </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:9532.18px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:9732.3px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:5220px;white-space:nowrap">inherent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:5920.49px;white-space:nowrap">uncertainty </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:6850.99px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:7051.11px;white-space:nowrap">valuations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:7911.65px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:8111.78px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:8542px;white-space:nowrap">investments, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:9602.4px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:5220px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:5520.06px;white-space:nowrap">values </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:6090.38px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:6480.44px;text-rendering:optimizeLegibility;white-space:nowrap">differ </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:6926.75px;text-rendering:optimizeLegibility;white-space:nowrap">significantly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:7907.17px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:8317.18px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:8617.41px;white-space:nowrap">values </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:9187.73px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:9537.98px;white-space:nowrap">would </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:5220px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:5660.33px;white-space:nowrap">been </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:6110.77px;white-space:nowrap">used </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:6551.1px;white-space:nowrap">had </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:6901.44px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:7151.66px;white-space:nowrap">active </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:7671.88px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:8272px;white-space:nowrap">existed. </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:8522.18px;left:5220px;white-space:nowrap">b. </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:8522.18px;left:5441.64px;white-space:nowrap">Foreign </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:8522.18px;left:6191.06px;white-space:nowrap">Currency </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:8522.18px;left:7078.07px;letter-spacing:-0.87px;white-space:nowrap">Translation&#160;</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8852.64px;left:5220px;white-space:nowrap">Portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8852.64px;left:5930.33px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8852.64px;left:6740.6px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8852.64px;left:7090.93px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8852.64px;left:7551.21px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8852.64px;left:8121.45px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8852.64px;left:8471.78px;white-space:nowrap">liabilities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9102.64px;left:5220px;white-space:nowrap">denominated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9102.64px;left:6310.81px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9102.64px;left:6500.92px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9102.64px;left:7101.3px;white-space:nowrap">currencies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9102.64px;left:7981.61px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9102.64px;left:8291.78px;white-space:nowrap">translated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9102.64px;left:9132.28px;white-space:nowrap">into </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9102.64px;left:9472.5px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9352.64px;left:5220px;white-space:nowrap">dollars </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9352.64px;left:5800.25px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9352.64px;left:6340.69px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9352.64px;left:6590.92px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9352.64px;left:6891.15px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9352.64px;left:7721.81px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9352.64px;left:8081.98px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9352.64px;left:8282.11px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9352.64px;left:8712.33px;white-space:nowrap">currencies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9602.64px;left:5220px;white-space:nowrap">against </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9602.64px;left:5850.44px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9602.64px;left:6250.52px;white-space:nowrap">dollars </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9602.64px;left:6830.77px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9602.64px;left:7081px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9602.64px;left:7381.23px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9602.64px;left:7781.57px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9602.64px;left:7981.7px;white-space:nowrap">valuation. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9602.64px;left:8798.99px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9602.64px;left:9159.17px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9602.64px;left:9619.45px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9852.64px;left:5220px;white-space:nowrap">enter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9852.64px;left:5680.28px;white-space:nowrap">into </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9852.64px;left:6020.51px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9852.64px;left:6620.89px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9852.64px;left:7361.1px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9852.64px;left:8191.76px;white-space:nowrap">contracts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9852.64px;left:8972.05px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9852.64px;left:9172.18px;white-space:nowrap">facilitate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10102.64px;left:5220px;white-space:nowrap">transactions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10102.64px;left:6240.5px;white-space:nowrap">denominated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10102.64px;left:7331.31px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10102.64px;left:7521.42px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10102.64px;left:7671.53px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10102.64px;left:8271.91px;letter-spacing:-1.34px;white-space:nowrap">currency. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10102.64px;left:9048.78px;white-space:nowrap">Purchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10352.64px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10352.64px;left:5570.33px;white-space:nowrap">sales </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10352.64px;left:6040.55px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10352.64px;left:6240.67px;white-space:nowrap">securities, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10352.64px;left:7100.95px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10352.64px;left:7731.21px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10352.64px;left:8081.54px;white-space:nowrap">expense </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10352.64px;left:8812.09px;white-space:nowrap">items </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10602.64px;left:5220px;white-space:nowrap">denominated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10602.64px;left:6310.81px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10602.64px;left:6500.92px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10602.64px;left:7101.3px;white-space:nowrap">currencies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10602.64px;left:7981.61px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10602.64px;left:8291.78px;white-space:nowrap">translated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10602.64px;left:9132.28px;white-space:nowrap">into </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10602.64px;left:9472.5px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10852.64px;left:5220px;white-space:nowrap">dollars </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10852.64px;left:5800.25px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10852.64px;left:6000.38px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10852.64px;left:6300.62px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10852.64px;left:7131.27px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10852.64px;left:7491.45px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10852.64px;left:7681.55px;text-rendering:optimizeLegibility;white-space:nowrap">effect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10852.64px;left:8167.94px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10852.64px;left:8418.16px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10852.64px;left:8718.4px;white-space:nowrap">transaction </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10852.64px;left:9648.9px;white-space:nowrap">date. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11102.64px;left:5220px;white-space:nowrap">Portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11102.64px;left:5930.33px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11102.64px;left:6740.6px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11102.64px;left:7090.93px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11102.64px;left:7661.16px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11102.64px;left:8011.49px;white-space:nowrap">liabilities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11102.64px;left:8741.78px;white-space:nowrap">denominated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11352.64px;left:5220px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11352.64px;left:5410.11px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11352.64px;left:6010.49px;white-space:nowrap">currencies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11352.64px;left:6890.8px;white-space:nowrap">contain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11352.64px;left:7521.24px;white-space:nowrap">risks </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11352.64px;left:7941.18px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11352.64px;left:8291.43px;white-space:nowrap">those </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11352.64px;left:8781.77px;white-space:nowrap">currencies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11352.64px;left:9662.08px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11602.64px;left:5220px;white-space:nowrap">decline </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11602.64px;left:5840.42px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11602.64px;left:6030.53px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11602.64px;left:6510.85px;white-space:nowrap">relative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11602.64px;left:7141.11px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11602.64px;left:7341.24px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11602.64px;left:7641.47px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11602.64px;left:8041.55px;letter-spacing:-1.24px;white-space:nowrap">dollar. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11602.64px;left:8571.88px;letter-spacing:-0.95px;white-space:nowrap">Occasionally, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11852.64px;left:5220px;white-space:nowrap">events </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11852.64px;left:5800.34px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11852.64px;left:6190.4px;white-space:nowrap">impact </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11852.64px;left:6770.57px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11852.64px;left:7070.8px;white-space:nowrap">availability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11852.64px;left:7951.2px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11852.64px;left:8161.26px;white-space:nowrap">reliability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11852.64px;left:8911.49px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11852.64px;left:9111.62px;white-space:nowrap">foreign </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:7437.56px;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:8393.66px;letter-spacing:9.6px;white-space:nowrap">Global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:9034.53px;letter-spacing:10.29px;white-space:nowrap">Income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:9679.78px;letter-spacing:9px;white-space:nowrap">Fund</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:7461.73px;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:8019.91px;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: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, 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, sans-serif;font-size:180px;position:absolute;top:988px;left:0px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:830.65px;white-space:nowrap">rates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:1280.83px;white-space:nowrap">used </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:1721.16px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:1921.29px;white-space:nowrap">convert </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:2561.57px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:2861.81px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:3261.88px;white-space:nowrap">dollar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:3752.14px;white-space:nowrap">equivalent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:0px;white-space:nowrap">value. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:530.33px;white-space:nowrap">If </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:680.36px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:1110.59px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:1360.81px;white-space:nowrap">event </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:1851.15px;white-space:nowrap">occurs, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:2481.33px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:2781.56px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:3381.94px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:4212.6px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:0px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:299.97px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:550.2px;white-space:nowrap">valued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:1130.63px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:1330.75px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:1630.81px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:2111.13px;white-space:nowrap">using </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:2591.46px;white-space:nowrap">procedures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:3541.99px;white-space:nowrap">established </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:4502.64px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1738px;left:0px;white-space:nowrap">approved </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1738px;left:800.6px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1738px;left:1040.71px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1738px;left:1340.95px;white-space:nowrap">Board.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2168px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2168px;left:360.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2168px;left:820.46px;white-space:nowrap">does </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2168px;left:1260.79px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2168px;left:1561.03px;white-space:nowrap">separately </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2168px;left:2441.51px;white-space:nowrap">report </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2168px;left:2961.74px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2168px;left:3261.97px;text-rendering:optimizeLegibility;white-space:nowrap">effect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2168px;left:3748.36px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2168px;left:3948.49px;white-space:nowrap">changes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2418px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2418px;left:190.11px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2418px;left:790.49px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2418px;left:1621.14px;white-space:nowrap">rates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2418px;left:2071.32px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2418px;left:2481.33px;white-space:nowrap">changes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2418px;left:3211.88px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2418px;left:3401.98px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2418px;left:4002.1px;white-space:nowrap">prices </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2668px;left:0px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2668px;left:250.22px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2668px;left:1060.49px;white-space:nowrap">held. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2668px;left:1500.82px;white-space:nowrap">Such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2668px;left:1961.1px;white-space:nowrap">changes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2668px;left:2691.65px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2668px;left:3001.82px;white-space:nowrap">included </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2668px;left:3722.34px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2668px;left:3912.45px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2918px;left:0px;white-space:nowrap">realized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2918px;left:680.36px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2918px;left:1030.69px;white-space:nowrap">unrealized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2918px;left:1911.27px;white-space:nowrap">gain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2918px;left:2301.59px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2918px;left:2511.65px;white-space:nowrap">loss </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2918px;left:2881.76px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2918px;left:3291.77px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2918px;left:4302.16px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2918px;left:4492.27px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3168px;left:0px;white-space:nowrap">Statement&#160;of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3168px;left:1070.6px;white-space:nowrap">Operations.&#160;</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3598px;left:0px;white-space:nowrap">Realized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3598px;left:750.41px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3598px;left:1350.79px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3598px;left:2181.45px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3598px;left:2661.77px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3598px;left:2871.83px;white-space:nowrap">losses </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3598px;left:3432.04px;white-space:nowrap">arise </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3598px;left:3872.2px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3598px;left:4282.21px;white-space:nowrap">sales </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3848px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3848px;left:200.13px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3848px;left:800.51px;white-space:nowrap">currencies, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3848px;left:1730.83px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3848px;left:2471.04px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3848px;left:2951.37px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3848px;left:3161.43px;white-space:nowrap">losses </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3848px;left:3721.64px;white-space:nowrap">realized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4098px;left:0px;white-space:nowrap">between </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4098px;left:730.55px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4098px;left:1030.78px;white-space:nowrap">trade </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4098px;left:1491.06px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4098px;left:1841.4px;white-space:nowrap">settlement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4098px;left:2721.8px;white-space:nowrap">dates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4098px;left:3212.14px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4098px;left:3462.36px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4348px;left:0px;white-space:nowrap">transactions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4348px;left:1020.5px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4348px;left:1370.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4348px;left:1671.06px;text-rendering:optimizeLegibility;white-space:nowrap">difference </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4348px;left:2507.7px;white-space:nowrap">between </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4348px;left:3238.24px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4348px;left:3538.48px;white-space:nowrap">recorded </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4598px;left:0px;white-space:nowrap">amounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4598px;left:740.39px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4598px;left:940.52px;white-space:nowrap">dividends, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4598px;left:1801.05px;white-space:nowrap">interest, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4598px;left:2491.35px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4598px;left:2841.68px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4598px;left:3442.06px;white-space:nowrap">withholding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4848px;left:0px;white-space:nowrap">taxes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4848px;left:480.23px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4848px;left:830.57px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4848px;left:1130.8px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4848px;left:1530.88px;white-space:nowrap">dollar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4848px;left:2021.13px;white-space:nowrap">equivalent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4848px;left:2891.78px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4848px;left:3091.9px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4848px;left:3392.14px;white-space:nowrap">amounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4848px;left:4132.53px;white-space:nowrap">actually </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5098px;left:0px;white-space:nowrap">received </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5098px;left:730.37px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5098px;left:940.43px;white-space:nowrap">paid. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5098px;left:1380.76px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5098px;left:1710.88px;white-space:nowrap">unrealized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5098px;left:2591.46px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5098px;left:3191.84px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5098px;left:4022.49px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5348px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5348px;left:350.33px;white-space:nowrap">losses </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5348px;left:910.55px;white-space:nowrap">arise </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5348px;left:1350.7px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5348px;left:1760.71px;white-space:nowrap">changes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5348px;left:2491.26px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5348px;left:2681.37px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5348px;left:3281.75px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5348px;left:4112.4px;white-space:nowrap">rates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5598px;left:0px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5598px;left:250.22px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5598px;left:850.61px;white-space:nowrap">denominated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5598px;left:1941.42px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5598px;left:2511.65px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5598px;left:2861.98px;white-space:nowrap">liabilities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5598px;left:3592.27px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5598px;left:4052.55px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5848px;left:0px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5848px;left:1010.39px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5848px;left:1200.5px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5848px;left:2010.76px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5848px;left:2401.08px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5848px;left:2601.21px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5848px;left:2901.45px;white-space:nowrap">end </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5848px;left:3251.78px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5848px;left:3451.9px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5848px;left:3752.14px;white-space:nowrap">reporting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6098px;left:0px;white-space:nowrap">period.</div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:6601.54px;left:0px;white-space:nowrap">c. </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:6601.54px;left:211.25px;white-space:nowrap">Securities </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:6601.54px;left:1172.29px;white-space:nowrap">Purchased </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:6601.54px;left:2196.6px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:6601.54px;left:2481.5px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:6601.54px;left:2639.96px;white-space:nowrap">Delayed </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:6601.54px;left:3421.48px;white-space:nowrap">Delivery </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:6601.54px;left:4213.68px;white-space:nowrap">Basis</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6932px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6932px;left:360.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6932px;left:820.46px;white-space:nowrap">purchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6932px;left:1700.95px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6932px;left:2511.21px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6932px;left:2761.44px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6932px;left:2911.55px;white-space:nowrap">delayed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6932px;left:3592.09px;white-space:nowrap">delivery </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6932px;left:4262.34px;white-space:nowrap">basis, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7182px;left:0px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7182px;left:370.11px;white-space:nowrap">payment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7182px;left:1110.5px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7182px;left:1460.83px;white-space:nowrap">delivery </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7182px;left:2131.08px;white-space:nowrap">scheduled </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7182px;left:3001.73px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7182px;left:3261.8px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7182px;left:3411.91px;white-space:nowrap">future </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7182px;left:3922.21px;white-space:nowrap">date. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7432px;left:0px;white-space:nowrap">These </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7432px;left:550.28px;white-space:nowrap">transactions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7432px;left:1570.78px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7432px;left:1880.95px;white-space:nowrap">subject </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7432px;left:2501.28px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7432px;left:2701.41px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7432px;left:3301.52px;text-rendering:optimizeLegibility;white-space:nowrap">fluctuations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7432px;left:4262.08px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7682px;left:0px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7682px;left:310.17px;white-space:nowrap">subject </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7682px;left:930.5px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7682px;left:1130.63px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7682px;left:1430.86px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7682px;left:1760.8px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7682px;left:2111.04px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7682px;left:2411.28px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7682px;left:2891.6px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7682px;left:3091.73px;white-space:nowrap">delivery </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7682px;left:3761.98px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7682px;left:4152.04px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7932px;left:0px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7932px;left:460.11px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7932px;left:670.17px;white-space:nowrap">less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7932px;left:1040.27px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7932px;left:1440.62px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7932px;left:1740.85px;white-space:nowrap">trade </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7932px;left:2201.13px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7932px;left:2601.47px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7932px;left:3391.96px;white-space:nowrap">price. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7932px;left:3872.2px;white-space:nowrap">Although </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8182px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8182px;left:300.23px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8182px;left:760.52px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8182px;left:1060.49px;white-space:nowrap">generally </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8182px;left:1840.96px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8182px;left:2631.45px;white-space:nowrap">these </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8182px;left:3121.79px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8182px;left:3932.05px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8182px;left:4302.16px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8432px;left:0px;white-space:nowrap">intention </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8432px;left:730.55px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8432px;left:930.67px;white-space:nowrap">holding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8432px;left:1561.2px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8432px;left:1861.44px;white-space:nowrap">securities, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8432px;left:2721.71px;white-space:nowrap">it </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8432px;left:2861.72px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8432px;left:3251.78px;white-space:nowrap">sell </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8432px;left:3571.88px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8432px;left:3872.11px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8682px;left:0px;white-space:nowrap">before </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8682px;left:560.39px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8682px;left:860.63px;white-space:nowrap">settlement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8682px;left:1741.03px;white-space:nowrap">date.</div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:9185.54px;left:0px;white-space:nowrap">d. </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:9185.54px;left:221.64px;white-space:nowrap">Derivative </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:9185.54px;left:1182.77px;white-space:nowrap">Financial </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:9185.54px;left:2059.11px;white-space:nowrap">Instruments</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9516px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9516px;left:360.18px;white-space:nowrap">Fund&#160;invested </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9516px;left:1540.9px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9516px;left:1731.01px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9516px;left:2551.38px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9516px;left:3261.8px;white-space:nowrap">instruments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9516px;left:4242.13px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9766px;left:0px;white-space:nowrap">order </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9766px;left:470.21px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9766px;left:670.34px;white-space:nowrap">manage </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9766px;left:1370.83px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9766px;left:1700.77px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9766px;left:1910.83px;white-space:nowrap">gain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9766px;left:2301.15px;white-space:nowrap">exposure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9766px;left:3091.64px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9766px;left:3291.77px;white-space:nowrap">various </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9766px;left:3922.03px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10016px;left:0px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10016px;left:1010.39px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10016px;left:1220.45px;white-space:nowrap">markets. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10016px;left:1960.58px;white-space:nowrap">Derivatives </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10016px;left:2900.83px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10016px;left:3211px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10016px;left:3921.42px;white-space:nowrap">contracts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10266px;left:0px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10266px;left:540.44px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10266px;left:790.66px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10266px;left:1040.89px;white-space:nowrap">underlying </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10266px;left:1921.46px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10266px;left:2131.52px;white-space:nowrap">notional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10266px;left:2812.06px;white-space:nowrap">amount, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10266px;left:3512.46px;white-space:nowrap">require </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10266px;left:4122.77px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10516px;left:0px;white-space:nowrap">initial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10516px;left:460.2px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10516px;left:1380.59px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10516px;left:1590.64px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10516px;left:1840.87px;white-space:nowrap">initial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10516px;left:2301.06px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10516px;left:2601.3px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10516px;left:3521.69px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10516px;left:3871.93px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10516px;left:4051.93px;white-space:nowrap">smaller </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10766px;left:0px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10766px;left:400.34px;white-space:nowrap">would </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10766px;left:920.65px;white-space:nowrap">normally </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10766px;left:1650.85px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10766px;left:1901.07px;white-space:nowrap">required </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10766px;left:2611.49px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10766px;left:2811.62px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10766px;left:3251.95px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10766px;left:3402.07px;white-space:nowrap">similar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10766px;left:3972.04px;white-space:nowrap">response </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11016px;left:0px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11016px;left:200.13px;white-space:nowrap">changes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11016px;left:930.67px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11016px;left:1120.78px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11016px;left:1720.9px;white-space:nowrap">factors, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11016px;left:2361.09px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11016px;left:2711.43px;white-space:nowrap">require </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11016px;left:3321.74px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11016px;left:3531.8px;white-space:nowrap">permit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11016px;left:4081.9px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11266px;left:0px;white-space:nowrap">settlement. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11266px;left:930.41px;white-space:nowrap">Derivatives </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11266px;left:1870.66px;white-space:nowrap">contain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11266px;left:2501.1px;white-space:nowrap">various </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11266px;left:3131.37px;white-space:nowrap">risks </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11266px;left:3551.31px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11516px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11516px;left:300.23px;white-space:nowrap">potential </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11516px;left:1030.78px;white-space:nowrap">inability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11516px;left:1681.08px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11516px;left:1881.21px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11516px;left:2181.45px;white-space:nowrap">counterparty </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11516px;left:3232px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11516px;left:3432.13px;text-rendering:optimizeLegibility;white-space:nowrap">fulfill </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11516px;left:3842.23px;white-space:nowrap">their </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11766px;left:0px;white-space:nowrap">obligations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11766px;left:910.63px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11766px;left:1421.02px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11766px;left:1721.25px;white-space:nowrap">terms </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11766px;left:2221.26px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11766px;left:2421.39px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11766px;left:2721.62px;white-space:nowrap">contract, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11766px;left:3461.92px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11766px;left:3762.16px;white-space:nowrap">potential </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11766px;left:4492.71px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5220px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5470.22px;white-space:nowrap">illiquid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6020.51px;white-space:nowrap">secondary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6901px;white-space:nowrap">market, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7551.12px;white-space:nowrap">and/or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8111.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8411.75px;white-space:nowrap">potential </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9142.29px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9402.36px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5220px;white-space:nowrap">movements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6200.33px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6710.54px;white-space:nowrap">expose </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7340.98px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7641.21px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8101.49px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8301.62px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8781.94px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8992px;white-space:nowrap">losses </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9552.22px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5220px;white-space:nowrap">excess </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5830.22px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6030.35px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6330.59px;white-space:nowrap">amounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7070.98px;white-space:nowrap">shown </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7641.3px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7831.41px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8131.64px;white-space:nowrap">Statement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9002.11px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9192.3px;white-space:nowrap">Assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5570.33px;white-space:nowrap">Liabilities. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6410.74px;white-space:nowrap">Realized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7161.15px;white-space:nowrap">gain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7551.47px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7901.81px;white-space:nowrap">loss </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8271.91px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8622.25px;white-space:nowrap">unrealized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5220px;white-space:nowrap">appreciation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6250.69px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6601.03px;white-space:nowrap">depreciation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7631.72px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7881.94px;white-space:nowrap">these </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8372.29px;white-space:nowrap">contracts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:9152.58px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:9412.65px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:5220px;white-space:nowrap">period </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:5770.37px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:6080.54px;white-space:nowrap">included </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:6801.06px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:6991.17px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:7291.41px;white-space:nowrap">Statement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:8161.87px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:8362px;white-space:nowrap">Operations. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:5220px;white-space:nowrap">Derivative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:6070.25px;white-space:nowrap">counterparty </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:7120.81px;white-space:nowrap">credit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:7610.98px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:7940.92px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:8120.92px;white-space:nowrap">managed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:8921.51px;white-space:nowrap">through </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:9582.01px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:5220px;white-space:nowrap">formal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:5770.11px;white-space:nowrap">evaluation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:6640.75px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:6840.88px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:7141.11px;white-space:nowrap">creditworthiness </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:8491.64px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:8691.77px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:8921.87px;white-space:nowrap">potential </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:5220px;white-space:nowrap">counterparties. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:6457.41px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:6817.59px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:7277.87px;white-space:nowrap">attempts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:8018.17px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:8218.3px;white-space:nowrap">reduce </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:8818.68px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:9048.69px;white-space:nowrap">exposure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:5220px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:5420.13px;white-space:nowrap">counterparty </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:6470.68px;white-space:nowrap">credit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:6960.85px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:7290.79px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:7541.02px;white-space:nowrap">OTC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:7970.98px;white-space:nowrap">derivatives, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:8931.36px;white-space:nowrap">whenever </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:5220px;white-space:nowrap">possible, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:5980.43px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:6220.55px;white-space:nowrap">entering </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:6921.04px;white-space:nowrap">into </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:7261.26px;white-space:nowrap">International </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:8301.97px;white-space:nowrap">Swaps </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:8892.25px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:5220px;white-space:nowrap">Derivatives </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:6150.32px;white-space:nowrap">Association </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:7120.81px;white-space:nowrap">(ISDA) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:7710.82px;white-space:nowrap">master </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:8310.94px;white-space:nowrap">agreements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:5220px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:5590.11px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:6180.38px;white-space:nowrap">counterparties. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:7417.79px;white-space:nowrap">These </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:7968.08px;white-space:nowrap">agreements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:8968.62px;white-space:nowrap">contain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:5220px;white-space:nowrap">various </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:5850.26px;white-space:nowrap">provisions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:6760.63px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:7521.15px;white-space:nowrap">but </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:7821.39px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:8121.62px;white-space:nowrap">limited </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:8691.77px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:8891.89px;white-space:nowrap">collateral </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:5220px;white-space:nowrap">requirements, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:6370.49px;white-space:nowrap">events </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:6950.83px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:7150.96px;white-space:nowrap">default, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:7791.42px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:8001.47px;white-space:nowrap">early </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:8441.63px;white-space:nowrap">termination. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:5220px;letter-spacing:-1.66px;white-space:nowrap">Termination </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:6200.42px;white-space:nowrap">events </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:6780.76px;white-space:nowrap">applicable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:7641.39px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:7841.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:8141.75px;white-space:nowrap">counterparty </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:9192.3px;white-space:nowrap">include </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:5220px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:5810.27px;white-space:nowrap">deteriorations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:6950.92px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:7141.03px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:7441.26px;white-space:nowrap">credit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:7931.43px;white-space:nowrap">quality </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:8501.75px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:8701.87px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:9002.11px;letter-spacing:-0.95px;white-space:nowrap">counterparty. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:5220px;letter-spacing:-1.66px;white-space:nowrap">Termination </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:6200.42px;white-space:nowrap">events </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:6780.76px;white-space:nowrap">applicable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:7641.39px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:7841.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:8141.75px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:8602.03px;white-space:nowrap">include </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:9222.45px;white-space:nowrap">failure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:5220px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:5420.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:5720.36px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:6180.64px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:6380.77px;white-space:nowrap">maintain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:7111.14px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:7701.42px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:8001.65px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:8481.88px;white-space:nowrap">levels </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:8992.09px;white-space:nowrap">and/or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:9552.48px;white-space:nowrap">limit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:5520.23px;white-space:nowrap">decline </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:6140.65px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:6330.76px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:6631px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:7201.23px;white-space:nowrap">over </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:7601.4px;white-space:nowrap">various </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:8231.66px;white-space:nowrap">periods </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:8872.03px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:9072.16px;white-space:nowrap">time. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:9512.23px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:5520.23px;white-space:nowrap">event </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:6010.58px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:6210.7px;white-space:nowrap">default </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:6801.15px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:7011.21px;white-space:nowrap">early </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:7451.37px;white-space:nowrap">termination, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:8441.81px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:8742.04px;letter-spacing:-1.99px;white-space:nowrap">ISDA </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:9202.24px;white-space:nowrap">master </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:5220px;white-space:nowrap">agreement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:6130.55px;white-space:nowrap">gives </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:6600.76px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:6901px;white-space:nowrap">non-defaulting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:8091.91px;white-space:nowrap">party </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:8542.09px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:8842.32px;white-space:nowrap">right </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:9242.49px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:9442.62px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:5570.33px;white-space:nowrap">close-out </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:6350.71px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:6580.81px;white-space:nowrap">transactions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:7601.31px;white-space:nowrap">traded, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:8211.71px;white-space:nowrap">whether </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:8902.09px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:9112.15px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:9412.38px;white-space:nowrap">arising </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:5220px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:5730.38px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:6030.62px;letter-spacing:-1.99px;white-space:nowrap">ISDA </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:6490.81px;white-space:nowrap">agreement, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:7451.37px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:7651.49px;white-space:nowrap">one </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:8001.83px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:8302.06px;white-space:nowrap">amount </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:8952.45px;white-space:nowrap">payable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:9632.99px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:5220px;white-space:nowrap">one </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:5570.33px;white-space:nowrap">counterparty </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:6620.89px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:6821.02px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:7121.25px;letter-spacing:-1.42px;white-space:nowrap">other. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:7621.61px;letter-spacing:-1.1px;white-space:nowrap">However, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:8421.94px;white-space:nowrap">absent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:9012.39px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:9262.62px;white-space:nowrap">event </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">default </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:6010.58px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:6220.63px;white-space:nowrap">early </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:6660.79px;white-space:nowrap">termination, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:7651.23px;white-space:nowrap">OTC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:8081.19px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:8901.56px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:5570.33px;white-space:nowrap">liabilities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:6300.62px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:6610.78px;white-space:nowrap">presented </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:7461.39px;white-space:nowrap">gross </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:7951.55px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:8301.88px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:8602.12px;text-rendering:optimizeLegibility;white-space:nowrap">offset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:9088.51px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:9278.61px;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">Statement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:6090.47px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:6280.66px;white-space:nowrap">Assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:6870.85px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:7221.18px;white-space:nowrap">Liabilities. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:8061.59px;white-space:nowrap">Early </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:8521.7px;white-space:nowrap">termination </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:9462.13px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:9702.25px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:5220px;white-space:nowrap">counterparty </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:6270.56px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:6660.62px;white-space:nowrap">result </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:7150.78px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:7340.89px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:7591.11px;white-space:nowrap">immediate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:8471.43px;white-space:nowrap">payment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:9211.82px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:9451.93px;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">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:5680.28px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:5880.41px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:6220.63px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:6520.87px;white-space:nowrap">liability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:7111.05px;white-space:nowrap">owed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:7591.38px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:7791.5px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:8141.75px;white-space:nowrap">counterparty </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:9192.3px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:9702.69px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:5220px;letter-spacing:-1.99px;white-space:nowrap">ISDA </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:5680.2px;white-space:nowrap">agreement.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:5220px;white-space:nowrap">Collateral </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:6030.35px;white-space:nowrap">requirements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:7130.83px;text-rendering:optimizeLegibility;white-space:nowrap">differ </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:7577.14px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:7817.26px;white-space:nowrap">type </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:8207.49px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:8407.62px;white-space:nowrap">derivative. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:5220px;white-space:nowrap">Collateral </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:6030.35px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:6240.41px;white-space:nowrap">initial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:6700.61px;white-space:nowrap">margin </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:7300.81px;white-space:nowrap">requirements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:8401.29px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:8711.46px;white-space:nowrap">set </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:9001.58px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:9241.7px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:5220px;white-space:nowrap">broker </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:5780.21px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:5990.27px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:6820.93px;white-space:nowrap">clearing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:7501.29px;white-space:nowrap">house </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:8041.73px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:8301.8px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:9132.45px;white-space:nowrap">traded </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:5570.33px;white-space:nowrap">centrally </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:6290.6px;white-space:nowrap">cleared </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:6930.97px;white-space:nowrap">derivatives. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:7891.35px;white-space:nowrap">Initial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:8361.56px;white-space:nowrap">margin </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:8961.77px;white-space:nowrap">deposited </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:9792.42px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:5220px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:5610.32px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:5810.45px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:6110.68px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:6941.34px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:7291.67px;white-space:nowrap">can </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:7631.89px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:7882.12px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:8072.23px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:8372.46px;white-space:nowrap">form </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:8782.47px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:8982.6px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:9412.82px;white-space:nowrap">and/or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:5220px;white-space:nowrap">securities. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:6080.27px;white-space:nowrap">For </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:6400.28px;white-space:nowrap">OTC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:6830.24px;white-space:nowrap">derivatives </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:7740.62px;white-space:nowrap">traded </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:8301.01px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:8811.39px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:9061.61px;letter-spacing:-1.99px;white-space:nowrap">ISDA </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:9521.81px;white-space:nowrap">master </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:5220px;white-space:nowrap">agreement, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:6180.56px;white-space:nowrap">posting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:6811px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:7011.12px;white-space:nowrap">collateral </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:7781.48px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:7961.48px;white-space:nowrap">required </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:8671.9px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:8912.02px;white-space:nowrap">either </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:9412.29px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:5220px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:5680.28px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:5890.34px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:6190.58px;white-space:nowrap">applicable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:7051.2px;white-space:nowrap">counterparty </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:8101.76px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:8241.77px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:8542px;white-space:nowrap">total </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:8932.24px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:9232.47px;white-space:nowrap">exposure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:5220px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:5420.13px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:5650.22px;white-space:nowrap">OTC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:6080.19px;white-space:nowrap">derivatives </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:6990.56px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:7360.66px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:7660.9px;white-space:nowrap">applicable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:8521.52px;white-space:nowrap">counterparty </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:5220px;white-space:nowrap">exceeds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:5940.44px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:6240.67px;white-space:nowrap">minimum </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:7020.7px;white-space:nowrap">transfer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:7680.94px;white-space:nowrap">amount, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:8381.34px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:8891.54px;white-space:nowrap">typically </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:5220px;white-space:nowrap">ranges </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:5820.38px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:6230.39px;white-space:nowrap">$100,000 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:7031.16px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:7231.29px;white-space:nowrap">$250,000, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:8082.07px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:8432.4px;white-space:nowrap">can </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:8772.63px;white-space:nowrap">vary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:9162.69px;white-space:nowrap">depending </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:5220px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:5470.22px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:5770.46px;white-space:nowrap">counterparty </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:6821.02px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:7171.35px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:7471.58px;white-space:nowrap">type </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:7861.82px;white-space:nowrap">of&#160;agreement. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:9022.5px;letter-spacing:-1.21px;white-space:nowrap">Generally, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:5220px;white-space:nowrap">collateral </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:5990.36px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:6170.36px;white-space:nowrap">determined </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:7120.9px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:7321.03px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:7621.26px;white-space:nowrap">close </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:8091.47px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:8291.6px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:8751.88px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:9512.31px;white-space:nowrap">each </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:5220px;white-space:nowrap">day </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:5560.22px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:5910.56px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:6250.78px;white-space:nowrap">additional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:7071.42px;white-space:nowrap">collateral </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:7841.78px;white-space:nowrap">required </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:8552.2px;white-space:nowrap">due </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:8902.53px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:9102.66px;white-space:nowrap">changes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:5220px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:5410.11px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:6230.48px;white-space:nowrap">values </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:6800.8px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:7190.86px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:7441.08px;white-space:nowrap">delivered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:8221.55px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:8461.67px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:8761.9px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:9222.19px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:9432.25px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:5220px;white-space:nowrap">counterparty </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:6270.56px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:6570.79px;white-space:nowrap">next </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:6961.03px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:7721.46px;letter-spacing:-2.67px;white-space:nowrap">day, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:8098.33px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:8308.39px;white-space:nowrap">within </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:8818.59px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:8968.71px;white-space:nowrap">few </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:9298.83px;white-space:nowrap">business </div></div>
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		<div style="height:54.74px;left:0px;position:absolute;top:0px;transform:translate(54.000px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:243.00px">
			<div style="width:4860px;height:818.41px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) 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">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">b. </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">Foreign </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:971.06px;white-space:nowrap">Currency </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:1858.07px;letter-spacing:-0.7px;white-space:nowrap">Translation&#160; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:682.94px;left:2977.19px;white-space:nowrap">(continued)</div></div>
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		<div style="height:50.48px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) 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:9.6px;white-space:nowrap">Global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:1596.97px;letter-spacing:10.29px;white-space:nowrap">Income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:2242.22px;letter-spacing:9px;white-space:nowrap">Fund</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:10.32px;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:1647.53px;letter-spacing:8.88px;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">20</div></div>
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		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></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">Annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
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			<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.11px) rotate(0deg) scale(0.05)">












			<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:0px;white-space:nowrap">days. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:480.23px;white-space:nowrap">Collateral </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:1290.59px;white-space:nowrap">pledged </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:1981.23px;white-space:nowrap">and/or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:2541.62px;white-space:nowrap">received </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:3271.99px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:3512.11px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:3812.34px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:4272.63px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:0px;white-space:nowrap">OTC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:429.96px;white-space:nowrap">derivatives, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:1390.34px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:1530.35px;letter-spacing:-2.67px;white-space:nowrap">any, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:1907.23px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:2087.23px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:2477.55px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:2667.66px;white-space:nowrap">segregated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:3618.37px;white-space:nowrap">accounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:4388.82px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:300.23px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:884.88px;white-space:nowrap">custodian/counterparty </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:2755.99px;white-space:nowrap">broker </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:3316.2px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:3666.53px;white-space:nowrap">can </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:4006.76px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:4256.98px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1738px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1738px;left:300.23px;white-space:nowrap">form </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1738px;left:710.24px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1738px;left:910.37px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1738px;left:1340.6px;white-space:nowrap">and/or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1738px;left:1900.99px;white-space:nowrap">securities. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1738px;left:2761.26px;white-space:nowrap">Unrestricted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1738px;left:3781.58px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1738px;left:4211.81px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1988px;left:0px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1988px;left:250.22px;white-space:nowrap">invested </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1988px;left:970.66px;white-space:nowrap">according </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1988px;left:1801.14px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1988px;left:2001.27px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1988px;left:2301.5px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1988px;left:2886.15px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1988px;left:3806.54px;white-space:nowrap">objectives. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2238px;left:0px;letter-spacing:-6.65px;white-space:nowrap">To </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2238px;left:240.12px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2238px;left:540.35px;white-space:nowrap">extent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2238px;left:1080.7px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2238px;left:1430.95px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2238px;left:1731.18px;white-space:nowrap">amounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2238px;left:2471.57px;white-space:nowrap">due </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2238px;left:2821.9px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2238px;left:3022.03px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2238px;left:3322.27px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2238px;left:3782.55px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2238px;left:4192.56px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2488px;left:0px;white-space:nowrap">counterparties </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2488px;left:1190.65px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2488px;left:1500.82px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2488px;left:1801.05px;white-space:nowrap">subject </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2488px;left:2421.39px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2488px;left:2621.51px;white-space:nowrap">collateralization </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2488px;left:3912.19px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2488px;left:4122.25px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2738px;left:0px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2738px;left:300.23px;white-space:nowrap">fully </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2738px;left:670.34px;white-space:nowrap">collateralized, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2738px;left:1820.92px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2738px;left:2121.15px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2738px;left:2581.44px;white-space:nowrap">bears </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2738px;left:3081.71px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2738px;left:3381.94px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2738px;left:3711.88px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2738px;left:3912.01px;white-space:nowrap">loss </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2738px;left:4282.12px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2988px;left:0px;white-space:nowrap">counterparty </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2988px;left:1050.56px;white-space:nowrap">non-performance.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3418px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3418px;left:360.18px;white-space:nowrap">Fund&#160;entered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3418px;left:1480.96px;white-space:nowrap">into </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3418px;left:1821.18px;white-space:nowrap">OTC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3418px;left:2251.14px;white-space:nowrap">forward </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3418px;left:2901.36px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3418px;left:3732.01px;white-space:nowrap">contracts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3668px;left:0px;white-space:nowrap">primarily </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3668px;left:730.02px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3668px;left:930.15px;white-space:nowrap">manage </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3668px;left:1630.63px;white-space:nowrap">and/or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3668px;left:2191.03px;white-space:nowrap">gain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3668px;left:2581.35px;white-space:nowrap">exposure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3668px;left:3371.84px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3668px;left:3571.96px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3668px;left:4162.24px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3918px;left:0px;white-space:nowrap">currencies. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3918px;left:920.39px;letter-spacing:-4.97px;white-space:nowrap">A </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3918px;left:1080.53px;white-space:nowrap">forward </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3918px;left:1730.74px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3918px;left:2561.4px;white-space:nowrap">contract </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3918px;left:3251.69px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3918px;left:3431.69px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3918px;left:3681.91px;white-space:nowrap">agreement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4168px;left:0px;white-space:nowrap">between </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4168px;left:730.55px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4168px;left:1030.78px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4168px;left:1491.06px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4168px;left:1841.4px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4168px;left:1991.51px;white-space:nowrap">counterparty </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4168px;left:3042.07px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4168px;left:3242.2px;white-space:nowrap">buy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4168px;left:3582.42px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4168px;left:3792.48px;white-space:nowrap">sell </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4168px;left:4112.58px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4168px;left:4262.7px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4418px;left:0px;white-space:nowrap">currency&#160;at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4418px;left:940.34px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4418px;left:1090.46px;text-rendering:optimizeLegibility;white-space:nowrap">specific </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4418px;left:1740.67px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4418px;left:2571.33px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4418px;left:2931.5px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4418px;left:3181.73px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4418px;left:3331.85px;white-space:nowrap">future </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4418px;left:3842.14px;white-space:nowrap">date. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4848px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4848px;left:360.18px;white-space:nowrap">Fund&#160;entered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4848px;left:1480.96px;white-space:nowrap">into </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4848px;left:1821.18px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4848px;left:2461.46px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4848px;left:2821.64px;white-space:nowrap">swap </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4848px;left:3291.86px;white-space:nowrap">contracts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4848px;left:4072.15px;white-space:nowrap">primarily </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5098px;left:0px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5098px;left:200.13px;white-space:nowrap">manage </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5098px;left:900.62px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5098px;left:1540.9px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5098px;left:1901.07px;white-space:nowrap">risk. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5098px;left:2271.09px;white-space:nowrap">An </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5098px;left:2541.27px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5098px;left:3181.55px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5098px;left:3541.73px;white-space:nowrap">swap </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5098px;left:4011.94px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5348px;left:0px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5348px;left:250.22px;white-space:nowrap">agreement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5348px;left:1160.77px;white-space:nowrap">between </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5348px;left:1891.32px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5348px;left:2191.55px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5348px;left:2651.84px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5348px;left:3002.17px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5348px;left:3152.29px;white-space:nowrap">counterparty </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5348px;left:4202.84px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5598px;left:0px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5598px;left:830.65px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5598px;left:1260.88px;text-rendering:optimizeLegibility;white-space:nowrap">flows </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5598px;left:1720.99px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5598px;left:2261.43px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5598px;left:2511.65px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5598px;left:2811.88px;text-rendering:optimizeLegibility;white-space:nowrap">difference </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5598px;left:3648.52px;white-space:nowrap">between </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5848px;left:0px;white-space:nowrap">two </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5848px;left:330.12px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5848px;left:970.4px;white-space:nowrap">rates, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5848px;left:1470.59px;white-space:nowrap">applied </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5848px;left:2101.11px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5848px;left:2301.24px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5848px;left:2451.36px;white-space:nowrap">notional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5848px;left:3131.89px;white-space:nowrap">amount. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5848px;left:3829.04px;white-space:nowrap">These </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6098px;left:0px;white-space:nowrap">agreements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6098px;left:1000.55px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6098px;left:1390.61px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6098px;left:1640.83px;white-space:nowrap">privately </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6098px;left:2361.09px;white-space:nowrap">negotiated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6098px;left:3251.87px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6098px;left:3441.97px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6098px;left:3742.21px;white-space:nowrap">over-the-</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6348px;left:0px;white-space:nowrap">counter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6348px;left:650.39px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6348px;left:1250.51px;white-space:nowrap">(OTC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6348px;left:1740.41px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6348px;left:2380.69px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6348px;left:2740.87px;white-space:nowrap">swaps) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6348px;left:3361.03px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6348px;left:3571.08px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6348px;left:3961.14px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6598px;left:0px;white-space:nowrap">executed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6598px;left:780.56px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6598px;left:1030.78px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6598px;left:1180.9px;white-space:nowrap">registered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6598px;left:2031.33px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6598px;left:2861.98px;white-space:nowrap">(centrally </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6598px;left:3642.19px;white-space:nowrap">cleared </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6848px;left:0px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6848px;left:640.28px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6848px;left:1000.46px;white-space:nowrap">swaps). </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6848px;left:1670.63px;white-space:nowrap">For </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6848px;left:1990.63px;white-space:nowrap">centrally </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6848px;left:2710.9px;white-space:nowrap">cleared </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6848px;left:3351.27px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6848px;left:3991.55px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7098px;left:0px;white-space:nowrap">swaps, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7098px;left:610.22px;white-space:nowrap">required </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7098px;left:1320.64px;white-space:nowrap">initial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7098px;left:1780.84px;white-space:nowrap">margins </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7098px;left:2471.04px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7098px;left:2781.21px;white-space:nowrap">pledged </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7098px;left:3471.86px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7098px;left:3711.97px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7098px;left:4012.21px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7098px;left:4522.5px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7348px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7348px;left:300.23px;white-space:nowrap">daily </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7348px;left:720.44px;white-space:nowrap">change </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7348px;left:1360.99px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7348px;left:1551.09px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7348px;left:1851.15px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7348px;left:2331.47px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7348px;left:2511.47px;white-space:nowrap">accounted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7348px;left:3392.14px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7348px;left:3652.21px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7348px;left:3892.32px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7348px;left:4042.44px;white-space:nowrap">variation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7598px;left:0px;white-space:nowrap">margin </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7598px;left:600.21px;white-space:nowrap">payable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7598px;left:1280.74px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7598px;left:1490.8px;white-space:nowrap">receivable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7598px;left:2361.27px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7598px;left:2551.38px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7598px;left:2851.61px;white-space:nowrap">Statement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7598px;left:3722.08px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7598px;left:3912.28px;white-space:nowrap">Assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848px;left:350.33px;white-space:nowrap">Liabilities. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848px;left:1190.74px;white-space:nowrap">Over </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848px;left:1630.81px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848px;left:1931.04px;white-space:nowrap">term </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848px;left:2341.05px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848px;left:2541.18px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848px;left:2841.42px;white-space:nowrap">contract, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848px;left:3581.72px;white-space:nowrap">contractually </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8098px;left:0px;white-space:nowrap">required </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8098px;left:710.42px;white-space:nowrap">payments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8098px;left:1540.81px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8098px;left:1740.94px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8098px;left:1991.16px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8098px;left:2381.48px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8098px;left:2731.82px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8098px;left:2931.94px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8098px;left:3182.17px;white-space:nowrap">received </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8098px;left:3912.54px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8348px;left:0px;white-space:nowrap">accrued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8348px;left:690.38px;white-space:nowrap">daily </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8348px;left:1110.59px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8348px;left:1460.92px;white-space:nowrap">recorded </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8348px;left:2221.35px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8348px;left:2461.46px;white-space:nowrap">unrealized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8348px;left:3342.04px;white-space:nowrap">appreciation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8348px;left:4372.73px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8598px;left:0px;white-space:nowrap">depreciation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8598px;left:1030.69px;white-space:nowrap">until </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8598px;left:1410.91px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8598px;left:1711.14px;white-space:nowrap">payments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8598px;left:2541.53px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8598px;left:2851.7px;white-space:nowrap">made, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8598px;left:3401.98px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8598px;left:3602.11px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8598px;left:4112.31px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8598px;left:4502.37px;white-space:nowrap">they </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8848px;left:0px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8848px;left:310.17px;white-space:nowrap">realized. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9278px;left:0px;white-space:nowrap">See </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9278px;left:370.28px;white-space:nowrap">Note </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9278px;left:800.51px;white-space:nowrap">10&#160;regarding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9278px;left:1861.26px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9278px;left:2321.54px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9278px;left:3141.91px;white-space:nowrap">information. </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:9781.54px;left:0px;white-space:nowrap">e. </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:9781.54px;left:211.25px;white-space:nowrap">Restricted </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:9781.54px;left:1193.25px;white-space:nowrap">Cash</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10112px;left:0px;white-space:nowrap">At </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10112px;left:220.08px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10112px;left:1100.39px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10112px;left:1400.63px;white-space:nowrap">2022,&#160;the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10112px;left:2201.31px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10112px;left:2661.59px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10112px;left:3051.91px;white-space:nowrap">restricted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10112px;left:3842.14px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10112px;left:4272.36px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10362px;left:0px;white-space:nowrap">connection </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10362px;left:920.65px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10362px;left:1290.76px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10362px;left:2301.15px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10362px;left:2491.26px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10362px;left:3081.53px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10362px;left:3901.9px;white-space:nowrap">securities. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10612px;left:0px;white-space:nowrap">Restricted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10612px;left:860.27px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10612px;left:1290.5px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10612px;left:1470.5px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10612px;left:1860.82px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10612px;left:2050.93px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10612px;left:2201.04px;white-space:nowrap">segregated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10612px;left:3151.76px;white-space:nowrap">account </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10612px;left:3832.21px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10612px;left:4202.31px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10862px;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:10862px;left:587.02px;white-space:nowrap">custodian </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10862px;left:1407.57px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10862px;left:1757.9px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10862px;left:1937.9px;text-rendering:optimizeLegibility;white-space:nowrap">reflected </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10862px;left:2678.29px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10862px;left:2868.4px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10862px;left:3168.63px;white-space:nowrap">Statement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10862px;left:4039.1px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10862px;left:4229.3px;white-space:nowrap">Assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11112px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11112px;left:350.33px;white-space:nowrap">Liabilities.</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">Income </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:-22.54px;left:6106.82px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:-22.54px;left:6497.4px;white-space:nowrap">Deferred </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:-22.54px;left:7331.62px;letter-spacing:-2.35px;white-space:nowrap">Taxes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:307.92px;left:5220px;white-space:nowrap">It </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:307.92px;left:5370.03px;white-space:nowrap">is&#160;the&#160;Fund&#39;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:307.92px;left:6434.91px;white-space:nowrap">policy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:307.92px;left:6945.12px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:307.92px;left:7145.24px;white-space:nowrap">qualify </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:307.92px;left:7715.57px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:307.92px;left:7955.68px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:307.92px;left:8105.8px;white-space:nowrap">regulated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:307.92px;left:8906.4px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:557.92px;left:5220px;white-space:nowrap">company </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:557.92px;left:6000.38px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:557.92px;left:6510.76px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:557.92px;left:6811px;white-space:nowrap">Internal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:557.92px;left:7461.39px;white-space:nowrap">Revenue </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:557.92px;left:8231.92px;letter-spacing:-0.22px;white-space:nowrap">Code.&#160;The&#160;Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:807.92px;left:5220px;white-space:nowrap">intends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:807.92px;left:5850.44px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:807.92px;left:6050.57px;white-space:nowrap">distribute </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:807.92px;left:6830.95px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:807.92px;left:7031.07px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:807.92px;left:8121.71px;white-space:nowrap">substantially </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:807.92px;left:9162.25px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:807.92px;left:9392.34px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:807.92px;left:9592.47px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1057.92px;left:5220px;white-space:nowrap">taxable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1057.92px;left:5850.44px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1057.92px;left:6480.7px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1057.92px;left:6831.04px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1057.92px;left:7131.27px;white-space:nowrap">realized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1057.92px;left:7811.63px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1057.92px;left:8291.95px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1057.92px;left:8492.08px;white-space:nowrap">relieve </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1057.92px;left:9072.33px;white-space:nowrap">it </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1057.92px;left:9212.34px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1307.92px;left:5220px;white-space:nowrap">federal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1307.92px;left:5820.38px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1307.92px;left:6450.64px;white-space:nowrap">and&#160;excise </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1307.92px;left:7361.19px;white-space:nowrap">taxes. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1307.92px;left:7881.5px;white-space:nowrap">As </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1307.92px;left:8141.57px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1307.92px;left:8291.69px;white-space:nowrap">result, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1307.92px;left:8831.87px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1307.92px;left:9082.09px;white-space:nowrap">provision </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1307.92px;left:9852.45px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1557.92px;left:5220px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1557.92px;left:5620.08px;white-space:nowrap">federal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1557.92px;left:6220.46px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1557.92px;left:6850.72px;white-space:nowrap">taxes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1557.92px;left:7330.96px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1557.92px;left:7510.96px;white-space:nowrap">required.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1987.92px;left:5220px;white-space:nowrap">The&#160;Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1987.92px;left:6040.46px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1987.92px;left:6430.52px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1987.92px;left:6680.74px;white-space:nowrap">subject </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1987.92px;left:7301.07px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1987.92px;left:7501.2px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1987.92px;left:8101.58px;white-space:nowrap">taxation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1987.92px;left:8782.03px;white-space:nowrap">related </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1987.92px;left:9382.41px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2237.92px;left:5220px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2237.92px;left:5850.26px;white-space:nowrap">received, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2237.92px;left:6630.64px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2237.92px;left:7200.97px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2237.92px;left:7681.29px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2237.92px;left:7931.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2237.92px;left:8231.75px;white-space:nowrap">sale </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2237.92px;left:8611.96px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2237.92px;left:8812.09px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2487.92px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2487.92px;left:5570.33px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2487.92px;left:6160.61px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2487.92px;left:6760.99px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2487.92px;left:7501.2px;white-space:nowrap">transactions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2487.92px;left:8521.7px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2487.92px;left:8711.81px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2487.92px;left:9012.04px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2737.92px;left:5220px;white-space:nowrap">jurisdictions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2737.92px;left:6210.35px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2737.92px;left:6400.46px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2737.92px;left:6910.66px;white-space:nowrap">it </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2737.92px;left:7050.67px;white-space:nowrap">invests. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2737.92px;left:7710.91px;white-space:nowrap">Foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2737.92px;left:8371.23px;white-space:nowrap">taxes, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2737.92px;left:8901.47px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2737.92px;left:9041.48px;letter-spacing:-2.67px;white-space:nowrap">any, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2737.92px;left:9418.36px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2987.92px;left:5220px;white-space:nowrap">recorded </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2987.92px;left:5980.43px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2987.92px;left:6520.87px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2987.92px;left:6771.09px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2987.92px;left:7071.33px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2987.92px;left:7361.46px;white-space:nowrap">regulations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2987.92px;left:8292.04px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2987.92px;left:8642.37px;white-space:nowrap">rates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2987.92px;left:9092.55px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2987.92px;left:9442.79px;white-space:nowrap">exist </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3237.92px;left:5220px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3237.92px;left:5410.11px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3237.92px;left:5710.34px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3237.92px;left:6310.72px;white-space:nowrap">markets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3237.92px;left:7000.84px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3237.92px;left:7190.95px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3237.92px;left:7701.15px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3237.92px;left:8001.39px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3237.92px;left:8461.67px;white-space:nowrap">invests. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3237.92px;left:9121.9px;white-space:nowrap">When </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3237.92px;left:9642.13px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3487.92px;left:5220px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3487.92px;left:5790.32px;white-space:nowrap">gain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3487.92px;left:6180.64px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3487.92px;left:6470.77px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3487.92px;left:6650.77px;white-space:nowrap">determined </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3487.92px;left:7601.31px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3487.92px;left:7801.44px;letter-spacing:-1.91px;white-space:nowrap">apply, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3487.92px;left:8318.41px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3487.92px;left:8618.64px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3487.92px;left:9078.93px;white-space:nowrap">records </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3487.92px;left:9729.14px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3737.92px;left:5220px;white-space:nowrap">estimated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3737.92px;left:6050.39px;white-space:nowrap">deferred </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3737.92px;left:6770.83px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3737.92px;left:7060.96px;white-space:nowrap">liability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3737.92px;left:7651.14px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3737.92px;left:7841.25px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3737.92px;left:8091.47px;white-space:nowrap">amount </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3737.92px;left:8741.87px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3737.92px;left:9092.11px;white-space:nowrap">would </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3737.92px;left:9612.42px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3987.92px;left:5220px;white-space:nowrap">payable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3987.92px;left:5900.54px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3987.92px;left:6040.55px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3987.92px;left:6340.78px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3987.92px;left:7151.04px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3987.92px;left:7591.2px;white-space:nowrap">disposed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3987.92px;left:8361.74px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3987.92px;left:8561.87px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3987.92px;left:8812.09px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3987.92px;left:9112.32px;white-space:nowrap">valuation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4237.92px;left:5220px;white-space:nowrap">date.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4667.92px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4667.92px;left:5580.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4667.92px;left:6040.46px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4667.92px;left:6430.52px;white-space:nowrap">recognize </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4667.92px;left:7261px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4667.92px;left:7511.22px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4667.92px;left:8141.48px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4667.92px;left:8431.61px;white-space:nowrap">liability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4667.92px;left:9021.8px;white-space:nowrap">related </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4667.92px;left:9622.18px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4667.92px;left:9822.3px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4917.92px;left:5220px;white-space:nowrap">uncertain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4917.92px;left:6010.49px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4917.92px;left:6300.62px;white-space:nowrap">positions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4917.92px;left:7061.04px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4917.92px;left:7571.43px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4917.92px;left:7971.5px;letter-spacing:-0.65px;white-space:nowrap">GAAP </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4917.92px;left:8518.45px;white-space:nowrap">when </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4917.92px;left:8998.77px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4917.92px;left:9299px;white-space:nowrap">uncertain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5167.92px;left:5220px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5167.92px;left:5510.13px;white-space:nowrap">position </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5167.92px;left:6180.56px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5167.92px;left:6520.78px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5167.92px;left:6670.9px;white-space:nowrap">less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5167.92px;left:7041.01px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5167.92px;left:7441.35px;white-space:nowrap">50% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5167.92px;left:7851.62px;white-space:nowrap">probability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5167.92px;left:8722.09px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5167.92px;left:9072.33px;white-space:nowrap">it </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5167.92px;left:9212.34px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5167.92px;left:9512.31px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5417.92px;left:5220px;white-space:nowrap">sustained </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5417.92px;left:6040.55px;white-space:nowrap">upon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5417.92px;left:6490.99px;white-space:nowrap">examination </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5417.92px;left:7511.57px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5417.92px;left:7751.69px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5417.92px;left:8051.92px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5417.92px;left:8342.05px;white-space:nowrap">authorities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5417.92px;left:9222.54px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5667.92px;left:5220px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5667.92px;left:5470.22px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5667.92px;left:5700.23px;white-space:nowrap">technical </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5667.92px;left:6460.66px;white-space:nowrap">merits. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5667.92px;left:7040.74px;white-space:nowrap">As </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5667.92px;left:7300.81px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5667.92px;left:7500.94px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5667.92px;left:8381.25px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5667.92px;left:8681.48px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5667.92px;left:9181.93px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5667.92px;left:9482.17px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5917.92px;left:5220px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5917.92px;left:5560.22px;white-space:nowrap">determined </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5917.92px;left:6510.76px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5917.92px;left:6861.01px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5917.92px;left:7111.23px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5917.92px;left:7401.36px;white-space:nowrap">liability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5917.92px;left:7991.54px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5917.92px;left:8171.54px;white-space:nowrap">required </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5917.92px;left:8881.96px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5917.92px;left:9072.07px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5917.92px;left:9302.08px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6167.92px;left:5220px;white-space:nowrap">statements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6167.92px;left:6150.41px;white-space:nowrap">related </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6167.92px;left:6750.79px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6167.92px;left:6950.92px;white-space:nowrap">uncertain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6167.92px;left:7741.41px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6167.92px;left:8031.53px;white-space:nowrap">positions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6167.92px;left:8791.96px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6167.92px;left:9052.03px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6167.92px;left:9392.26px;white-space:nowrap">open </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6417.92px;left:5220px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6417.92px;left:5510.13px;white-space:nowrap">years </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6417.92px;left:6000.29px;white-space:nowrap">(or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6417.92px;left:6270.29px;white-space:nowrap">expected </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6417.92px;left:7050.85px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6417.92px;left:7250.98px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6417.92px;left:7501.2px;white-space:nowrap">taken </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6417.92px;left:7991.54px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6417.92px;left:8181.65px;white-space:nowrap">future </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6417.92px;left:8691.94px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6417.92px;left:8982.07px;white-space:nowrap">years). </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6417.92px;left:9582.19px;white-space:nowrap">Open </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6667.92px;left:5220px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6667.92px;left:5510.13px;white-space:nowrap">years </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6667.92px;left:6000.29px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6667.92px;left:6310.46px;white-space:nowrap">those </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6667.92px;left:6800.8px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6667.92px;left:7151.04px;white-space:nowrap">remain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6667.92px;left:7751.25px;white-space:nowrap">subject </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6667.92px;left:8371.58px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6667.92px;left:8571.71px;white-space:nowrap">examination </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6667.92px;left:9592.29px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6917.92px;left:5220px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6917.92px;left:5530.17px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6917.92px;left:6070.61px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6917.92px;left:6320.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6917.92px;left:6621.06px;white-space:nowrap">statute </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6917.92px;left:7211.43px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6917.92px;left:7411.55px;white-space:nowrap">limitations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6917.92px;left:8261.81px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6917.92px;left:8451.91px;white-space:nowrap">each </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6917.92px;left:8892.25px;white-space:nowrap">jurisdiction </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6917.92px;left:9792.6px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7167.92px;left:5220px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7167.92px;left:5730.21px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7167.92px;left:6030.44px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7167.92px;left:6490.72px;white-space:nowrap">invests.&#160;</div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:7671.46px;left:5220px;white-space:nowrap">g. </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:7671.46px;left:5441.64px;white-space:nowrap">Security </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:7671.46px;left:6244.22px;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:7671.46px;left:7521.89px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:7671.46px;left:8577.75px;white-space:nowrap">Income, </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:7931.46px;left:5220px;white-space:nowrap">Expenses </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:7931.46px;left:6159.98px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:7931.46px;left:6550.56px;white-space:nowrap">Distributions</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8261.92px;left:5220px;white-space:nowrap">Security </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8261.92px;left:5920.22px;white-space:nowrap">transactions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8261.92px;left:6940.72px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8261.92px;left:7250.89px;white-space:nowrap">accounted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8261.92px;left:8131.55px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8261.92px;left:8391.62px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8261.92px;left:8641.85px;white-space:nowrap">trade </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8261.92px;left:9102.13px;white-space:nowrap">date. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8511.92px;left:5220px;white-space:nowrap">Realized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8511.92px;left:5970.41px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8511.92px;left:6450.73px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8511.92px;left:6801.06px;white-space:nowrap">losses </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8511.92px;left:7361.28px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8511.92px;left:7611.5px;white-space:nowrap">security </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8511.92px;left:8281.67px;white-space:nowrap">transactions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8511.92px;left:9302.17px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8761.92px;left:5220px;white-space:nowrap">determined </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8761.92px;left:6170.54px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8761.92px;left:6420.76px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8761.92px;left:6570.88px;text-rendering:optimizeLegibility;white-space:nowrap">specific </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8761.92px;left:7221.09px;text-rendering:optimizeLegibility;white-space:nowrap">identification </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8761.92px;left:8271.74px;white-space:nowrap">basis. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8761.92px;left:8791.96px;white-space:nowrap">Interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8761.92px;left:9442.27px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9011.92px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9011.92px;left:5570.33px;white-space:nowrap">estimated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9011.92px;left:6400.72px;white-space:nowrap">expenses </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9011.92px;left:7221.27px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9011.92px;left:7531.44px;white-space:nowrap">accrued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9011.92px;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:9011.92px;left:8668.74px;white-space:nowrap">Amortization </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9011.92px;left:9719.12px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9261.92px;left:5220px;white-space:nowrap">premium </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9261.92px;left:5970.15px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9261.92px;left:6320.48px;white-space:nowrap">accretion </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9261.92px;left:7100.86px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9261.92px;left:7300.99px;white-space:nowrap">discount </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9261.92px;left:8021.43px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9261.92px;left:8271.65px;white-space:nowrap">debt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9261.92px;left:8671.99px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9261.92px;left:9482.26px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9511.92px;left:5220px;white-space:nowrap">included </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9511.92px;left:5940.53px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9511.92px;left:6130.63px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9511.92px;left:6770.92px;white-space:nowrap">income. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9511.92px;left:7451.19px;white-space:nowrap">Dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9511.92px;left:8201.6px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9511.92px;left:8831.87px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9511.92px;left:9011.87px;white-space:nowrap">recorded </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9761.92px;left:5220px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9761.92px;left:5470.22px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9761.92px;left:5770.46px;white-space:nowrap">ex-dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9761.92px;left:6741.04px;white-space:nowrap">date. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9761.92px;left:7191.39px;white-space:nowrap">Distributions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9761.92px;left:8231.75px;white-space:nowrap">to&#160;shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9761.92px;left:9522.51px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10011.92px;left:5220px;white-space:nowrap">recorded </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10011.92px;left:5980.43px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10011.92px;left:6230.65px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10011.92px;left:6530.89px;white-space:nowrap">ex-dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10011.92px;left:7501.46px;white-space:nowrap">date. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10011.92px;left:7948.56px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10011.92px;left:8308.74px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10011.92px;left:8769.02px;white-space:nowrap">employs </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10011.92px;left:9489.29px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10261.92px;left:5220px;white-space:nowrap">managed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10261.92px;left:6020.6px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10261.92px;left:6941.07px;white-space:nowrap">policy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10261.92px;left:7451.28px;white-space:nowrap">whereby </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10261.92px;left:8181.65px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10261.92px;left:8481.88px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10261.92px;left:8942.17px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10261.92px;left:9242.14px;white-space:nowrap">make </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10511.92px;left:5220px;white-space:nowrap">monthly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10511.92px;left:5900.27px;white-space:nowrap">distributions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10511.92px;left:6910.75px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10511.92px;left:7110.88px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10511.92px;left:8201.51px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10511.92px;left:8401.64px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10511.92px;left:8651.87px;white-space:nowrap">annual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10511.92px;left:9242.4px;white-space:nowrap">minimum </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10761.92px;left:5220px;text-rendering:optimizeLegibility;white-space:nowrap">fixed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10761.92px;left:5650.22px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10761.92px;left:6010.4px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10761.92px;left:6210.53px;white-space:nowrap">8%, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10761.92px;left:6570.7px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10761.92px;left:7111.14px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10761.92px;left:7361.37px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10761.92px;left:7661.6px;white-space:nowrap">average </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10761.92px;left:8362.09px;white-space:nowrap">monthly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10761.92px;left:9042.36px;letter-spacing:-3.34px;white-space:nowrap">NAV </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10761.92px;left:9449.12px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10761.92px;left:9649.25px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11011.92px;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:11011.92px;left:5807.02px;white-space:nowrap">common </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11011.92px;left:6547.24px;white-space:nowrap">shares. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11011.92px;left:7187.52px;text-rendering:optimizeLegibility;white-space:nowrap">Effective </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11011.92px;left:7923.96px;white-space:nowrap">March </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11011.92px;left:8474.06px;white-space:nowrap">7, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11011.92px;left:8674.19px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11011.92px;left:9174.64px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11011.92px;left:9474.87px;white-space:nowrap">annual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11261.92px;left:5220px;white-space:nowrap">minimum </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11261.92px;left:6000.03px;text-rendering:optimizeLegibility;white-space:nowrap">fixed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11261.92px;left:6430.25px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11261.92px;left:6790.43px;white-space:nowrap">increased </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11261.92px;left:7620.91px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11261.92px;left:8030.92px;white-space:nowrap">7.5% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11261.92px;left:8491.2px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11261.92px;left:8691.33px;white-space:nowrap">8%. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11261.92px;left:9051.5px;white-space:nowrap">Under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11511.92px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11511.92px;left:5520.23px;letter-spacing:-1.67px;white-space:nowrap">policy, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11511.92px;left:6067.09px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11511.92px;left:6367.32px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11511.92px;left:6827.61px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11511.92px;left:7007.61px;white-space:nowrap">managed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11511.92px;left:7808.2px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11511.92px;left:8178.31px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11511.92px;left:8328.43px;white-space:nowrap">goal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11511.92px;left:8718.75px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11511.92px;left:8918.88px;white-space:nowrap">generating </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11761.92px;left:5220px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11761.92px;left:5460.12px;white-space:nowrap">much </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11761.92px;left:5950.28px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11761.92px;left:6150.41px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11761.92px;left:6450.64px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11761.92px;left:7371.12px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11761.92px;left:7611.24px;white-space:nowrap">possible </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11761.92px;left:8321.66px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11761.92px;left:8731.67px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11761.92px;left:9031.9px;white-space:nowrap">ordinary </div></div>
		</div>
		<div style="height:54.74px;left:0px;position:absolute;top:0px;transform:translate(35.999px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:243.00px">
			<div style="width:4860px;height:818.41px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) 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">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">Derivative </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:1182.77px;white-space:nowrap">Financial </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:2059.11px;white-space:nowrap">Instruments </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:682.94px;left:3199.29px;white-space:nowrap">(continued)</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:50.48px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) 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:7437.56px;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:8393.66px;letter-spacing:9.6px;white-space:nowrap">Global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:9034.53px;letter-spacing:10.29px;white-space:nowrap">Income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:9679.78px;letter-spacing:9px;white-space:nowrap">Fund</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:7461.73px;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:8019.91px;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: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="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">
			<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) 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-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(527.260px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">
			<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) 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="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual </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:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
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		<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(53.999px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">

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		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:610.68px;left:0px;position:absolute;top:0px;transform:translate(54.000px,121.116px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">





































			<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:0px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:630.26px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:980.6px;white-space:nowrap">short-term </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:1850.71px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:2421.04px;white-space:nowrap">gains. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:2948.12px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:3308.29px;white-space:nowrap">balance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:3988.83px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:4188.96px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:0px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:920.48px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:1220.45px;white-space:nowrap">then </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:1620.79px;white-space:nowrap">come </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:2110.96px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:2520.97px;white-space:nowrap">long-term </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:3331.23px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:3901.55px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:4381.88px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1748px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1748px;left:300.23px;white-space:nowrap">extent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1748px;left:840.59px;white-space:nowrap">permitted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1748px;left:1640.92px;white-space:nowrap">and, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1748px;left:2041.26px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1748px;left:2181.27px;letter-spacing:-1.21px;white-space:nowrap">necessary, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1748px;left:3088.3px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1748px;left:3238.42px;white-space:nowrap">return </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1748px;left:3758.64px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1748px;left:3958.77px;white-space:nowrap">capital. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1998px;left:0px;white-space:nowrap">Distributable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1998px;left:1050.47px;white-space:nowrap">earnings </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1998px;left:1790.95px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1998px;left:2101.11px;white-space:nowrap">determined </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1998px;left:3051.65px;white-space:nowrap">according </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1998px;left:3882.13px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1998px;left:4082.26px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2248px;left:0px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2248px;left:290.13px;white-space:nowrap">regulations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2248px;left:1220.71px;white-space:nowrap">(tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2248px;left:1570.78px;white-space:nowrap">basis) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2248px;left:2100.94px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2248px;left:2451.27px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2248px;left:2841.33px;text-rendering:optimizeLegibility;white-space:nowrap">differ </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2248px;left:3287.64px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2248px;left:3697.65px;white-space:nowrap">earnings </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2498px;left:0px;white-space:nowrap">recorded </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2498px;left:760.43px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2498px;left:950.54px;white-space:nowrap">accordance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2498px;left:1931.13px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2498px;left:2301.24px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2498px;left:2701.32px;letter-spacing:-3.87px;white-space:nowrap">GAAP. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2498px;left:3275.07px;white-space:nowrap">These </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2498px;left:3825.35px;text-rendering:optimizeLegibility;white-space:nowrap">differences </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2748px;left:0px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2748px;left:390.06px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2748px;left:640.28px;white-space:nowrap">permanent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2748px;left:1550.83px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2748px;left:1760.89px;letter-spacing:-1.21px;white-space:nowrap">temporary. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2748px;left:2657.81px;white-space:nowrap">Permanent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2748px;left:3588.31px;text-rendering:optimizeLegibility;white-space:nowrap">differences </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2998px;left:0px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2998px;left:310.17px;text-rendering:optimizeLegibility;white-space:nowrap">reclassified </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2998px;left:1260.53px;white-space:nowrap">among </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2998px;left:1860.91px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2998px;left:2431.23px;white-space:nowrap">accounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2998px;left:3201.68px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2998px;left:3401.81px;text-rendering:optimizeLegibility;white-space:nowrap">reflect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2998px;left:3941.98px;white-space:nowrap">their </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2998px;left:4342.15px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3248px;left:0px;letter-spacing:-0.9px;white-space:nowrap">character. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3248px;left:837.16px;white-space:nowrap">These </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3248px;left:1387.44px;text-rendering:optimizeLegibility;white-space:nowrap">reclassifications </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3248px;left:2707.91px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3248px;left:3148.24px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3248px;left:3398.47px;white-space:nowrap">impact </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3248px;left:3978.63px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3248px;left:4228.86px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3498px;left:0px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3498px;left:570.23px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3498px;left:780.29px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3498px;left:1080.53px;white-space:nowrap">results </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3498px;left:1660.69px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3498px;left:1860.82px;white-space:nowrap">operations. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3498px;left:2798.17px;letter-spacing:-2px;white-space:nowrap">Temporary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3498px;left:3698.44px;text-rendering:optimizeLegibility;white-space:nowrap">differences </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3748px;left:0px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3748px;left:310.17px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3748px;left:610.4px;text-rendering:optimizeLegibility;white-space:nowrap">reclassified, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3748px;left:1610.77px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3748px;left:1850.89px;white-space:nowrap">they </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3748px;left:2241.12px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3748px;left:2631.18px;white-space:nowrap">reverse </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3748px;left:3281.4px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3748px;left:3471.5px;white-space:nowrap">subsequent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3998px;left:0px;white-space:nowrap">periods.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4428px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Inflation-indexed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4428px;left:1370.92px;white-space:nowrap">bonds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4428px;left:1911.36px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4428px;left:2221.52px;white-space:nowrap">adjusted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4428px;left:2952.07px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4428px;left:3212.14px;text-rendering:optimizeLegibility;white-space:nowrap">inflation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4428px;left:3882.57px;white-space:nowrap">through </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4678px;left:0px;white-space:nowrap">periodic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4678px;left:680.36px;white-space:nowrap">increases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4678px;left:1500.73px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4678px;left:1710.79px;white-space:nowrap">decreases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4678px;left:2591.28px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4678px;left:2781.39px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4678px;left:3081.62px;white-space:nowrap">security&#39;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4678px;left:3876.15px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4928px;left:0px;white-space:nowrap">accruals, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4928px;left:770.27px;white-space:nowrap">face </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4928px;left:1160.51px;white-space:nowrap">amount, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4928px;left:1860.91px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4928px;left:2070.97px;white-space:nowrap">principal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4928px;left:2791.32px;white-space:nowrap">redemption </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4928px;left:3741.86px;white-space:nowrap">value, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4928px;left:4272.19px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5178px;left:0px;white-space:nowrap">amounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5178px;left:740.39px;white-space:nowrap">corresponding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5178px;left:1931.13px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5178px;left:2131.26px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5178px;left:2431.49px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5178px;left:2791.67px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5178px;left:2991.8px;text-rendering:optimizeLegibility;white-space:nowrap">inflation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5178px;left:3662.23px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5178px;left:3902.34px;white-space:nowrap">measured </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5220px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5460.12px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5710.34px;white-space:nowrap">index. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6230.74px;white-space:nowrap">Any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6590.92px;white-space:nowrap">increase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7321.29px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7531.35px;white-space:nowrap">decrease </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8321.84px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8511.94px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8812.18px;white-space:nowrap">face </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9202.41px;white-space:nowrap">amount </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5220px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5430.06px;white-space:nowrap">principal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6150.41px;white-space:nowrap">redemption </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7100.95px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7581.27px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7881.24px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8131.46px;white-space:nowrap">included </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8851.99px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9092.11px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5220px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5850.26px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6040.37px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6340.61px;white-space:nowrap">Statement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7211.07px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7411.2px;white-space:nowrap">Operations.</div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:982.18px;left:5220px;white-space:nowrap">h. </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:982.18px;left:5434.58px;white-space:nowrap">Accounting </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:982.18px;left:6532.28px;white-space:nowrap">Estimates</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1312.64px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1312.64px;left:5580.18px;white-space:nowrap">preparation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1312.64px;left:6540.82px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1312.64px;left:6740.95px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1312.64px;left:7451.37px;white-space:nowrap">statements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1312.64px;left:8381.78px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1312.64px;left:8571.88px;white-space:nowrap">accordance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1312.64px;left:9552.48px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1562.64px;left:5220px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1562.64px;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:1562.64px;left:6167.02px;white-space:nowrap">requires </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1562.64px;left:6867.33px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1562.64px;left:7967.99px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1562.64px;left:8168.12px;white-space:nowrap">make </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1562.64px;left:8658.28px;white-space:nowrap">estimates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1562.64px;left:9478.56px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1812.64px;left:5220px;white-space:nowrap">assumptions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1812.64px;left:6280.49px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1812.64px;left:6630.73px;text-rendering:optimizeLegibility;white-space:nowrap">affect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1812.64px;left:7117.12px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1812.64px;left:7417.35px;white-space:nowrap">reported </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1812.64px;left:8137.79px;white-space:nowrap">amounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1812.64px;left:8878.18px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1812.64px;left:9078.31px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2062.64px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2062.64px;left:5570.33px;white-space:nowrap">liabilities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2062.64px;left:6300.62px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2062.64px;left:6500.74px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2062.64px;left:6800.98px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2062.64px;left:7201.32px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2062.64px;left:7401.45px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2062.64px;left:7701.68px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2062.64px;left:8412.1px;white-space:nowrap">statements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2062.64px;left:9342.51px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2312.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2312.64px;left:5520.23px;white-space:nowrap">amounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2312.64px;left:6260.62px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2312.64px;left:6460.75px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2312.64px;left:7091.02px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2312.64px;left:7441.35px;white-space:nowrap">expenses </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2312.64px;left:8261.89px;white-space:nowrap">during </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2312.64px;left:8812.27px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2312.64px;left:9112.5px;white-space:nowrap">reporting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2562.64px;left:5220px;white-space:nowrap">period. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2562.64px;left:5810.45px;white-space:nowrap">Actual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2562.64px;left:6360.73px;white-space:nowrap">results </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2562.64px;left:6940.9px;white-space:nowrap">could </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2562.64px;left:7421.22px;text-rendering:optimizeLegibility;white-space:nowrap">differ </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2562.64px;left:7867.53px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2562.64px;left:8277.54px;white-space:nowrap">those </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2562.64px;left:8767.88px;white-space:nowrap">estimates.</div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3066.18px;left:5220px;white-space:nowrap">i. </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3066.18px;left:5378.36px;white-space:nowrap">Guarantees </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3066.18px;left:6476.62px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3066.18px;left:6867.19px;text-rendering:optimizeLegibility;white-space:nowrap">Indemnifications</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3396.64px;left:5220px;white-space:nowrap">Under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3396.64px;left:5760.26px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3396.64px;left:6060.5px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3396.64px;left:6645.15px;white-space:nowrap">organizational </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3396.64px;left:7815.94px;white-space:nowrap">documents, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3396.64px;left:8796.45px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3396.64px;left:9026.46px;text-rendering:optimizeLegibility;white-space:nowrap">officers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3646.64px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3646.64px;left:5570.33px;white-space:nowrap">trustees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3646.64px;left:6260.62px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3646.64px;left:6570.79px;text-rendering:optimizeLegibility;white-space:nowrap">indemnified </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3646.64px;left:7541.37px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3646.64px;left:7781.48px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3646.64px;left:8081.72px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3646.64px;left:8542px;white-space:nowrap">against </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3646.64px;left:9172.44px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3896.64px;left:5220px;white-space:nowrap">liabilities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3896.64px;left:5950.28px;white-space:nowrap">arising </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3896.64px;left:6530.54px;white-space:nowrap">out </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3896.64px;left:6830.77px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3896.64px;left:7030.9px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3896.64px;left:7331.13px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3896.64px;left:8391.62px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3896.64px;left:8591.75px;white-space:nowrap">their </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3896.64px;left:8991.91px;white-space:nowrap">duties </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3896.64px;left:9522.25px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4146.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4146.64px;left:5520.23px;white-space:nowrap">Fund. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4146.64px;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:4146.64px;left:7027.82px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4146.64px;left:7217.93px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4146.64px;left:7518.16px;white-space:nowrap">normal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4146.64px;left:8118.37px;white-space:nowrap">course </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4146.64px;left:8708.64px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4146.64px;left:8908.77px;white-space:nowrap">business, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4146.64px;left:9719.21px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4396.64px;left:5220px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4396.64px;left:5680.28px;white-space:nowrap">enters </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4396.64px;left:6230.57px;white-space:nowrap">into </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4396.64px;left:6570.79px;white-space:nowrap">contracts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4396.64px;left:7351.08px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4396.64px;left:7721.19px;white-space:nowrap">service </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4396.64px;left:8341.35px;white-space:nowrap">providers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4396.64px;left:9131.66px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4396.64px;left:9481.9px;white-space:nowrap">contain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4646.64px;left:5220px;white-space:nowrap">general </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4646.64px;left:5870.48px;text-rendering:optimizeLegibility;white-space:nowrap">indemnification </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4646.64px;left:7121.16px;white-space:nowrap">clauses. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4646.64px;left:7828.24px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4646.64px;left:8188.42px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4646.64px;left:8773.07px;white-space:nowrap">maximum </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4896.64px;left:5220px;white-space:nowrap">exposure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4896.64px;left:6010.49px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4896.64px;left:6520.87px;white-space:nowrap">these </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4896.64px;left:7011.21px;white-space:nowrap">arrangements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4896.64px;left:8171.81px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4896.64px;left:8351.81px;white-space:nowrap">unknown </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4896.64px;left:9122.34px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4896.64px;left:9362.46px;white-space:nowrap">this </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5146.64px;left:5220px;white-space:nowrap">would </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5146.64px;left:5740.31px;white-space:nowrap">involve </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5146.64px;left:6350.62px;white-space:nowrap">future </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5146.64px;left:6860.92px;white-space:nowrap">claims </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5146.64px;left:7420.96px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5146.64px;left:7771.2px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5146.64px;left:8161.26px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5146.64px;left:8411.48px;white-space:nowrap">made </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5146.64px;left:8911.76px;white-space:nowrap">against </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5146.64px;left:9542.2px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5396.64px;left:5220px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5396.64px;left:5680.28px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5396.64px;left:6030.53px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5396.64px;left:6470.86px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5396.64px;left:6771.09px;white-space:nowrap">yet </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5396.64px;left:7061.22px;white-space:nowrap">occurred. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5396.64px;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:5396.64px;left:8678.41px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5396.64px;left:8978.64px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5396.64px;left:9438.93px;white-space:nowrap">expects </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5646.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5646.64px;left:5520.23px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5646.64px;left:5850.18px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5646.64px;left:6050.3px;white-space:nowrap">loss </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5646.64px;left:6420.41px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5646.64px;left:6620.54px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5646.64px;left:6870.76px;white-space:nowrap">remote.</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6229.71px;left:0px;letter-spacing:-2.67px;white-space:nowrap">2. </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6229.71px;left:210.36px;letter-spacing:-3.43px;white-space:nowrap">Shares </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6229.71px;left:905.02px;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:6229.71px;left:1137.36px;text-rendering:optimizeLegibility;letter-spacing:-3.27px;white-space:nowrap">Beneficial </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6229.71px;left:2097.75px;letter-spacing:-3.5px;white-space:nowrap">Interest</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6597.44px;left:0px;white-space:nowrap">At </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6597.44px;left:220.08px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6597.44px;left:1100.39px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6597.44px;left:1400.63px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6597.44px;left:1901.07px;white-space:nowrap">there </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6597.44px;left:2361.36px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6597.44px;left:2801.51px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6597.44px;left:3051.74px;white-space:nowrap">unlimited </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6597.44px;left:3822.1px;white-space:nowrap">number </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6597.44px;left:4482.42px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6597.44px;left:4682.55px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6597.44px;left:5272.82px;white-space:nowrap">authorized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6597.44px;left:6163.42px;white-space:nowrap">(without </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6597.44px;left:6843.69px;white-space:nowrap">par </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6597.44px;left:7153.86px;white-space:nowrap">value). </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7027.44px;left:0px;white-space:nowrap">Under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7027.44px;left:540.26px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7027.44px;left:840.5px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7027.44px;left:1370.83px;white-space:nowrap">approved </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7027.44px;left:2171.43px;white-space:nowrap">open-market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7027.44px;left:3231.91px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7027.44px;left:3732.19px;white-space:nowrap">repurchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7027.44px;left:4682.72px;white-space:nowrap">program, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7027.44px;left:5453px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7027.44px;left:5753.23px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7027.44px;left:6213.52px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7027.44px;left:6603.57px;white-space:nowrap">purchase, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7027.44px;left:7444.07px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7027.44px;left:7854.08px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7027.44px;left:8244.14px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7027.44px;left:8444.27px;white-space:nowrap">time, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7027.44px;left:8884.34px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7027.44px;left:9344.62px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7277.44px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7277.44px;left:190.11px;white-space:nowrap">open-market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7277.44px;left:1250.6px;white-space:nowrap">transactions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7277.44px;left:2321.1px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7277.44px;left:2521.23px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7277.44px;left:2821.46px;white-space:nowrap">discretion </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7277.44px;left:3641.84px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7277.44px;left:3841.96px;white-space:nowrap">management. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7277.44px;left:4992.63px;white-space:nowrap">Since </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7277.44px;left:5492.9px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7277.44px;left:5793.13px;white-space:nowrap">inception </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7277.44px;left:6563.67px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7277.44px;left:6763.8px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7277.44px;left:7064.03px;white-space:nowrap">program, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7277.44px;left:7834.31px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7277.44px;left:8134.54px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7277.44px;left:8594.82px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7277.44px;left:8935.05px;white-space:nowrap">repurchased </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7527.44px;left:0px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7527.44px;left:150.12px;white-space:nowrap">total </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7527.44px;left:540.35px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7527.44px;left:740.48px;letter-spacing:-1.21px;white-space:nowrap">11,285,400 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7527.44px;left:1678.01px;white-space:nowrap">shares. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7527.44px;left:2318.29px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7527.44px;left:2518.42px;white-space:nowrap">addition, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7527.44px;left:3248.96px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7527.44px;left:3549.2px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7527.44px;left:4009.48px;white-space:nowrap">separately </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7527.44px;left:4889.97px;white-space:nowrap">conducted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7527.44px;left:5770.63px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7527.44px;left:5920.75px;white-space:nowrap">tender </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7527.44px;left:6481.14px;text-rendering:optimizeLegibility;letter-spacing:-1.42px;white-space:nowrap">offer, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7527.44px;left:6927.54px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7527.44px;left:7437.74px;white-space:nowrap">expired </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7527.44px;left:8078.12px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7527.44px;left:8328.34px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7527.44px;left:9208.65px;white-space:nowrap">7, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7527.44px;left:9408.78px;white-space:nowrap">2021. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7777.44px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7777.44px;left:360.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7777.44px;left:820.46px;white-space:nowrap">accepted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7777.44px;left:1601.02px;white-space:nowrap">31,347,231 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7777.44px;left:2551.9px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7777.44px;left:3142.18px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7777.44px;left:3332.29px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7777.44px;left:3632.52px;white-space:nowrap">tender </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7777.44px;left:4192.91px;text-rendering:optimizeLegibility;letter-spacing:-1.42px;white-space:nowrap">offer. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7777.44px;left:4636.05px;letter-spacing:-0.51px;white-space:nowrap">Transactions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7777.44px;left:5709.81px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7777.44px;left:5899.92px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7777.44px;left:6200.16px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7777.44px;left:6787.18px;white-space:nowrap">shares, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7777.44px;left:7427.46px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7777.44px;left:8187.98px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7777.44px;left:8488.21px;white-space:nowrap">tender </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7777.44px;left:9048.6px;text-rendering:optimizeLegibility;letter-spacing:-1.42px;white-space:nowrap">offer, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7777.44px;left:9495px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8027.44px;left:0px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8027.44px;left:240.12px;white-space:nowrap">follows:</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8492.86px;left:4359.26px;letter-spacing:-1.77px;white-space:nowrap">Year </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8492.86px;left:4741.84px;white-space:nowrap">Ended</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8684.86px;left:4074.49px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8684.86px;left:4892.7px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8684.86px;left:5159.57px;white-space:nowrap">2022</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8492.86px;left:6571.26px;letter-spacing:-1.77px;white-space:nowrap">Year </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8492.86px;left:6953.84px;white-space:nowrap">Ended</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8684.86px;left:6286.49px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8684.86px;left:7104.7px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8684.86px;left:7371.57px;white-space:nowrap">2021</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8945.34px;left:3975.16px;white-space:nowrap">Shares</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8945.34px;left:5045.85px;white-space:nowrap">Amount</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8945.34px;left:6161.23px;white-space:nowrap">Shares</div><div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:8948.56px;left:6694.9px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8945.34px;left:7257.85px;white-space:nowrap">Amount</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9287.29px;left:0px;white-space:nowrap">Shares </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9287.29px;left:551.41px;white-space:nowrap">issued</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9287.29px;left:1058.36px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9287.29px;left:1227.34px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9287.29px;left:2187.73px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9287.29px;left:2365.63px;white-space:nowrap">distributions</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9287.29px;left:3269.46px;letter-spacing:49.41px;white-space:nowrap">...</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9287.29px;left:4305.63px;white-space:nowrap">24,444</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9287.29px;left:5245.53px;letter-spacing:-1.48px;white-space:nowrap">$109,511</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9287.29px;left:6847px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9287.29px;left:7864.02px;white-space:nowrap">$&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9547.77px;left:0px;white-space:nowrap">Shares </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9547.77px;left:551.41px;white-space:nowrap">repurchased</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9547.77px;left:1494.61px;letter-spacing:49.02px;white-space:nowrap">......................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9547.77px;left:4199.06px;white-space:nowrap">(75,000)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9547.77px;left:5216.08px;white-space:nowrap">(386,870)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9547.77px;left:6099.66px;white-space:nowrap">(31,347,231)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9547.77px;left:7116.67px;white-space:nowrap">(170,215,462)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9808.25px;left:0px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9808.25px;left:293.44px;white-space:nowrap">increase </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9808.25px;left:942.66px;white-space:nowrap">(decrease)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9808.25px;left:1774.85px;letter-spacing:49.03px;white-space:nowrap">...................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9808.25px;left:4199.06px;white-space:nowrap">(50,556)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9808.25px;left:5127.09px;white-space:nowrap">$(277,359)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9808.25px;left:6099.66px;white-space:nowrap">(31,347,231)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9808.25px;left:7027.69px;white-space:nowrap">$(170,215,462)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10068.74px;left:0px;letter-spacing:-0.32px;white-space:nowrap">Weighted </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10068.74px;left:717.5px;white-space:nowrap">average </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10068.74px;left:1340.16px;white-space:nowrap">discount </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10068.74px;left:1980.55px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10068.74px;left:2158.44px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10068.74px;left:2691.88px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10068.74px;left:3083.13px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10068.74px;left:3261.02px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10260.74px;left:144px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10260.74px;left:570.88px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10260.74px;left:997.83px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10260.74px;left:1175.72px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10260.74px;left:1700.41px;white-space:nowrap">repurchased</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10260.74px;left:2615.57px;letter-spacing:49.09px;white-space:nowrap">..........</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10260.74px;left:4635px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10260.74px;left:5447.33px;white-space:nowrap">5.59%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10260.74px;left:6847px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10260.74px;left:7659.33px;white-space:nowrap">6.56%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:10751.02px;left:0px;white-space:nowrap">a</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10746.8px;left:42.54px;white-space:nowrap">On </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10746.8px;left:254.1px;white-space:nowrap">October </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10746.8px;left:757.38px;white-space:nowrap">13, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10746.8px;left:976.29px;white-space:nowrap">2021, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10746.8px;left:1341.13px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10746.8px;left:1560.04px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10746.8px;left:1895.59px;white-space:nowrap">announced </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10746.8px;left:2581.45px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10746.8px;left:2690.9px;white-space:nowrap">tender </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10746.8px;left:3099.42px;letter-spacing:-0.38px;white-space:nowrap">offer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10746.8px;left:3396.21px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10746.8px;left:3542.15px;white-space:nowrap">purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10746.8px;left:4118.4px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10746.8px;left:4308.01px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10746.8px;left:4621.68px;white-space:nowrap">up </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10746.8px;left:4804.1px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10746.8px;left:4950.04px;white-space:nowrap">70 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10746.8px;left:5132.46px;white-space:nowrap">percent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10746.8px;left:5606.6px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10746.8px;left:5752.54px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10746.8px;left:5920.27px;white-space:nowrap">issued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10746.8px;left:6336.06px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10746.8px;left:6591.45px;white-space:nowrap">outstanding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10746.8px;left:7306.45px;white-space:nowrap">common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10746.8px;left:7846.06px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10746.8px;left:8276.37px;white-space:nowrap">(93,900,910 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10746.8px;left:9013.24px;white-space:nowrap">shares), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10746.8px;left:9523.71px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10938.8px;left:0px;white-space:nowrap">without </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10938.8px;left:452.19px;white-space:nowrap">par </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10938.8px;left:678.28px;white-space:nowrap">value. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10938.8px;left:1062.66px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10938.8px;left:1325.23px;white-space:nowrap">tender </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10938.8px;left:1733.75px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10938.8px;left:2134.92px;white-space:nowrap">commenced </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10938.8px;left:2886.09px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10938.8px;left:3068.52px;white-space:nowrap">November </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10938.8px;left:3710.16px;white-space:nowrap">8, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10938.8px;left:3856.09px;white-space:nowrap">2021 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10938.8px;left:4184.45px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10938.8px;left:4439.84px;white-space:nowrap">expired </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10938.8px;left:4906.64px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10938.8px;left:5052.58px;letter-spacing:-1.6px;white-space:nowrap">11:59 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10938.8px;left:5407.81px;white-space:nowrap">p.m. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10938.8px;left:5699.53px;white-space:nowrap">Eastern </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10938.8px;left:6188.2px;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10938.8px;left:6472.58px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10938.8px;left:6655px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10938.8px;left:7296.64px;white-space:nowrap">7, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10938.8px;left:7442.58px;white-space:nowrap">2021. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10938.8px;left:7805.16px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10938.8px;left:8067.73px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10938.8px;left:8403.28px;white-space:nowrap">accepted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10938.8px;left:8972.34px;white-space:nowrap">31,347,231 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:10938.8px;left:9665.55px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:0px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:189.61px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:503.28px;white-space:nowrap">payment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:1043.05px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:1188.98px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:1298.44px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:1619.3px;white-space:nowrap">equal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:1976.8px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:2122.73px;white-space:nowrap">$5.43 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:2487.58px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:2713.67px;white-space:nowrap">share. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:3112.58px;white-space:nowrap">This </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:3396.95px;white-space:nowrap">purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:3973.2px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:4294.06px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:4563.83px;white-space:nowrap">99% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:4862.89px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:5008.83px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:5227.73px;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:11130.8px;left:5655.78px;letter-spacing:-2.4px;white-space:nowrap">NAV </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:5952.34px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:6178.44px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:6543.13px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:6689.06px;white-space:nowrap">$5.48 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:7053.91px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:7228.98px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:7374.92px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:7593.83px;white-space:nowrap">close </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:7936.64px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:8082.58px;white-space:nowrap">regular </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:8527.42px;white-space:nowrap">trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:8965.08px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:9147.5px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:9366.41px;white-space:nowrap">NYSE </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11130.8px;left:9760.08px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11322.8px;left:0px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11322.8px;left:641.64px;white-space:nowrap">8, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:11322.8px;left:787.58px;white-space:nowrap">2021.</div></div>
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			<div style="width:4860px;height:1078.41px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) 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">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">g. </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">Security </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:1024.22px;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:657.54px;left:2301.89px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:3357.75px;white-space:nowrap">Income, </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:917.54px;left:0px;white-space:nowrap">Expenses </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:917.54px;left:939.98px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:917.54px;left:1330.56px;white-space:nowrap">Distributions </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:942.94px;left:2554.98px;white-space:nowrap">(continued)</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">22</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">Annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:445px;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:-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:-2.8px;white-space:nowrap">Affiliates</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:0px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:690.21px;white-space:nowrap">Resources, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1650.59px;white-space:nowrap">Inc. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1990.72px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2170.72px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2470.96px;white-space:nowrap">holding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3101.48px;white-space:nowrap">company </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3881.87px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4141.93px;white-space:nowrap">various </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4772.2px;white-space:nowrap">subsidiaries </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5772.66px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:6122.9px;white-space:nowrap">together </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:6833.41px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7143.57px;white-space:nowrap">referred </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7823.85px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8023.97px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8264.09px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;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:594px;left:0px;white-space:nowrap">Certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:630.26px;text-rendering:optimizeLegibility;white-space:nowrap">officers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1255.96px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1606.29px;white-space:nowrap">trustees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2296.58px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2496.71px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2796.94px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:3257.23px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:3567.39px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:3947.61px;text-rendering:optimizeLegibility;white-space:nowrap">officers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:4573.3px;white-space:nowrap">and/or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:5133.69px;white-space:nowrap">directors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:5873.91px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:6074.03px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:6374.27px;white-space:nowrap">following </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:7124.68px;white-space:nowrap">subsidiaries: </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:2111.99px;left:0px;white-space:nowrap">a. </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:2111.99px;left:211.25px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:2111.99px;left:1425.37px;white-space:nowrap">Fees</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2442.46px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2442.46px;left:360.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2442.46px;left:820.46px;white-space:nowrap">pays </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2442.46px;left:1250.68px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2442.46px;left:1500.91px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2442.46px;left:2421.3px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2442.46px;left:3521.95px;white-space:nowrap">fee, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2442.46px;left:3872.2px;white-space:nowrap">calculated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2442.46px;left:4732.73px;white-space:nowrap">daily </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2442.46px;left:5152.94px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2442.46px;left:5503.27px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2442.46px;left:5893.59px;white-space:nowrap">monthly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2442.46px;left:6573.87px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2442.46px;left:6764.06px;white-space:nowrap">Advisers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2442.46px;left:7504.28px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2442.46px;left:8044.72px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2442.46px;left:8294.94px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2442.46px;left:8595.18px;white-space:nowrap">average </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2442.46px;left:9295.66px;white-space:nowrap">daily </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2442.46px;left:9715.87px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2692.46px;left:0px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2692.46px;left:570.23px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2692.46px;left:770.36px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2692.46px;left:1070.6px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2692.46px;left:1530.88px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2692.46px;left:1771px;white-space:nowrap">follows:</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5795.82px;left:0px;white-space:nowrap">For </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5795.82px;left:320.01px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5795.82px;left:620.24px;white-space:nowrap">year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5795.82px;left:1020.41px;white-space:nowrap">ended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5795.82px;left:1570.96px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5795.82px;left:2451.27px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5795.82px;left:2751.5px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5795.82px;left:3251.95px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5795.82px;left:3552.19px;white-space:nowrap">gross </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5795.82px;left:4042.35px;text-rendering:optimizeLegibility;white-space:nowrap">effective </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5795.82px;left:4758.84px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5795.82px;left:5679.23px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5795.82px;left:6779.88px;white-space:nowrap">fee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5795.82px;left:7080.12px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5795.82px;left:7440.29px;white-space:nowrap">was </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5795.82px;left:7810.4px;white-space:nowrap">0.661% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5795.82px;left:8470.9px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5795.82px;left:8671.03px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5795.82px;left:8971.26px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6045.82px;left:0px;white-space:nowrap">average </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6045.82px;left:700.49px;white-space:nowrap">daily </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6045.82px;left:1120.69px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6045.82px;left:1420.93px;white-space:nowrap">assets.&#160;</div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:6549.35px;left:0px;white-space:nowrap">b. </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:6549.35px;left:214.58px;white-space:nowrap">Administrative </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:6549.35px;left:1587.17px;white-space:nowrap">Fees</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6879.82px;left:0px;white-space:nowrap">Under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6879.82px;left:540.26px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6879.82px;left:790.49px;white-space:nowrap">agreement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6879.82px;left:1701.04px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6879.82px;left:2061.21px;white-space:nowrap">Advisers, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6879.82px;left:2851.44px;letter-spacing:-1.08px;white-space:nowrap">FT </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6879.82px;left:3118.1px;white-space:nowrap">Services </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6879.82px;left:3858.31px;white-space:nowrap">provides </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6879.82px;left:4588.68px;white-space:nowrap">administrative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6879.82px;left:5749.1px;white-space:nowrap">services </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6879.82px;left:6459.26px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6879.82px;left:6659.38px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6879.82px;left:6959.62px;white-space:nowrap">Fund. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6879.82px;left:7466.66px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6879.82px;left:7826.84px;white-space:nowrap">fee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6879.82px;left:8127.07px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6879.82px;left:8307.07px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6879.82px;left:8697.39px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6879.82px;left:8927.58px;white-space:nowrap">Advisers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7129.82px;left:0px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7129.82px;left:540.44px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7129.82px;left:790.66px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7129.82px;left:1090.9px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7129.82px;left:1675.55px;white-space:nowrap">average </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7129.82px;left:2376.04px;white-space:nowrap">daily </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7129.82px;left:2796.24px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7129.82px;left:3096.47px;white-space:nowrap">assets, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7129.82px;left:3716.72px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7129.82px;left:4067.05px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7129.82px;left:4247.05px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7129.82px;left:4547.29px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7129.82px;left:4797.51px;white-space:nowrap">additional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7129.82px;left:5618.14px;white-space:nowrap">expense </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7129.82px;left:6348.69px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7129.82px;left:6548.82px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7129.82px;left:6849.05px;white-space:nowrap">Fund.</div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:7633.35px;left:0px;white-space:nowrap">c. </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:7633.35px;left:211.25px;white-space:nowrap">Investments </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:7633.35px;left:1372.77px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:7633.35px;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:7633.35px;left:2447.83px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:7633.35px;left:3661.95px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:7633.35px;left:4717.81px;white-space:nowrap">Companies</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7963.82px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7963.82px;left:360.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7963.82px;left:820.46px;white-space:nowrap">invests </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7963.82px;left:1430.68px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7963.82px;left:1620.79px;white-space:nowrap">one </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7963.82px;left:1971.12px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7963.82px;left:2181.18px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7963.82px;left:2641.29px;text-rendering:optimizeLegibility;white-space:nowrap">affiliated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7963.82px;left:3357.25px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7963.82px;left:4457.9px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7963.82px;left:5378.29px;white-space:nowrap">companies. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7963.82px;left:6338.85px;white-space:nowrap">As </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7963.82px;left:6598.92px;text-rendering:optimizeLegibility;white-space:nowrap">defined </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7963.82px;left:7239.46px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7963.82px;left:7429.57px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7963.82px;left:7729.8px;white-space:nowrap">1940 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7963.82px;left:8170.31px;white-space:nowrap">Act, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7963.82px;left:8530.4px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7963.82px;left:8780.63px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8213.82px;left:0px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8213.82px;left:180px;white-space:nowrap">deemed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8213.82px;left:880.49px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8213.82px;left:1080.62px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8213.82px;left:1330.84px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8213.82px;left:1480.96px;white-space:nowrap">&#8220;Controlled </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8213.82px;left:2401.44px;text-rendering:optimizeLegibility;white-space:nowrap">Affiliate&#8221; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8213.82px;left:3097.18px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8213.82px;left:3297.3px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8213.82px;left:3447.42px;white-space:nowrap">fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8213.82px;left:3847.76px;white-space:nowrap">when </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8213.82px;left:4328.09px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8213.82px;left:4478.2px;white-space:nowrap">fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8213.82px;left:4878.54px;white-space:nowrap">owns, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8213.82px;left:5398.77px;white-space:nowrap">either </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8213.82px;left:5899.04px;white-space:nowrap">directly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8213.82px;left:6519.2px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8213.82px;left:6729.26px;letter-spacing:-1.11px;white-space:nowrap">indirectly, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8213.82px;left:7526.16px;white-space:nowrap">25% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8213.82px;left:7936.44px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8213.82px;left:8146.49px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8213.82px;left:8606.6px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8213.82px;left:8806.73px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8213.82px;left:9106.96px;text-rendering:optimizeLegibility;white-space:nowrap">affiliated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8463.82px;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:8463.82px;left:527.08px;white-space:nowrap">outstanding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8463.82px;left:1507.85px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8463.82px;left:2098.13px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8463.82px;left:2308.18px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8463.82px;left:2648.41px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8463.82px;left:2948.64px;white-space:nowrap">power </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8463.82px;left:3488.91px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8463.82px;left:3689.03px;white-space:nowrap">exercise </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8463.82px;left:4409.3px;white-space:nowrap">control </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8463.82px;left:4999.57px;white-space:nowrap">over </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8463.82px;left:5399.74px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8463.82px;left:6500.39px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8463.82px;left:6710.45px;white-space:nowrap">policies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8463.82px;left:7360.75px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8463.82px;left:7560.88px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8463.82px;left:7991.1px;white-space:nowrap">fund. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8463.82px;left:8438.2px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8463.82px;left:8798.38px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8463.82px;left:9258.66px;white-space:nowrap">does </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8463.82px;left:9698.99px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8713.82px;left:0px;white-space:nowrap">invest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8713.82px;left:520.22px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8713.82px;left:780.29px;white-space:nowrap">purposes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8713.82px;left:1570.78px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8713.82px;left:1770.91px;white-space:nowrap">exercising </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8713.82px;left:2631.27px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8713.82px;left:2781.39px;white-space:nowrap">controlling </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8713.82px;left:3651.86px;text-rendering:optimizeLegibility;white-space:nowrap">influence </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8713.82px;left:4422.39px;white-space:nowrap">over </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8713.82px;left:4822.56px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8713.82px;left:5122.79px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8713.82px;left:6223.45px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8713.82px;left:6433.51px;white-space:nowrap">policies. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8713.82px;left:7133.82px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8713.82px;left:8234.47px;white-space:nowrap">fees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8713.82px;left:8624.71px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8713.82px;left:9015.03px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8713.82px;left:9255.15px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8713.82px;left:9555.38px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8963.82px;left:0px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8963.82px;left:310.17px;white-space:nowrap">waived </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8963.82px;left:920.48px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8963.82px;left:1170.7px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8963.82px;left:1740.94px;white-space:nowrap">invested </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8963.82px;left:2461.38px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8963.82px;left:2651.48px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8963.82px;left:2951.72px;text-rendering:optimizeLegibility;white-space:nowrap">affiliated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8963.82px;left:3667.68px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8963.82px;left:4768.33px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8963.82px;left:5688.72px;white-space:nowrap">companies, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8963.82px;left:6659.21px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8963.82px;left:6899.33px;white-space:nowrap">noted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8963.82px;left:7399.78px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8963.82px;left:7589.88px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8963.82px;left:7890.12px;white-space:nowrap">Statement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8963.82px;left:8760.59px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8963.82px;left:8960.71px;white-space:nowrap">Operations, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9213.82px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9213.82px;left:190.05px;letter-spacing:0px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9213.82px;left:440.22px;letter-spacing:0px;white-space:nowrap">amount </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9213.82px;left:1090.55px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9213.82px;left:1390.73px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9213.82px;left:1590.8px;white-space:nowrap">exceed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9213.82px;left:2221.18px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9213.82px;left:2521.36px;letter-spacing:0px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9213.82px;left:3621.95px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9213.82px;left:3972.23px;white-space:nowrap">administrative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9213.82px;left:5132.59px;white-space:nowrap">fees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9213.82px;left:5522.77px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9213.82px;left:5913.04px;white-space:nowrap">directly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9213.82px;left:6533.13px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9213.82px;left:6743.14px;white-space:nowrap">indirectly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9213.82px;left:7503.33px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9213.82px;left:7743.39px;white-space:nowrap">each </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9213.82px;left:8183.67px;text-rendering:optimizeLegibility;white-space:nowrap">affiliate. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9213.82px;left:8849.47px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9213.82px;left:9429.67px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9213.82px;left:9729.84px;white-space:nowrap">year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9463.82px;left:0px;white-space:nowrap">ended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9463.82px;left:550.55px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9463.82px;left:1430.86px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9463.82px;left:1731.09px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9463.82px;left:2231.54px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9463.82px;left:2531.78px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9463.82px;left:2992.06px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9463.82px;left:3382.38px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9463.82px;left:4392.77px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9463.82px;left:4582.88px;text-rendering:optimizeLegibility;white-space:nowrap">affiliated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9463.82px;left:5298.84px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9463.82px;left:6399.49px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9463.82px;left:7319.88px;white-space:nowrap">companies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9463.82px;left:8240.36px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9463.82px;left:8480.48px;white-space:nowrap">follows:</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1067.42px;left:0px;white-space:nowrap">Subsidiary</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1067.42px;left:5040px;text-rendering:optimizeLegibility;white-space:nowrap">Affiliation</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1343.91px;left:0px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1343.91px;left:604.69px;white-space:nowrap">Advisers, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1343.91px;left:1307.11px;white-space:nowrap">Inc. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1343.91px;left:1609.45px;white-space:nowrap">(Advisers)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1343.91px;left:5040px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1343.91px;left:5867.03px;white-space:nowrap">manager</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1620.39px;left:0px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1620.39px;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:1620.39px;left:1393.28px;white-space:nowrap">Services, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1620.39px;left:2095.7px;white-space:nowrap">LLC </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1620.39px;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:1620.39px;left:2723.98px;white-space:nowrap">Services)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1620.39px;left:5040px;white-space:nowrap">Administrative </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1620.39px;left:6089.22px;white-space:nowrap">manager</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3165.87px;left:0px;white-space:nowrap">Annualized </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3165.87px;left:897.81px;white-space:nowrap">Fee </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3165.87px;left:1217.97px;white-space:nowrap">Rate</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3165.87px;left:5040px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3165.87px;left:5336.33px;white-space:nowrap">Assets</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3442.36px;left:0px;white-space:nowrap">0.700%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3442.36px;left:5040px;white-space:nowrap">Up </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3442.36px;left:5288.98px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3442.36px;left:5466.88px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3442.36px;left:5778.28px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3442.36px;left:6454.3px;white-space:nowrap">$200 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3442.36px;left:6854.69px;white-space:nowrap">million</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3718.84px;left:0px;white-space:nowrap">0.635%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3718.84px;left:5040px;white-space:nowrap">Over </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3718.84px;left:5431.17px;white-space:nowrap">$200 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3718.84px;left:5831.56px;white-space:nowrap">million, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3718.84px;left:6373.91px;white-space:nowrap">up </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3718.84px;left:6596.33px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3718.84px;left:6774.22px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3718.84px;left:7085.63px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3718.84px;left:7761.64px;white-space:nowrap">$700 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3718.84px;left:8162.03px;white-space:nowrap">million</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3995.33px;left:0px;white-space:nowrap">0.600%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3995.33px;left:5040px;white-space:nowrap">Over </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3995.33px;left:5431.17px;white-space:nowrap">$700 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3995.33px;left:5831.56px;white-space:nowrap">million, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3995.33px;left:6373.91px;white-space:nowrap">up </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3995.33px;left:6596.33px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3995.33px;left:6774.22px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3995.33px;left:7085.63px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3995.33px;left:7761.64px;white-space:nowrap">$1 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3995.33px;left:7984.06px;white-space:nowrap">billion</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.81px;left:0px;white-space:nowrap">0.580%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.81px;left:5040px;white-space:nowrap">Over </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.81px;left:5431.17px;white-space:nowrap">$1 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.81px;left:5653.59px;white-space:nowrap">billion, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.81px;left:6151.64px;white-space:nowrap">up </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.81px;left:6374.06px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.81px;left:6551.95px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.81px;left:6863.36px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.81px;left:7539.38px;white-space:nowrap">$5 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.81px;left:7761.8px;white-space:nowrap">billion</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4548.3px;left:0px;white-space:nowrap">0.560%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4548.3px;left:5040px;white-space:nowrap">Over </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4548.3px;left:5431.17px;white-space:nowrap">$5 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4548.3px;left:5653.59px;white-space:nowrap">billion, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4548.3px;left:6151.64px;white-space:nowrap">up </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4548.3px;left:6374.06px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4548.3px;left:6551.95px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4548.3px;left:6863.36px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4548.3px;left:7539.38px;white-space:nowrap">$10 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4548.3px;left:7850.78px;white-space:nowrap">billion</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4824.78px;left:0px;white-space:nowrap">0.540%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4824.78px;left:5040px;white-space:nowrap">Over </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4824.78px;left:5431.17px;white-space:nowrap">$10 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4824.78px;left:5742.58px;white-space:nowrap">billion, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4824.78px;left:6240.63px;white-space:nowrap">up </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4824.78px;left:6463.05px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4824.78px;left:6640.94px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4824.78px;left:6952.34px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4824.78px;left:7628.36px;white-space:nowrap">$15 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4824.78px;left:7939.77px;white-space:nowrap">billion</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5101.26px;left:0px;white-space:nowrap">0.520%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5101.26px;left:5040px;white-space:nowrap">Over </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5101.26px;left:5431.17px;white-space:nowrap">$15 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5101.26px;left:5742.58px;white-space:nowrap">billion, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5101.26px;left:6240.63px;white-space:nowrap">up </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5101.26px;left:6463.05px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5101.26px;left:6640.94px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5101.26px;left:6952.34px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5101.26px;left:7628.36px;white-space:nowrap">$20 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5101.26px;left:7939.77px;white-space:nowrap">billion</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5377.75px;left:0px;white-space:nowrap">0.500%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5377.75px;left:5040px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5377.75px;left:5217.89px;white-space:nowrap">excess </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5377.75px;left:5760.31px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5377.75px;left:5938.2px;white-space:nowrap">$20 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5377.75px;left:6249.61px;white-space:nowrap">billion</div></div>
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		<div style="height:50.48px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) 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:7437.56px;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:8393.66px;letter-spacing:9.6px;white-space:nowrap">Global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:9034.53px;letter-spacing:10.29px;white-space:nowrap">Income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:9679.78px;letter-spacing:9px;white-space:nowrap">Fund</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:7461.73px;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:8019.91px;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: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, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">23</div></div>
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		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
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			<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) 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="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual </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="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:607.88px;left:0px;position:absolute;top:0px;transform:translate(54.000px,123.919px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:511.15px">
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			<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3601.24px;left:0px;white-space:nowrap">d. </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3601.24px;left:221.64px;letter-spacing:-1.01px;white-space:nowrap">Waiver </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3601.24px;left:890.44px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3601.24px;left:1281.02px;white-space:nowrap">Expense </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3601.24px;left:2115.33px;white-space:nowrap">Reimbursements</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3931.71px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Effective </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3931.71px;left:736.44px;white-space:nowrap">March </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3931.71px;left:1286.54px;white-space:nowrap">1, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3931.71px;left:1486.67px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3931.71px;left:1977.19px;white-space:nowrap">Advisers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3931.71px;left:2717.4px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3931.71px;left:3057.63px;white-space:nowrap">voluntarily </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3931.71px;left:3917.99px;white-space:nowrap">agreed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3931.71px;left:4528.48px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3931.71px;left:4718.58px;white-space:nowrap">advance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3931.71px;left:5449.13px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3931.71px;left:5649.26px;white-space:nowrap">waive </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3931.71px;left:6159.46px;white-space:nowrap">0.10% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3931.71px;left:6719.85px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3931.71px;left:6919.98px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3931.71px;left:7149.99px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3931.71px;left:8070.38px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3931.71px;left:9171.04px;white-space:nowrap">fees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3931.71px;left:9561.27px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4181.71px;left:0px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4181.71px;left:250.22px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4181.71px;left:550.46px;white-space:nowrap">average </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4181.71px;left:1250.95px;white-space:nowrap">daily </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4181.71px;left:1671.15px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4181.71px;left:1971.39px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4181.71px;left:2541.62px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4181.71px;left:2741.75px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4181.71px;left:3041.98px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4181.71px;left:3502.27px;white-space:nowrap">until </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4181.71px;left:3882.48px;white-space:nowrap">March </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4181.71px;left:4432.59px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4181.71px;left:4732.82px;white-space:nowrap">2023. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4181.71px;left:5230.02px;letter-spacing:-3.33px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4181.71px;left:5660.24px;white-space:nowrap">expenses </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4181.71px;left:6480.79px;white-space:nowrap">waived </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4181.71px;left:7091.1px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4181.71px;left:7301.16px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4181.71px;left:7691.48px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4181.71px;left:8001.65px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4181.71px;left:8301.88px;white-space:nowrap">subject </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4181.71px;left:8922.22px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4181.71px;left:9122.34px;white-space:nowrap">recapture </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4431.71px;left:0px;white-space:nowrap">subsequent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4431.71px;left:980.77px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4431.71px;left:1180.9px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4431.71px;left:1481.13px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4431.71px;left:2065.78px;text-rendering:optimizeLegibility;white-space:nowrap">fiscal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4431.71px;left:2525.89px;white-space:nowrap">year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4431.71px;left:2926.05px;white-space:nowrap">end.</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5014.77px;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:5014.77px;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:5014.77px;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:5382.51px;left:0px;white-space:nowrap">For </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5382.51px;left:320.01px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5382.51px;left:610.14px;white-space:nowrap">purposes, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5382.51px;left:1450.63px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5382.51px;left:2020.96px;white-space:nowrap">losses </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5382.51px;left:2581.17px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5382.51px;left:2971.23px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5382.51px;left:3221.46px;white-space:nowrap">carried </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5382.51px;left:3821.66px;white-space:nowrap">over </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5382.51px;left:4221.83px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5382.51px;left:4421.95px;text-rendering:optimizeLegibility;white-space:nowrap">offset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5382.51px;left:4908.34px;white-space:nowrap">future </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5382.51px;left:5418.63px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5382.51px;left:5988.96px;white-space:nowrap">gains. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5812.51px;left:0px;white-space:nowrap">At </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5812.51px;left:220.08px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5812.51px;left:1100.39px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5812.51px;left:1400.63px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5812.51px;left:1901.07px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5812.51px;left:2201.31px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5812.51px;left:2771.63px;white-space:nowrap">loss </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5812.51px;left:3141.74px;white-space:nowrap">carryforwards </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5812.51px;left:4281.94px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5812.51px;left:4722.1px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5812.51px;left:4962.22px;white-space:nowrap">follows:</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7474.44px;left:0px;white-space:nowrap">At </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7474.44px;left:220.08px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7474.44px;left:1100.39px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7474.44px;left:1400.63px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7474.44px;left:1901.07px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7474.44px;left:2201.31px;white-space:nowrap">cost </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7474.44px;left:2581.44px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7474.44px;left:2781.56px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7474.44px;left:3791.95px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7474.44px;left:4142.29px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7474.44px;left:4442.52px;white-space:nowrap">unrealized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7474.44px;left:5323.1px;white-space:nowrap">appreciation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7474.44px;left:6353.79px;white-space:nowrap">(depreciation) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7474.44px;left:7504.37px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7474.44px;left:7764.43px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7474.44px;left:8394.7px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7474.44px;left:8684.82px;white-space:nowrap">purposes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7474.44px;left:9475.31px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7724.44px;left:0px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7724.44px;left:240.12px;white-space:nowrap">follows:</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9648.4px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9648.4px;left:360.18px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9648.4px;left:650.3px;white-space:nowrap">character </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9648.4px;left:1450.63px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9648.4px;left:1650.76px;white-space:nowrap">distributions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9648.4px;left:2661.24px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9648.4px;left:3051.56px;white-space:nowrap">during </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9648.4px;left:3601.93px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9648.4px;left:3902.17px;white-space:nowrap">years </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9648.4px;left:4392.33px;white-space:nowrap">ended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9648.4px;left:4942.88px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9648.4px;left:5823.19px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9648.4px;left:6123.43px;white-space:nowrap">2022 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9648.4px;left:6573.87px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9648.4px;left:6924.2px;white-space:nowrap">2021, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9648.4px;left:7424.65px;white-space:nowrap">was </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9648.4px;left:7794.76px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9648.4px;left:8034.87px;white-space:nowrap">follows:</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11234.76px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Differences </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11234.76px;left:956.51px;white-space:nowrap">between </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11234.76px;left:1687.06px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11234.76px;left:2317.32px;white-space:nowrap">and/or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11234.76px;left:2877.71px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11234.76px;left:3448.04px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11234.76px;left:3928.36px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11234.76px;left:4168.48px;white-space:nowrap">determined </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11234.76px;left:5119.01px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11234.76px;left:5369.24px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11234.76px;left:5519.36px;white-space:nowrap">book </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11234.76px;left:5959.69px;white-space:nowrap">basis </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11234.76px;left:6429.9px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11234.76px;left:6780.23px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11234.76px;left:6930.35px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11234.76px;left:7220.48px;white-space:nowrap">basis </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11234.76px;left:7690.69px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11234.76px;left:8000.86px;white-space:nowrap">primarily </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11234.76px;left:8730.88px;white-space:nowrap">due </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11234.76px;left:9081.21px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11234.76px;left:9281.34px;text-rendering:optimizeLegibility;white-space:nowrap">differing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11484.76px;left:0px;white-space:nowrap">treatments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11484.76px;left:900.35px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11484.76px;left:1100.48px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11484.76px;left:1400.71px;white-space:nowrap">operating </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11484.76px;left:2201.31px;white-space:nowrap">losses, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11484.76px;left:2811.53px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11484.76px;left:3411.91px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11484.76px;left:4152.13px;white-space:nowrap">transactions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11484.76px;left:5222.64px;white-space:nowrap">bond </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11484.76px;left:5673.08px;white-space:nowrap">discounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11484.76px;left:6483.52px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11484.76px;left:6833.85px;white-space:nowrap">premiums </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11484.76px;left:7673.99px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11484.76px;left:8024.33px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11484.76px;left:8314.45px;white-space:nowrap">straddles. </div><div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1395.95px;left:1652.13px;white-space:nowrap">&#160;&#160;&#160;&#160;aa</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1011.95px;left:2455.98px;letter-spacing:-1.2px;white-space:nowrap">Value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1011.95px;left:2835.36px;white-space:nowrap">at</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1203.95px;left:2310.59px;white-space:nowrap">Beginning</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1395.95px;left:2516.69px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1395.95px;left:2674.73px;letter-spacing:-1.8px;white-space:nowrap">Year</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1395.95px;left:3382.33px;white-space:nowrap">Purchases</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1395.95px;left:4840.11px;white-space:nowrap">Sales</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1203.95px;left:5330.45px;white-space:nowrap">Realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1203.95px;left:5899.28px;white-space:nowrap">Gain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1395.95px;left:5797.41px;white-space:nowrap">(Loss)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:819.95px;left:6388.97px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:819.95px;left:6636.78px;white-space:nowrap">Change </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:819.95px;left:7154.36px;white-space:nowrap">in</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1011.95px;left:6607.48px;white-space:nowrap">Unrealized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1203.95px;left:6469.13px;white-space:nowrap">Appreciation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1395.95px;left:6388.97px;white-space:nowrap">(Depreciation)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1011.95px;left:8008.11px;letter-spacing:-1.44px;white-space:nowrap">Value</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1203.95px;left:7950.06px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1203.95px;left:8103.19px;white-space:nowrap">End</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1395.95px;left:7915.69px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1395.95px;left:8073.73px;letter-spacing:-1.8px;white-space:nowrap">Year</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:819.95px;left:8631.06px;white-space:nowrap">Number </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:819.95px;left:9163.17px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1011.95px;left:8528.64px;white-space:nowrap">Shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1011.95px;left:9002.7px;white-space:nowrap">Held </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1203.95px;left:8886.06px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1203.95px;left:9039.19px;white-space:nowrap">End</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1395.95px;left:8851.69px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1395.95px;left:9009.73px;letter-spacing:-1.8px;white-space:nowrap">Year</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1203.95px;left:9530.34px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1395.95px;left:9763.63px;white-space:nowrap">Income</div><div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:1644.51px;left:0px;white-space:nowrap">a&#160;&#160;&#160;&#160;&#160;&#160;</div><div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:1644.51px;left:2947.44px;letter-spacing:-1.52px;white-space:nowrap">a&#160;&#160;</div><div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:1644.51px;left:4041.44px;letter-spacing:-1.14px;white-space:nowrap">a&#160;&#160; </div><div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:1644.51px;left:6186.44px;letter-spacing:-1.14px;white-space:nowrap">a&#160;&#160; </div><div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:1644.51px;left:7266.44px;letter-spacing:-1.14px;white-space:nowrap">a&#160;&#160; </div><div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:1644.51px;left:8346.44px;letter-spacing:-1.52px;white-space:nowrap">a&#160;&#160;</div><div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:1644.51px;left:9282.44px;letter-spacing:-1.52px;white-space:nowrap">a&#160;&#160;</div><div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:1644.51px;left:10218.44px;letter-spacing:-1.52px;white-space:nowrap">a&#160;&#160;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1743.72px;left:0px;letter-spacing:-0.96px;white-space:nowrap">Templeton </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1743.72px;left:690.23px;white-space:nowrap">Global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1743.72px;left:1135.08px;white-space:nowrap">Income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1743.72px;left:1630.94px;white-space:nowrap">Fund</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2004.2px;left:0px;white-space:nowrap">Non-Controlled </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2004.2px;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:2232.69px;left:9646.91px;white-space:nowrap">Dividends</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:2493.17px;left:0px;white-space:nowrap">Institutional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:2493.17px;left:700.31px;white-space:nowrap">Fiduciary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:2493.17px;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:2493.17px;left:1597.42px;white-space:nowrap">- </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:2685.17px;left:0px;white-space:nowrap">Money </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:2685.17px;left:430.31px;white-space:nowrap">Market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:2685.17px;left:867.81px;white-space:nowrap">Portfolio, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:2685.17px;left:1422.11px;white-space:nowrap">3.782%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:2685.17px;left:2222.31px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:2685.17px;left:2295.28px;white-space:nowrap">27,885,778</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:2685.17px;left:3243.34px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:2685.17px;left:3316.31px;white-space:nowrap">480,201,266</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:2685.17px;left:4302.61px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:2685.17px;left:4375.58px;letter-spacing:-0.74px;white-space:nowrap">(491,929,112)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:2685.17px;left:5986.86px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:2685.17px;left:6059.83px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:2685.17px;left:7066.86px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:2685.17px;left:7139.83px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:2685.17px;left:7621.31px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:2685.17px;left:7694.28px;white-space:nowrap">16,157,932</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:2685.17px;left:8583.28px;letter-spacing:0px;white-space:nowrap">16,157,932</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:2685.17px;left:9675.73px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:2685.17px;left:9748.7px;white-space:nowrap">264,033</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3032.94px;left:0px;letter-spacing:-1.6px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3032.94px;left:335.55px;text-rendering:optimizeLegibility;white-space:nowrap">Affiliated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3032.94px;left:933.28px;white-space:nowrap">Securities</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3032.94px;left:1623.44px;letter-spacing:54.05px;white-space:nowrap">...</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3032.94px;left:2222.31px;white-space:nowrap">$27,885,778</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3032.94px;left:3243.34px;white-space:nowrap">$480,201,266</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3032.94px;left:4302.61px;letter-spacing:-0.69px;white-space:nowrap">$(491,929,112)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3032.94px;left:5986.86px;white-space:nowrap">$&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3032.94px;left:7066.86px;white-space:nowrap">$&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3032.94px;left:7621.31px;white-space:nowrap">$16,157,932</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3032.94px;left:9675.73px;white-space:nowrap">$264,033</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6277.92px;left:0px;white-space:nowrap">Capital </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6277.92px;left:542.5px;white-space:nowrap">loss </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6277.92px;left:871.48px;white-space:nowrap">carryforwards </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6277.92px;left:1885px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6277.92px;left:2151.88px;white-space:nowrap">subject </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6277.92px;left:2703.28px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6277.92px;left:2881.17px;white-space:nowrap">expiration:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6538.41px;left:144px;white-space:nowrap">Short </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6538.41px;left:570.88px;white-space:nowrap">term</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6538.41px;left:934.13px;letter-spacing:49.46px;white-space:nowrap">................................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6538.41px;left:9190.23px;white-space:nowrap">$17,445,338</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6798.89px;left:144px;white-space:nowrap">Long </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6798.89px;left:544.39px;white-space:nowrap">term</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6798.89px;left:934.13px;letter-spacing:49.46px;white-space:nowrap">................................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6798.89px;left:9279.22px;white-space:nowrap">62,443,330</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7059.38px;left:288px;letter-spacing:-2.96px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7059.38px;left:670.42px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7059.38px;left:1177.38px;white-space:nowrap">loss </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7059.38px;left:1506.36px;white-space:nowrap">carryforwards</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7059.38px;left:2522.15px;letter-spacing:49.59px;white-space:nowrap">...............................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7059.38px;left:9190.23px;white-space:nowrap">$79,888,668</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8157.86px;left:0px;white-space:nowrap">Cost </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8157.86px;left:373.44px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8157.86px;left:551.33px;white-space:nowrap">investments</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8157.86px;left:1494.61px;letter-spacing:49.5px;white-space:nowrap">..........................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8157.86px;left:9101.25px;white-space:nowrap">$514,709,219</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8563.8px;left:0px;white-space:nowrap">Unrealized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8563.8px;left:809.3px;white-space:nowrap">appreciation</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8563.8px;left:1681.44px;letter-spacing:49.51px;white-space:nowrap">........................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8563.8px;left:9190.23px;white-space:nowrap">$24,438,002</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8824.29px;left:0px;white-space:nowrap">Unrealized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8824.29px;left:809.3px;white-space:nowrap">depreciation</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8824.29px;left:1681.44px;letter-spacing:49.51px;white-space:nowrap">........................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8824.29px;left:9172.66px;white-space:nowrap">(66,279,839)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9084.77px;left:0px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9084.77px;left:293.44px;white-space:nowrap">unrealized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9084.77px;left:1076.17px;white-space:nowrap">appreciation </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9084.77px;left:1992.34px;white-space:nowrap">(depreciation)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9084.77px;left:2989.22px;letter-spacing:49.65px;white-space:nowrap">..........................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9084.77px;left:9083.67px;white-space:nowrap">$(41,841,837)</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10113.81px;left:7526.03px;white-space:nowrap">2022</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10113.81px;left:9110.03px;white-space:nowrap">2021</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10423.76px;left:0px;white-space:nowrap">Distributions </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10423.76px;left:924.77px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10423.76px;left:1271.72px;white-space:nowrap">from:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10684.24px;left:144px;white-space:nowrap">Return </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10684.24px;left:668.69px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10684.24px;left:846.58px;white-space:nowrap">capital</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10684.24px;left:1309.08px;letter-spacing:49.7px;white-space:nowrap">...........................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10684.24px;left:7606.23px;white-space:nowrap">$40,672,363</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10684.24px;left:9190.23px;white-space:nowrap">$48,995,410</div></div>
		</div>
		<div style="height:42.74px;left:0px;position:absolute;top:0px;transform:translate(54.000px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:578.41px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) 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:-3.2px;white-space:nowrap">Affiliates</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10.14px;left:2724.28px;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: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:2447.83px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:3661.95px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:4717.81px;white-space:nowrap">Companies </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:442.94px;left:5794.72px;white-space:nowrap">(continued)</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:50.48px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) 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:9.6px;white-space:nowrap">Global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:1596.97px;letter-spacing:10.29px;white-space:nowrap">Income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:2242.22px;letter-spacing:9px;white-space:nowrap">Fund</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:10.32px;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:1647.53px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
		</div>
		<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">
			<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) 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>
		</div>
		<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">
			<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) 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>
		</div>
		<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(80.389px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">
			<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) 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">Annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
		</div>
		<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">
			<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
		</div>
		<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(36.000px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">

			</div>
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			<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:0px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:200.13px;white-space:nowrap">accordance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1180.72px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1550.83px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1950.91px;letter-spacing:-0.65px;white-space:nowrap">GAAP </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2497.85px;white-space:nowrap">permanent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3408.4px;text-rendering:optimizeLegibility;white-space:nowrap">differences </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4335.03px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4645.2px;text-rendering:optimizeLegibility;white-space:nowrap">reclassified </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5595.56px;white-space:nowrap">among </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:6195.94px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:6766.26px;white-space:nowrap">accounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7536.71px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7736.84px;text-rendering:optimizeLegibility;white-space:nowrap">reflect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8277.01px;white-space:nowrap">their </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8677.18px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8967.3px;letter-spacing:-0.9px;white-space:nowrap">character. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:9797.78px;white-space:nowrap">At </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">year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:700.4px;white-space:nowrap">ended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1250.95px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2131.26px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2431.49px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2931.94px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:3362.17px;text-rendering:optimizeLegibility;white-space:nowrap">reclassifications </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:4682.64px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:5122.79px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:5362.91px;white-space:nowrap">follows:</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1878.04px;left:0px;letter-spacing:-2.67px;white-space:nowrap">5. </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1878.04px;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:1878.04px;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:2245.77px;left:0px;white-space:nowrap">Purchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2245.77px;left:900.44px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2245.77px;left:1250.77px;white-space:nowrap">sales </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2245.77px;left:1720.99px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2245.77px;left:1921.11px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2245.77px;left:2931.5px;white-space:nowrap">(excluding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2245.77px;left:3801.97px;white-space:nowrap">short </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2245.77px;left:4252.15px;white-space:nowrap">term </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2245.77px;left:4662.16px;white-space:nowrap">securities) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2245.77px;left:5532.36px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2245.77px;left:5792.43px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2245.77px;left:6092.67px;white-space:nowrap">year</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2245.77px;left:6492.83px;white-space:nowrap">ended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2245.77px;left:7043.38px;white-space:nowrap">December</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2245.77px;left:7923.69px;white-space:nowrap">3</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2245.77px;left:8023.8px;white-space:nowrap">1</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2245.77px;left:8123.91px;white-space:nowrap">, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2245.77px;left:8223.93px;white-space:nowrap">202</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2245.77px;left:8524.25px;white-space:nowrap">2</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2245.77px;left:8624.36px;white-space:nowrap">, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2245.77px;left:8724.38px;white-space:nowrap">aggregated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2495.77px;left:0px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2495.77px;left:100.11px;white-space:nowrap">196</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2495.77px;left:400.43px;white-space:nowrap">,</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2495.77px;left:450.44px;white-space:nowrap">839</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2495.77px;left:750.76px;white-space:nowrap">,</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2495.77px;left:800.77px;white-space:nowrap">087</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2495.77px;left:1151.1px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2495.77px;left:1501.44px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2495.77px;left:1601.54px;white-space:nowrap">184</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2495.77px;left:1901.87px;white-space:nowrap">,</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2495.77px;left:1951.88px;white-space:nowrap">833</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2495.77px;left:2252.2px;white-space:nowrap">,</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2495.77px;left:2302.21px;white-space:nowrap">535</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2495.77px;left:2602.53px;white-space:nowrap">, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2495.77px;left:2702.55px;letter-spacing:-1.03px;white-space:nowrap">respectively.</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3078.84px;left:0px;letter-spacing:-2.67px;white-space:nowrap">6. </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3078.84px;left:210.36px;letter-spacing:-3.33px;white-space:nowrap">Credit&#160;Risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3446.57px;left:0px;white-space:nowrap">At </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3446.57px;left:220.08px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3446.57px;left:1100.39px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3446.57px;left:1400.63px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3446.57px;left:1901.07px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3446.57px;left:2201.31px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3446.57px;left:2661.59px;white-space:nowrap">had </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3446.57px;left:3011.92px;white-space:nowrap">23.1% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3446.57px;left:3572.31px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3446.57px;left:3772.44px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3446.57px;left:4002.45px;white-space:nowrap">portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3446.57px;left:4692.83px;white-space:nowrap">invested </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3446.57px;left:5413.27px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3446.57px;left:5603.38px;white-space:nowrap">high </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3446.57px;left:5993.7px;white-space:nowrap">yield </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3446.57px;left:6413.91px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3446.57px;left:6623.96px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3446.57px;left:7084.25px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3446.57px;left:7894.51px;white-space:nowrap">rated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3446.57px;left:8354.79px;white-space:nowrap">below </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3446.57px;left:8875.11px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3696.57px;left:0px;white-space:nowrap">grade </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3696.57px;left:510.38px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3696.57px;left:860.71px;white-space:nowrap">unrated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3696.57px;left:1521.21px;white-space:nowrap">securities. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3696.57px;left:2378.23px;white-space:nowrap">These </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3696.57px;left:2928.52px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3696.57px;left:3738.78px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3696.57px;left:4128.84px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3696.57px;left:4379.06px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3696.57px;left:4839.17px;white-space:nowrap">sensitive </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3696.57px;left:5589.49px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3696.57px;left:5789.62px;white-space:nowrap">economic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3696.57px;left:6609.99px;white-space:nowrap">conditions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3696.57px;left:7470.53px;white-space:nowrap">causing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3696.57px;left:8140.96px;white-space:nowrap">greater </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3696.57px;left:8761.29px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3696.57px;left:9201.45px;white-space:nowrap">volatility </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3946.57px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3946.57px;left:350.33px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3946.57px;left:660.5px;white-space:nowrap">potentially </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3946.57px;left:1521.04px;white-space:nowrap">subject </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3946.57px;left:2141.37px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3946.57px;left:2341.49px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3946.57px;left:2491.61px;white-space:nowrap">greater </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3946.57px;left:3111.94px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3946.57px;left:3441.88px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3946.57px;left:3642.01px;white-space:nowrap">loss </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3946.57px;left:4012.12px;white-space:nowrap">due </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3946.57px;left:4362.45px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3946.57px;left:4562.58px;white-space:nowrap">default </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3946.57px;left:5153.03px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3946.57px;left:5553.37px;white-space:nowrap">higher </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3946.57px;left:6103.74px;white-space:nowrap">rated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3946.57px;left:6564.02px;white-space:nowrap">securities.</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4529.64px;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:4529.64px;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:4529.64px;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:4529.64px;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:4897.37px;left:0px;white-space:nowrap">Investing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4897.37px;left:770.45px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4897.37px;left:960.56px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4897.37px;left:1560.94px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4897.37px;left:2371.2px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4897.37px;left:2761.26px;white-space:nowrap">include </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4897.37px;left:3381.68px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4897.37px;left:3971.95px;white-space:nowrap">risks </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4897.37px;left:4391.89px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4897.37px;left:4742.23px;white-space:nowrap">considerations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4897.37px;left:5952.92px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4897.37px;left:6253.15px;white-space:nowrap">typically </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4897.37px;left:6943.36px;white-space:nowrap">associated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4897.37px;left:7853.91px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4897.37px;left:8224.01px;white-space:nowrap">investing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4897.37px;left:8984.44px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4897.37px;left:9174.55px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5147.37px;left:0px;white-space:nowrap">securities, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5147.37px;left:860.27px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5147.37px;left:1290.5px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5147.37px;left:1530.62px;text-rendering:optimizeLegibility;white-space:nowrap">fluctuating </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5147.37px;left:2401.17px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5147.37px;left:3141.39px;white-space:nowrap">values </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5147.37px;left:3711.71px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5147.37px;left:4062.04px;white-space:nowrap">changing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5147.37px;left:4842.69px;white-space:nowrap">local, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5147.37px;left:5312.9px;white-space:nowrap">regional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5147.37px;left:6003.37px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5147.37px;left:6353.7px;white-space:nowrap">global </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5147.37px;left:6884.12px;white-space:nowrap">economic, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5147.37px;left:7754.5px;white-space:nowrap">political </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5147.37px;left:8404.8px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5147.37px;left:8755.14px;white-space:nowrap">social </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5397.37px;left:0px;white-space:nowrap">conditions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5397.37px;left:910.55px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5397.37px;left:1420.75px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5397.37px;left:1810.81px;white-space:nowrap">result </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5397.37px;left:2300.98px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5397.37px;left:2491.08px;white-space:nowrap">greater </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5397.37px;left:3111.42px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5397.37px;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:5397.37px;left:4438.39px;white-space:nowrap">Political </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5397.37px;left:5108.64px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5397.37px;left:5458.97px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5397.37px;left:6169.39px;white-space:nowrap">uncertainty </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5397.37px;left:7099.89px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5397.37px;left:7290px;white-space:nowrap">many </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5397.37px;left:7780.17px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5397.37px;left:8380.55px;white-space:nowrap">regions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5397.37px;left:9020.92px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5647.37px;left:0px;white-space:nowrap">increase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5647.37px;left:730.37px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5647.37px;left:1330.49px;white-space:nowrap">volatility </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5647.37px;left:2020.69px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5647.37px;left:2371.03px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5647.37px;left:2671.26px;white-space:nowrap">economic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5647.37px;left:3491.63px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5647.37px;left:3821.57px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5647.37px;left:4021.7px;white-space:nowrap">investing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5647.37px;left:4782.13px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5647.37px;left:4972.24px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5647.37px;left:5572.62px;white-space:nowrap">securities. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5647.37px;left:6432.89px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5647.37px;left:6633.02px;white-space:nowrap">addition, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5647.37px;left:7363.56px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5647.37px;left:7953.84px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5647.37px;left:8554.22px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5647.37px;left:9364.48px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5647.37px;left:9754.54px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5897.37px;left:0px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5897.37px;left:250.22px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5897.37px;left:490.34px;white-space:nowrap">liquid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5897.37px;left:960.64px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5897.37px;left:1200.76px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5897.37px;left:1600.84px;white-space:nowrap">securities.</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6480.44px;left:0px;letter-spacing:-2.67px;white-space:nowrap">8. </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6480.44px;left:210.36px;letter-spacing:-3.69px;white-space:nowrap">Geopolitical </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6480.44px;left:1358.56px;letter-spacing:-4px;white-space:nowrap">Risk&#160;</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6848.17px;left:0px;white-space:nowrap">On </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6848.17px;left:290.13px;white-space:nowrap">February </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6848.17px;left:1060.4px;white-space:nowrap">24, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6848.17px;left:1360.63px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6848.17px;left:1861.08px;white-space:nowrap">Russia </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6848.17px;left:2461.29px;white-space:nowrap">engaged </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6848.17px;left:3212.05px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6848.17px;left:3402.16px;white-space:nowrap">military </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6848.17px;left:4022.14px;white-space:nowrap">actions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6848.17px;left:4642.47px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6848.17px;left:4832.58px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6848.17px;left:5132.81px;white-space:nowrap">sovereign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6848.17px;left:5963.29px;white-space:nowrap">territory </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6848.17px;left:6623.35px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6848.17px;left:6823.48px;white-space:nowrap">Ukraine. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6848.17px;left:7540.49px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6848.17px;left:7900.66px;white-space:nowrap">current </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6848.17px;left:8510.89px;white-space:nowrap">political </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6848.17px;left:9161.19px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7098.17px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7098.17px;left:710.42px;white-space:nowrap">uncertainty </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7098.17px;left:1640.92px;white-space:nowrap">surrounding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7098.17px;left:2641.55px;white-space:nowrap">Russia </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7098.17px;left:3241.76px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7098.17px;left:3592.09px;white-space:nowrap">Ukraine </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7098.17px;left:4262.34px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7098.17px;left:4652.4px;white-space:nowrap">increase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7098.17px;left:5382.77px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7098.17px;left:5982.89px;white-space:nowrap">volatility </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7098.17px;left:6673.1px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7098.17px;left:7023.43px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7098.17px;left:7323.66px;white-space:nowrap">economic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7098.17px;left:8144.03px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7098.17px;left:8473.97px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7098.17px;left:8674.1px;white-space:nowrap">investing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7098.17px;left:9434.53px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7348.17px;left:0px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7348.17px;left:810.26px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7348.17px;left:1000.37px;white-space:nowrap">these </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7348.17px;left:1490.71px;white-space:nowrap">countries </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7348.17px;left:2271.09px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7348.17px;left:2621.43px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7348.17px;left:3011.48px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7348.17px;left:3391.7px;white-space:nowrap">cause </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7348.17px;left:3922.03px;white-space:nowrap">uncertainty </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7348.17px;left:4852.53px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7348.17px;left:5112.6px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7348.17px;left:5412.83px;white-space:nowrap">global </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7348.17px;left:5943.25px;white-space:nowrap">economy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7348.17px;left:6723.63px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7348.17px;left:7073.96px;white-space:nowrap">broader </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7348.17px;left:7744.39px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7348.17px;left:8454.81px;white-space:nowrap">markets. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7348.17px;left:9191.69px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7598.17px;left:0px;white-space:nowrap">ultimate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7598.17px;left:680.27px;white-space:nowrap">fallout </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7598.17px;left:1210.61px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7598.17px;left:1560.94px;white-space:nowrap">long-term </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7598.17px;left:2371.2px;white-space:nowrap">impact </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7598.17px;left:2951.37px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7598.17px;left:3361.38px;white-space:nowrap">these </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7598.17px;left:3851.72px;white-space:nowrap">events </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7598.17px;left:4432.06px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7598.17px;left:4742.23px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7598.17px;left:5042.46px;white-space:nowrap">known. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7598.17px;left:5659.54px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7598.17px;left:6019.72px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7598.17px;left:6480px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7598.17px;left:6779.97px;white-space:nowrap">continue </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7598.17px;left:7510.52px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7598.17px;left:7710.64px;white-space:nowrap">assess </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7598.17px;left:8320.87px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7598.17px;left:8621.1px;white-space:nowrap">impact </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7598.17px;left:9201.27px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.17px;left:0px;white-space:nowrap">valuations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.17px;left:860.54px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.17px;left:1210.87px;white-space:nowrap">liquidity </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.17px;left:1861.17px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.17px;left:2211.5px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.17px;left:2511.47px;white-space:nowrap">take </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.17px;left:2901.71px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.17px;left:3241.93px;white-space:nowrap">potential </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.17px;left:3972.48px;white-space:nowrap">actions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.17px;left:4592.81px;white-space:nowrap">needed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.17px;left:5243.47px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.17px;left:5433.57px;white-space:nowrap">accordance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.17px;left:6414.17px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.17px;left:6784.28px;white-space:nowrap">procedures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.17px;left:7734.81px;white-space:nowrap">approved </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.17px;left:8535.41px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.17px;left:8775.53px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.17px;left:9075.76px;white-space:nowrap">Board.</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8431.24px;left:0px;letter-spacing:-2.67px;white-space:nowrap">9. </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8431.24px;left:210.36px;letter-spacing:-3.33px;white-space:nowrap">Novel </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8431.24px;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:8431.24px;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:8798.97px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8798.97px;left:360.18px;white-space:nowrap">global </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8798.97px;left:890.6px;white-space:nowrap">outbreak </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8798.97px;left:1641.09px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8798.97px;left:1841.22px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8798.97px;left:2141.46px;white-space:nowrap">novel </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8798.97px;left:2621.78px;white-space:nowrap">coronavirus </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8798.97px;left:3602.2px;white-space:nowrap">disease, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8798.97px;left:4322.64px;white-space:nowrap">known </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8798.97px;left:4892.96px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8798.97px;left:5133.08px;white-space:nowrap">COVID-19,&#160;has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8798.97px;left:6403.54px;white-space:nowrap">caused </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8798.97px;left:7033.97px;white-space:nowrap">adverse </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8798.97px;left:7724.36px;text-rendering:optimizeLegibility;white-space:nowrap">effects </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8798.97px;left:8300.74px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8798.97px;left:8550.97px;white-space:nowrap">many </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8798.97px;left:9041.13px;white-space:nowrap">companies, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9048.97px;left:0px;white-space:nowrap">sectors, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9048.97px;left:680.19px;white-space:nowrap">nations, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9048.97px;left:1360.63px;white-space:nowrap">regions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9048.97px;left:2001.01px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9048.97px;left:2351.34px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9048.97px;left:2651.57px;white-space:nowrap">markets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9048.97px;left:3341.69px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9048.97px;left:3531.8px;white-space:nowrap">general,&#160;and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9048.97px;left:4582.62px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9048.97px;left:4972.68px;white-space:nowrap">continue&#160;for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9048.97px;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:9048.97px;left:8091.56px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9048.97px;left:8451.74px;text-rendering:optimizeLegibility;white-space:nowrap">effects </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9048.97px;left:9028.13px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9048.97px;left:9228.25px;white-space:nowrap">this </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9298.97px;left:0px;white-space:nowrap">pandemic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9298.97px;left:830.48px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9298.97px;left:1220.54px;white-space:nowrap">materially </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9298.97px;left:2040.73px;white-space:nowrap">impact </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9298.97px;left:2620.9px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9298.97px;left:2921.13px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9298.97px;left:3401.46px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9298.97px;left:3751.79px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9298.97px;left:4812.28px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9298.97px;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:9298.97px;left:6563.14px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9298.97px;left:6763.27px;white-space:nowrap">buy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9298.97px;left:7103.5px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9298.97px;left:7453.83px;white-space:nowrap">sell </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9298.97px;left:7773.93px;white-space:nowrap">fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9298.97px;left:8174.27px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9298.97px;left:9184.66px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9548.97px;left:0px;white-space:nowrap">appropriate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9548.97px;left:960.64px;white-space:nowrap">valuations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9548.97px;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:9548.97px;left:2911.73px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9548.97px;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:9548.97px;left:4932.69px;white-space:nowrap">objectives.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1059.42px;left:144px;white-space:nowrap">Paid-in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1059.42px;left:686.5px;white-space:nowrap">Capital</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1059.42px;left:1214.37px;letter-spacing:49.48px;white-space:nowrap">.............................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1059.42px;left:9083.67px;white-space:nowrap">$(56,096,670)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1319.91px;left:144px;letter-spacing:-2.96px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1319.91px;left:526.42px;white-space:nowrap">distributable </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1319.91px;left:1433.61px;white-space:nowrap">earnings </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1319.91px;left:2091.81px;white-space:nowrap">(loss)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1319.91px;left:2522.15px;letter-spacing:49.59px;white-space:nowrap">...............................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1319.91px;left:9190.23px;white-space:nowrap">$56,096,670</div></div>
		</div>
		<div style="height:22.54px;left:0px;position:absolute;top:0px;transform:translate(35.999px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:145.61px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) 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">4. </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-3.43px;white-space:nowrap">Income </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:938.13px;letter-spacing:-6.97px;white-space:nowrap">Taxes</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10.14px;left:1511.62px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div></div>
		</div>


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		<div style="height:50.48px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) 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:7437.56px;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:8393.66px;letter-spacing:9.6px;white-space:nowrap">Global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:9034.53px;letter-spacing:10.29px;white-space:nowrap">Income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:9679.78px;letter-spacing:9px;white-space:nowrap">Fund</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:7461.73px;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:8019.91px;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: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:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">
			<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) 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">25</div></div>
		</div>
		<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(527.260px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">
			<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) 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="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual </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>
		<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(53.999px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">

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		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:611.16px;left:0px;position:absolute;top:0px;transform:translate(54.000px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:518.40px">
			<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) 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:-3px;white-space:nowrap">10. </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:317.59px;letter-spacing:-3.33px;white-space:nowrap">Other </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:882.56px;letter-spacing:-3.64px;white-space:nowrap">Derivative </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1850.28px;letter-spacing:-3.64px;white-space:nowrap">Information</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">December</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1100.39px;white-space:nowrap">3</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1200.5px;white-space:nowrap">1</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1300.61px;white-space:nowrap">, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1400.63px;white-space:nowrap">202</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1700.95px;white-space:nowrap">2</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1801.05px;white-space:nowrap">, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1901.07px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2911.46px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3101.57px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3921.94px;white-space:nowrap">contracts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4702.24px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5012.4px;text-rendering:optimizeLegibility;white-space:nowrap">reflected </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5752.79px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5942.9px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:6243.13px;white-space:nowrap">Statement&#160;of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7303.8px;white-space:nowrap">Assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7893.98px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8244.32px;white-space:nowrap">Liabilities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:9034.72px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:9274.83px;white-space:nowrap">follows:</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4755.32px;left:0px;white-space:nowrap">For </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4755.32px;left:320.01px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4755.32px;left:620.24px;white-space:nowrap">year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4755.32px;left:1020.41px;white-space:nowrap">ended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4755.32px;left:1570.96px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4755.32px;left:2451.27px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4755.32px;left:2751.5px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4755.32px;left:3251.95px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4755.32px;left:3552.19px;text-rendering:optimizeLegibility;white-space:nowrap">effect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4755.32px;left:4038.57px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4755.32px;left:4238.7px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4755.32px;left:5059.07px;white-space:nowrap">contracts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4755.32px;left:5839.37px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4755.32px;left:6029.47px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4755.32px;left:6329.71px;white-space:nowrap">Statement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4755.32px;left:7200.18px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4755.32px;left:7400.3px;white-space:nowrap">Operations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4755.32px;left:8330.8px;white-space:nowrap">was </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4755.32px;left:8700.91px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4755.32px;left:8941.03px;white-space:nowrap">follows:</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8916.67px;left:0px;white-space:nowrap">For </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8916.67px;left:320.01px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8916.67px;left:620.24px;white-space:nowrap">year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8916.67px;left:1020.41px;white-space:nowrap">ended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8916.67px;left:1570.96px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8916.67px;left:2451.27px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8916.67px;left:2751.5px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8916.67px;left:3251.95px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8916.67px;left:3552.19px;white-space:nowrap">average </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8916.67px;left:4252.68px;white-space:nowrap">month </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8916.67px;left:4802.96px;white-space:nowrap">end </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8916.67px;left:5153.29px;white-space:nowrap">notional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8916.67px;left:5833.83px;white-space:nowrap">amount </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8916.67px;left:6484.22px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8916.67px;left:6684.35px;white-space:nowrap">swap </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8916.67px;left:7154.56px;white-space:nowrap">contracts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8916.67px;left:7934.85px;white-space:nowrap">represented </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8916.67px;left:8945.51px;white-space:nowrap">$21,488,769. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9166.67px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9166.67px;left:360.18px;white-space:nowrap">average </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9166.67px;left:1060.66px;white-space:nowrap">month </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9166.67px;left:1610.95px;white-space:nowrap">end </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9166.67px;left:1961.28px;white-space:nowrap">contract </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9166.67px;left:2651.57px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9166.67px;left:3131.89px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9166.67px;left:3332.02px;white-space:nowrap">forward </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9166.67px;left:3982.24px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9166.67px;left:4812.89px;white-space:nowrap">contracts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9166.67px;left:5593.18px;white-space:nowrap">was </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9166.67px;left:5963.29px;letter-spacing:-0.35px;white-space:nowrap">$538,115,447. </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:853.1px;left:3508.93px;white-space:nowrap">Asset </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:853.1px;left:3989.16px;white-space:nowrap">Derivatives</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:853.1px;left:7456.55px;white-space:nowrap">Liability </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:853.1px;left:8105.54px;white-space:nowrap">Derivatives</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1113.59px;left:0px;white-space:nowrap">Derivative </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1113.59px;left:809.38px;white-space:nowrap">Contracts</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1305.59px;left:0px;white-space:nowrap">Not </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1305.59px;left:305.08px;white-space:nowrap">Accounted </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1305.59px;left:1176.25px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1305.59px;left:1433.98px;white-space:nowrap">as</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1497.59px;left:0px;white-space:nowrap">Hedging </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1497.59px;left:684.38px;white-space:nowrap">Instruments</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1113.59px;left:2304px;white-space:nowrap">Statement </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1113.59px;left:3121.97px;white-space:nowrap">of</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1305.59px;left:2304px;white-space:nowrap">Assets </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1305.59px;left:2873.22px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1305.59px;left:3202.13px;white-space:nowrap">Liabilities</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1497.59px;left:2304px;white-space:nowrap">Location</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1497.59px;left:5292.06px;white-space:nowrap">Fair </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1497.59px;left:5629.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1113.59px;left:6408px;white-space:nowrap">Statement </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1113.59px;left:7225.97px;white-space:nowrap">of</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1305.59px;left:6408px;white-space:nowrap">Assets </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1305.59px;left:6977.22px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1305.59px;left:7306.13px;white-space:nowrap">Liabilities</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1497.59px;left:6408px;white-space:nowrap">Location</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1497.59px;left:9324.06px;white-space:nowrap">Fair </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1497.59px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1813.35px;left:0px;letter-spacing:-1.19px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1813.35px;left:841.48px;white-space:nowrap">Global </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1813.35px;left:1383.75px;white-space:nowrap">Income </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1813.35px;left:1988.36px;white-space:nowrap">Fund</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2073.84px;left:0px;white-space:nowrap">Interest </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2073.84px;left:578.05px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2073.84px;left:898.2px;white-space:nowrap">contracts</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2073.84px;left:1588.02px;letter-spacing:50.83px;white-space:nowrap">.......</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2334.32px;left:2304px;letter-spacing:-1.19px;white-space:nowrap">Variation </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2334.32px;left:2968.06px;white-space:nowrap">margin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2334.32px;left:3501.58px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2334.32px;left:3724px;white-space:nowrap">centrally </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2526.32px;left:2448px;white-space:nowrap">cleared </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2526.32px;left:3017.22px;white-space:nowrap">swap </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2526.32px;left:3435.19px;white-space:nowrap">contracts</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2334.32px;left:5142.22px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2334.32px;left:5231.2px;letter-spacing:-1.32px;white-space:nowrap">2,748,113</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2337.53px;left:5931.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2334.32px;left:6336px;letter-spacing:-1.19px;white-space:nowrap">Variation </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2334.32px;left:7000.06px;white-space:nowrap">margin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2334.32px;left:7533.58px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2334.32px;left:7756px;white-space:nowrap">centrally </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2526.32px;left:6480px;white-space:nowrap">cleared </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2526.32px;left:7049.22px;white-space:nowrap">swap </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2526.32px;left:7467.19px;white-space:nowrap">contracts</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2334.32px;left:9766.02px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2334.32px;left:9855px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2786.8px;left:0px;white-space:nowrap">Foreign </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2786.8px;left:586.95px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2786.8px;left:1325.31px;white-space:nowrap">contracts</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2786.8px;left:2055.09px;letter-spacing:55.52px;white-space:nowrap">..</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3047.29px;left:2304px;white-space:nowrap">Unrealized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3047.29px;left:3113.3px;white-space:nowrap">appreciation </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3047.29px;left:4029.47px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3047.29px;left:4251.89px;white-space:nowrap">OTC </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3239.29px;left:2448px;white-space:nowrap">forward </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3239.29px;left:3025.97px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3239.29px;left:3764.33px;white-space:nowrap">contracts</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3047.29px;left:5182.22px;white-space:nowrap">16,379,733</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3047.29px;left:6336px;white-space:nowrap">Unrealized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3047.29px;left:7145.3px;white-space:nowrap">depreciation </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3047.29px;left:8061.47px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3047.29px;left:8283.89px;white-space:nowrap">OTC </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3239.29px;left:6480px;white-space:nowrap">forward </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3239.29px;left:7057.97px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3239.29px;left:7796.33px;white-space:nowrap">contracts</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3047.29px;left:9303.2px;white-space:nowrap">7,379,136</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3499.77px;left:0px;letter-spacing:-3.55px;white-space:nowrap">Total</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3499.77px;left:373.65px;letter-spacing:49.62px;white-space:nowrap">....................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3499.77px;left:5093.23px;white-space:nowrap">$19,127,846</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3499.77px;left:9214.22px;white-space:nowrap">$7,379,136</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:4000.06px;left:0px;white-space:nowrap">a</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3995.84px;left:42.54px;white-space:nowrap">This </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3995.84px;left:326.92px;white-space:nowrap">amount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3995.84px;left:801.06px;text-rendering:optimizeLegibility;white-space:nowrap">reflects </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3995.84px;left:1260.51px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3995.84px;left:1479.42px;white-space:nowrap">cumulative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3995.84px;left:2143.09px;white-space:nowrap">appreciation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3995.84px;left:2894.42px;white-space:nowrap">(depreciation) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3995.84px;left:3733.09px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3995.84px;left:3879.02px;white-space:nowrap">centrally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3995.84px;left:4404.1px;white-space:nowrap">cleared </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3995.84px;left:4870.9px;letter-spacing:0px;white-space:nowrap">swap </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3995.84px;left:5213.63px;white-space:nowrap">contracts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3995.84px;left:5782.54px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3995.84px;left:5957.62px;white-space:nowrap">reported </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3995.84px;left:6482.77px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3995.84px;left:6621.37px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3995.84px;left:6840.27px;white-space:nowrap">Schedule </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3995.84px;left:7423.87px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3995.84px;left:7569.81px;white-space:nowrap">Investments. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3995.84px;left:8350.27px;white-space:nowrap">Only </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3995.84px;left:8656.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3995.84px;left:8875.51px;white-space:nowrap">variation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3995.84px;left:9407.93px;white-space:nowrap">margin</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4187.84px;left:0px;white-space:nowrap">receivable/payable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4187.84px;left:1130.63px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4187.84px;left:1276.56px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4187.84px;left:1568.28px;white-space:nowrap">end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4187.84px;left:1823.67px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4187.84px;left:1954.92px;white-space:nowrap">separately </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4187.84px;left:2596.8px;white-space:nowrap">reported </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4187.84px;left:3121.95px;white-space:nowrap">within </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4187.84px;left:3493.83px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4187.84px;left:3712.73px;white-space:nowrap">Statement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4187.84px;left:4347.34px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4187.84px;left:4486.09px;white-space:nowrap">Assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4187.84px;left:4916.41px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4187.84px;left:5171.8px;white-space:nowrap">Liabilities. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4187.84px;left:5784.45px;white-space:nowrap">Prior </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4187.84px;left:6097.89px;white-space:nowrap">variation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4187.84px;left:6630.31px;white-space:nowrap">margin </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4187.84px;left:7067.81px;white-space:nowrap">movements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4187.84px;left:7782.5px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4187.84px;left:8103.28px;white-space:nowrap">recorded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4187.84px;left:8657.58px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4187.84px;left:8803.52px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4187.84px;left:9117.19px;white-space:nowrap">upon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4187.84px;left:9445.55px;white-space:nowrap">receipt</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4379.84px;left:0px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4379.84px;left:153.13px;white-space:nowrap">payment.</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5604.74px;left:0px;white-space:nowrap">Derivative </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5604.74px;left:809.38px;white-space:nowrap">Contracts</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5796.74px;left:0px;white-space:nowrap">Not </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5796.74px;left:305.08px;white-space:nowrap">Accounted </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5796.74px;left:1176.25px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5796.74px;left:1433.98px;white-space:nowrap">as</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5988.74px;left:0px;white-space:nowrap">Hedging </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5988.74px;left:684.38px;white-space:nowrap">Instruments</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5796.74px;left:2592px;white-space:nowrap">Statement </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5796.74px;left:3409.97px;white-space:nowrap">of</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5988.74px;left:2592px;white-space:nowrap">Operations </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5988.74px;left:3481.06px;white-space:nowrap">Location</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5604.74px;left:5240.59px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5604.74px;left:5542.86px;white-space:nowrap">Realized </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5796.74px;left:5054.19px;white-space:nowrap">Gain </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5796.74px;left:5454.27px;white-space:nowrap">(Loss) </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5796.74px;left:5978.72px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5988.74px;left:5572.31px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5988.74px;left:5853.88px;letter-spacing:-2.21px;white-space:nowrap">Year</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5796.74px;left:6480px;white-space:nowrap">Statement </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5796.74px;left:7297.97px;white-space:nowrap">of</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5988.74px;left:6480px;white-space:nowrap">Operations </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5988.74px;left:7369.06px;white-space:nowrap">Location</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5220.74px;left:9004.38px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5220.74px;left:9306.64px;white-space:nowrap">Change </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5220.74px;left:9937.81px;white-space:nowrap">in</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5412.74px;left:9270.86px;white-space:nowrap">Unrealized</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5604.74px;left:9102.11px;white-space:nowrap">Appreciation</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5796.74px;left:9004.3px;white-space:nowrap">(Depreciation)</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5988.74px;left:9202.58px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5988.74px;left:9460.31px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5988.74px;left:9741.88px;letter-spacing:-2.21px;white-space:nowrap">Year</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6311.79px;left:0px;letter-spacing:-1.19px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6311.79px;left:841.48px;white-space:nowrap">Global </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6311.79px;left:1383.75px;white-space:nowrap">Income </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6311.79px;left:1988.36px;white-space:nowrap">Fund</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6540.27px;left:2592px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6540.27px;left:2885.44px;white-space:nowrap">realized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6540.27px;left:3490.2px;white-space:nowrap">gain </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6540.27px;left:3837.16px;white-space:nowrap">(loss) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6540.27px;left:4272.7px;white-space:nowrap">from:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6540.27px;left:6480px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6540.27px;left:6773.44px;white-space:nowrap">change </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6540.27px;left:7342.81px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6540.27px;left:7511.8px;white-space:nowrap">unrealized</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6732.27px;left:6480px;white-space:nowrap">&#160;&#160;appreciation </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6732.27px;left:7485.08px;white-space:nowrap">(depreciation) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6732.27px;left:8507.81px;white-space:nowrap">on:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7138.21px;left:0px;white-space:nowrap">Interest </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7138.21px;left:578.05px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7138.21px;left:898.2px;white-space:nowrap">contracts</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7138.21px;left:1588.02px;letter-spacing:51.05px;white-space:nowrap">..........</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7398.7px;left:2592px;white-space:nowrap">Swap </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7398.7px;left:3036.69px;white-space:nowrap">contracts</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7398.7px;left:5943.02px;white-space:nowrap">$&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7398.7px;left:6480px;white-space:nowrap">Swap </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7398.7px;left:6924.69px;white-space:nowrap">contracts</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7398.7px;left:9291.09px;letter-spacing:-1.19px;white-space:nowrap">$2,748,113</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7659.18px;left:0px;white-space:nowrap">Foreign </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7659.18px;left:586.95px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7659.18px;left:1325.31px;white-space:nowrap">contracts</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7659.18px;left:2055.09px;letter-spacing:53.14px;white-space:nowrap">.....</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7919.67px;left:2592px;white-space:nowrap">Forward </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7919.67px;left:3223.25px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7919.67px;left:3961.61px;white-space:nowrap">contracts</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7919.67px;left:5284.66px;white-space:nowrap">(12,600,160)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7919.67px;left:6480px;white-space:nowrap">Forward </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7919.67px;left:7111.25px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7919.67px;left:7849.61px;white-space:nowrap">contracts</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7919.67px;left:9368.2px;white-space:nowrap">7,517,989</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8180.15px;left:0px;letter-spacing:-3.55px;white-space:nowrap">Total</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8180.15px;left:373.65px;letter-spacing:49.87px;white-space:nowrap">.......................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8180.15px;left:5195.67px;white-space:nowrap">$(12,600,160)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8180.15px;left:9190.23px;white-space:nowrap">$10,266,102</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:50.48px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) 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:9.6px;white-space:nowrap">Global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:1596.97px;letter-spacing:10.29px;white-space:nowrap">Income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:2242.22px;letter-spacing:9px;white-space:nowrap">Fund</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:10.32px;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:1647.53px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
		</div>
		<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">
			<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) 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">26</div></div>
		</div>
		<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">
			<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) 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>
		</div>
		<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(80.389px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">
			<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) 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">Annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
		</div>
		<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">
			<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
		</div>
		<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(36.000px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">

			</div>
		</div>
		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:607.88px;left:0px;position:absolute;top:0px;transform:translate(35.999px,123.920px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">





































































































			<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">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1100.39px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1400.63px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1901.07px;white-space:nowrap">OTC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2331.04px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3151.41px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3721.64px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4071.97px;white-space:nowrap">liabilities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4802.26px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5112.42px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5352.54px;white-space:nowrap">follows:</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3840.23px;left:0px;white-space:nowrap">At </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3840.23px;left:220.08px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3840.23px;left:1100.39px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3840.23px;left:1400.63px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3840.23px;left:1901.07px;white-space:nowrap">OTC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3840.23px;left:2331.04px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3840.23px;left:3151.41px;white-space:nowrap">assets, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3840.23px;left:3771.65px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3840.23px;left:4281.86px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3840.23px;left:4671.91px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3840.23px;left:4922.14px;text-rendering:optimizeLegibility;white-space:nowrap">offset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3840.23px;left:5408.53px;white-space:nowrap">against </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3840.23px;left:6038.96px;white-space:nowrap">OTC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3840.23px;left:6468.93px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3840.23px;left:7289.3px;white-space:nowrap">liabilities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3840.23px;left:8019.58px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3840.23px;left:8369.91px;white-space:nowrap">collateral </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3840.23px;left:9140.27px;white-space:nowrap">received </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4090.23px;left:0px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4090.23px;left:410.01px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4090.23px;left:710.24px;letter-spacing:-0.95px;white-space:nowrap">counterparty, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4090.23px;left:1797.45px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4090.23px;left:2107.62px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4090.23px;left:2347.73px;white-space:nowrap">follows:</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10310.72px;left:0px;white-space:nowrap">At </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10310.72px;left:220.08px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10310.72px;left:1100.39px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10310.72px;left:1400.63px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10310.72px;left:1901.07px;white-space:nowrap">OTC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10310.72px;left:2331.04px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10310.72px;left:3151.41px;white-space:nowrap">liabilities, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10310.72px;left:3931.7px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10310.72px;left:4441.9px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10310.72px;left:4831.96px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10310.72px;left:5082.19px;text-rendering:optimizeLegibility;white-space:nowrap">offset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10310.72px;left:5568.57px;white-space:nowrap">against </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10310.72px;left:6199.01px;white-space:nowrap">OTC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10310.72px;left:6628.97px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10310.72px;left:7449.35px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10310.72px;left:8019.58px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10310.72px;left:8369.91px;white-space:nowrap">collateral </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10310.72px;left:9140.27px;white-space:nowrap">pledged </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10310.72px;left:9830.92px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10560.72px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10560.72px;left:300.23px;letter-spacing:-0.95px;white-space:nowrap">counterparty, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10560.72px;left:1387.44px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10560.72px;left:1697.61px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10560.72px;left:1937.72px;white-space:nowrap">follows:</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:809.42px;left:6865.16px;white-space:nowrap">Gross </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:809.42px;left:7366.09px;white-space:nowrap">Amounts </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:809.42px;left:8103.83px;white-space:nowrap">of</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1001.42px;left:6332.89px;white-space:nowrap">Assets </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1001.42px;left:6902.11px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1001.42px;left:7231.02px;white-space:nowrap">Liabilities </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1001.42px;left:8013.44px;white-space:nowrap">Presented</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1193.42px;left:6002.66px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1193.42px;left:6189.3px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1193.42px;left:6473.75px;white-space:nowrap">Statement </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1193.42px;left:7291.72px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1193.42px;left:7481.25px;white-space:nowrap">Assets </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1193.42px;left:8050.47px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1193.42px;left:8379.38px;white-space:nowrap">Liabilities</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1497.59px;left:6011.68px;white-space:nowrap">Assets</div><div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:1500.8px;left:6536.44px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1497.59px;left:8425.08px;white-space:nowrap">Liabilities</div><div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:1500.8px;left:9163.05px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1889.03px;left:0px;letter-spacing:-1.19px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1889.03px;left:841.48px;white-space:nowrap">Global </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1889.03px;left:1383.75px;white-space:nowrap">Income </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1889.03px;left:1988.36px;white-space:nowrap">Fund</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2193.2px;left:0px;white-space:nowrap">Derivatives</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2424.68px;left:144px;white-space:nowrap">Forward </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2424.68px;left:775.25px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2424.68px;left:1513.61px;white-space:nowrap">contracts</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2424.68px;left:2241.91px;letter-spacing:50.34px;white-space:nowrap">.............................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2424.68px;left:6670.23px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2424.68px;left:6759.22px;white-space:nowrap">16,379,733</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2424.68px;left:9279.22px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2424.68px;left:9368.2px;white-space:nowrap">7,379,136</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.17px;left:288px;letter-spacing:-2.96px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.17px;left:747.3px;letter-spacing:49.85px;white-space:nowrap">.............................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.17px;left:6670.23px;white-space:nowrap">$16,379,733</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.17px;left:9279.22px;white-space:nowrap">$7,379,136</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:128.3px;position:absolute;top:3169.18px;left:0px;white-space:nowrap">a</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3200.75px;left:61.44px;white-space:nowrap">Absent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3200.75px;left:506.44px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3200.75px;left:688.86px;white-space:nowrap">event </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3200.75px;left:1046.36px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3200.75px;left:1192.3px;white-space:nowrap">default </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3200.75px;left:1622.76px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3200.75px;left:1775.89px;white-space:nowrap">early </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3200.75px;left:2096.75px;white-space:nowrap">termination, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3200.75px;left:2818.78px;white-space:nowrap">OTC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3200.75px;left:3132.22px;white-space:nowrap">derivative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3200.75px;left:3730.26px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3200.75px;left:4146.05px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3200.75px;left:4401.44px;white-space:nowrap">liabilities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3200.75px;left:4933.78px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3200.75px;left:5159.87px;white-space:nowrap">presented </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3200.75px;left:5779.95px;white-space:nowrap">gross </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3200.75px;left:6137.3px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3200.75px;left:6392.69px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3200.75px;left:6611.59px;letter-spacing:-0.32px;white-space:nowrap">offset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3200.75px;left:6966.83px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3200.75px;left:7105.42px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3200.75px;left:7324.33px;white-space:nowrap">Statement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3200.75px;left:7958.94px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3200.75px;left:8097.69px;white-space:nowrap">Assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3200.75px;left:8528px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3200.75px;left:8783.39px;white-space:nowrap">Liabilities.</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4555.65px;left:5706.9px;white-space:nowrap">Amounts </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4555.65px;left:6444.63px;white-space:nowrap">Not </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4555.65px;left:6755.65px;text-rendering:optimizeLegibility;white-space:nowrap">Offset </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4555.65px;left:7258.46px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4555.65px;left:7445.1px;white-space:nowrap">the</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4747.65px;left:5374.2px;white-space:nowrap">Statement </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4747.65px;left:6192.17px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4747.65px;left:6381.7px;white-space:nowrap">Assets </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4747.65px;left:6950.92px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4747.65px;left:7279.83px;white-space:nowrap">Liabilities</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5008.14px;left:3857.58px;white-space:nowrap">Gross</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5200.14px;left:3431.25px;white-space:nowrap">Amounts </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5200.14px;left:4168.98px;white-space:nowrap">of</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5392.14px;left:2790.47px;white-space:nowrap">Assets </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5392.14px;left:3359.69px;white-space:nowrap">Presented </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5392.14px;left:4177.81px;white-space:nowrap">in</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5584.14px;left:3066.56px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5584.14px;left:3351.02px;white-space:nowrap">Statement </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5584.14px;left:4168.98px;white-space:nowrap">of</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5776.14px;left:2683.91px;white-space:nowrap">Assets </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5776.14px;left:3253.13px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5776.14px;left:3582.03px;white-space:nowrap">Liabilities</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5200.14px;left:5066.48px;white-space:nowrap">Financial </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5392.14px;left:4844.3px;white-space:nowrap">Instruments </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5584.14px;left:4805.63px;letter-spacing:-0.59px;white-space:nowrap">Available </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5584.14px;left:5546.72px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5776.14px;left:5301.64px;text-rendering:optimizeLegibility;white-space:nowrap">Offset</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5200.14px;left:6506.48px;white-space:nowrap">Financial </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5392.14px;left:6284.3px;white-space:nowrap">Instruments </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5584.14px;left:6470.86px;white-space:nowrap">Collateral </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5776.14px;left:6445.47px;white-space:nowrap">Received</div><div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:5779.35px;left:7148.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5392.14px;left:8248.75px;white-space:nowrap">Cash</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5584.14px;left:7910.86px;white-space:nowrap">Collateral</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5776.14px;left:7937.34px;white-space:nowrap">Received</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5392.14px;left:9179.38px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5392.14px;left:9475.7px;white-space:nowrap">Amount</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5584.14px;left:9404.3px;white-space:nowrap">(Not </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5584.14px;left:9768.59px;white-space:nowrap">less</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5776.14px;left:9315.55px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5776.14px;left:9697.73px;white-space:nowrap">zero)</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6118.08px;left:0px;letter-spacing:-1.19px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6118.08px;left:841.48px;white-space:nowrap">Global </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6118.08px;left:1383.75px;white-space:nowrap">Income </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6118.08px;left:1988.36px;white-space:nowrap">Fund</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6378.56px;left:0px;white-space:nowrap">Counterparty</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6639.05px;left:144px;letter-spacing:-0.72px;white-space:nowrap">BAST</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6639.05px;left:560.48px;letter-spacing:51.07px;white-space:nowrap">....................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6639.05px;left:3519.22px;white-space:nowrap">$1,718,784</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6639.05px;left:5511.02px;white-space:nowrap">$&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6639.05px;left:6951.02px;white-space:nowrap">$&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6639.05px;left:7732.66px;white-space:nowrap">$(1,460,000)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6639.05px;left:9412.66px;white-space:nowrap">$258,784</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6899.53px;left:144px;letter-spacing:-0.72px;white-space:nowrap">BNDP</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6899.53px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6899.53px;left:3608.2px;white-space:nowrap">7,099,913</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6899.53px;left:5600px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6899.53px;left:6381.64px;white-space:nowrap">(6,832,522)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6899.53px;left:8480px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6899.53px;left:9501.64px;white-space:nowrap">267,391</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7160.01px;left:144px;letter-spacing:-4.41px;white-space:nowrap">BOFA</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7160.01px;left:561.97px;letter-spacing:51.07px;white-space:nowrap">....................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7160.01px;left:3608.2px;white-space:nowrap">1,580,010</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7160.01px;left:5600px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7160.01px;left:6393.52px;letter-spacing:-1.08px;white-space:nowrap">(1,116,580)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7160.01px;left:7955.08px;white-space:nowrap">(160,000)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7160.01px;left:9501.64px;white-space:nowrap">303,430</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7420.5px;left:144px;white-space:nowrap">BZWS</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7420.5px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7420.5px;left:3741.64px;white-space:nowrap">245,536</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7420.5px;left:5075.08px;white-space:nowrap">(245,536)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7420.5px;left:7040px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7420.5px;left:8480px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7420.5px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7680.98px;left:144px;white-space:nowrap">CITI</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7680.98px;left:467.07px;letter-spacing:50.97px;white-space:nowrap">.....................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7680.98px;left:3741.64px;white-space:nowrap">275,220</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7680.98px;left:5164.06px;white-space:nowrap">(83,731)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7680.98px;left:7040px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7680.98px;left:8480px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7680.98px;left:9501.64px;white-space:nowrap">191,489</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7941.47px;left:144px;white-space:nowrap">DBAB</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7941.47px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7941.47px;left:3608.2px;white-space:nowrap">1,659,349</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7941.47px;left:4941.64px;white-space:nowrap">(1,659,349)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7941.47px;left:7040px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7941.47px;left:8480px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7941.47px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8201.95px;left:144px;white-space:nowrap">GSCO</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8201.95px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8201.95px;left:3741.64px;white-space:nowrap">656,944</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8201.95px;left:5600px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8201.95px;left:7040px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8201.95px;left:7955.08px;white-space:nowrap">(610,000)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8201.95px;left:9590.63px;white-space:nowrap">46,944</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8462.44px;left:144px;white-space:nowrap">HSBK</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8462.44px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8462.44px;left:3608.2px;white-space:nowrap">1,516,351</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8462.44px;left:4941.64px;white-space:nowrap">(1,516,351)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8462.44px;left:7040px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8462.44px;left:8480px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8462.44px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8722.92px;left:144px;white-space:nowrap">JPHQ</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8722.92px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8722.92px;left:3741.64px;white-space:nowrap">826,465</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8722.92px;left:5164.06px;white-space:nowrap">(83,641)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8722.92px;left:6515.08px;white-space:nowrap">(559,954)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8722.92px;left:8480px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8722.92px;left:9501.64px;white-space:nowrap">182,870</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8983.41px;left:144px;white-space:nowrap">MSCO</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8983.41px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8983.41px;left:3741.64px;white-space:nowrap">797,345</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8983.41px;left:5164.06px;white-space:nowrap">(48,585)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8983.41px;left:7040px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8983.41px;left:7955.08px;white-space:nowrap">(680,000)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8983.41px;left:9590.63px;white-space:nowrap">68,760</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9243.89px;left:144px;white-space:nowrap">UBSW</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9243.89px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9243.89px;left:3919.61px;white-space:nowrap">3,816</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9243.89px;left:5253.05px;white-space:nowrap">(3,816)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9243.89px;left:7040px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9243.89px;left:8480px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9243.89px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9504.37px;left:288px;letter-spacing:-3.55px;white-space:nowrap">Total</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9504.37px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9504.37px;left:3430.23px;white-space:nowrap">$16,379,733</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9504.37px;left:4852.66px;white-space:nowrap">$(3,641,009)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9504.37px;left:6292.66px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9504.37px;left:6381.64px;white-space:nowrap">(8,509,056)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9504.37px;left:7732.66px;white-space:nowrap">$(2,910,000)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9504.37px;left:9279.22px;white-space:nowrap">$1,319,668</div><div style="font-family:Arial, sans-serif;font-size:10px;position:absolute;top:9782.66px;left:7338.44px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:10px;position:absolute;top:9782.66px;left:8562.44px;white-space:nowrap">1</div></div>
		</div>
		<div style="height:22.54px;left:0px;position:absolute;top:0px;transform:translate(35.999px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:145.61px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) 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:-3px;white-space:nowrap">10. </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:317.59px;letter-spacing:-3.33px;white-space:nowrap">Other </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:882.56px;letter-spacing:-3.64px;white-space:nowrap">Derivative </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1850.28px;letter-spacing:-4px;white-space:nowrap">Information</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10.14px;left:2947.43px;letter-spacing:-2.91px;white-space:nowrap">(continued)</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:50.48px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) 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:7437.56px;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:8393.66px;letter-spacing:9.6px;white-space:nowrap">Global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:9034.53px;letter-spacing:10.29px;white-space:nowrap">Income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:9679.78px;letter-spacing:9px;white-space:nowrap">Fund</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:7461.73px;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:8019.91px;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: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:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">
			<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) 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">27</div></div>
		</div>
		<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(527.260px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">
			<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) 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:17.41px;left:0px;position:absolute;top:0px;transform:translate(189.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">
			<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual </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>
		</div>
		<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">
			<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
		</div>
		<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(53.999px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">

			</div>
		</div>
		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:607.88px;left:0px;position:absolute;top:0px;transform:translate(54.000px,123.919px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">
























































































			<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7200.1px;left:0px;white-space:nowrap">See </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7200.1px;left:370.28px;white-space:nowrap">Note </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7200.1px;left:800.51px;white-space:nowrap">1(d) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7200.1px;left:1170.62px;white-space:nowrap">regarding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7200.1px;left:1981.14px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7200.1px;left:2801.51px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7200.1px;left:3511.93px;white-space:nowrap">instruments.&#160;</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7630.1px;left:0px;white-space:nowrap">See </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7630.1px;left:360.35px;white-space:nowrap">Abbreviations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7630.1px;left:1501px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7630.1px;left:1751.22px;white-space:nowrap">page </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7630.1px;left:2201.66px;white-space:nowrap">29</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7630.1px;left:2401.88px;white-space:nowrap">.</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8213.17px;left:0px;letter-spacing:-2.3px;white-space:nowrap">11. </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8213.17px;left:306.56px;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:8213.17px;left:708.92px;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:8213.17px;left:1263.05px;letter-spacing:-3.38px;white-space:nowrap">Measurements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8580.9px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8580.9px;left:360.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8580.9px;left:820.46px;white-space:nowrap">follows </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8580.9px;left:1420.66px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8580.9px;left:1570.78px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8580.9px;left:1870.84px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8580.9px;left:2351.16px;white-space:nowrap">hierarchy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8580.9px;left:3141.47px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8580.9px;left:3491.72px;white-space:nowrap">distinguishes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8580.9px;left:4582.35px;white-space:nowrap">between </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8580.9px;left:5312.9px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8580.9px;left:5913.02px;white-space:nowrap">data </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8580.9px;left:6313.36px;white-space:nowrap">obtained </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8580.9px;left:7054.01px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8580.9px;left:7464.02px;white-space:nowrap">independent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8580.9px;left:8505px;white-space:nowrap">sources </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8830.9px;left:0px;white-space:nowrap">(observable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8830.9px;left:990.53px;white-space:nowrap">inputs) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8830.9px;left:1580.8px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8830.9px;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:8830.9px;left:2816.02px;white-space:nowrap">own </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8830.9px;left:3196.23px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8830.9px;left:3796.35px;white-space:nowrap">assumptions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8830.9px;left:4856.84px;white-space:nowrap">(unobservable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8830.9px;left:6047.58px;white-space:nowrap">inputs). </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8830.9px;left:6684.61px;white-space:nowrap">These </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8830.9px;left:7234.89px;white-space:nowrap">inputs </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8830.9px;left:7765.22px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8830.9px;left:8075.39px;white-space:nowrap">used </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8830.9px;left:8515.72px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8830.9px;left:8705.83px;white-space:nowrap">determining </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8830.9px;left:9696.36px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9080.9px;left:0px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9080.9px;left:480.32px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9080.9px;left:680.45px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9080.9px;left:980.68px;text-rendering:optimizeLegibility;white-space:nowrap">Fund&#39;s&#160;financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9080.9px;left:2275.75px;white-space:nowrap">instruments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9080.9px;left:3256.08px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9080.9px;left:3606.42px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9080.9px;left:3916.58px;white-space:nowrap">summarized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9080.9px;left:4946.84px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9080.9px;left:5136.94px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9080.9px;left:5437.18px;white-space:nowrap">following </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9080.9px;left:6187.59px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9080.9px;left:6487.65px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9080.9px;left:6967.97px;white-space:nowrap">hierarchy:</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9510.9px;left:604.8px;white-space:nowrap">Level </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9510.9px;left:1085.12px;white-space:nowrap">1 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9510.9px;left:1235.24px;white-space:nowrap">&#8211; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9510.9px;left:1385.36px;white-space:nowrap">quoted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9510.9px;left:1985.91px;white-space:nowrap">prices </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9510.9px;left:2516.07px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9510.9px;left:2706.18px;white-space:nowrap">active </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9510.9px;left:3226.4px;white-space:nowrap">markets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9510.9px;left:3916.52px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9510.9px;left:4176.59px;white-space:nowrap">identical </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9510.9px;left:4887.01px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9510.9px;left:5597.43px;white-space:nowrap">instruments</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9940.9px;left:604.8px;white-space:nowrap">Level </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9940.9px;left:1085.12px;white-space:nowrap">2 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9940.9px;left:1235.24px;white-space:nowrap">&#8211; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9940.9px;left:1385.36px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9940.9px;left:1845.64px;text-rendering:optimizeLegibility;white-space:nowrap">significant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9940.9px;left:2696.07px;white-space:nowrap">observable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9940.9px;left:3626.66px;white-space:nowrap">inputs </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9940.9px;left:4156.99px;white-space:nowrap">(including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9940.9px;left:4977.45px;white-space:nowrap">quoted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9940.9px;left:5578px;white-space:nowrap">prices </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9940.9px;left:6108.16px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9940.9px;left:6368.23px;white-space:nowrap">similar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9940.9px;left:6938.2px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9940.9px;left:7648.62px;white-space:nowrap">instruments, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9940.9px;left:8678.96px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9940.9px;left:9319.24px;white-space:nowrap">rates, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10190.9px;left:604.8px;white-space:nowrap">prepayment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10190.9px;left:1605.35px;white-space:nowrap">speed, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10190.9px;left:2195.8px;white-space:nowrap">credit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10190.9px;left:2685.96px;white-space:nowrap">risk, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10190.9px;left:3065.91px;white-space:nowrap">etc.)</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10620.9px;left:604.8px;white-space:nowrap">Level </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10620.9px;left:1085.12px;white-space:nowrap">3 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10620.9px;left:1235.24px;white-space:nowrap">&#8211; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10620.9px;left:1385.36px;text-rendering:optimizeLegibility;white-space:nowrap">significant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10620.9px;left:2235.79px;white-space:nowrap">unobservable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10620.9px;left:3366.59px;white-space:nowrap">inputs </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10620.9px;left:3896.92px;white-space:nowrap">(including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10620.9px;left:4717.38px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10620.9px;left:5017.61px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10620.9px;left:5602.26px;white-space:nowrap">own </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10620.9px;left:5982.48px;white-space:nowrap">assumptions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10620.9px;left:7042.96px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10620.9px;left:7233.07px;white-space:nowrap">determining </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10620.9px;left:8223.6px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10620.9px;left:8523.83px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10620.9px;left:8823.89px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10620.9px;left:9304.21px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10870.9px;left:604.8px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10870.9px;left:1315.22px;white-space:nowrap">instruments)</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:418.38px;left:5706.9px;white-space:nowrap">Amounts </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:418.38px;left:6444.63px;white-space:nowrap">Not </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:418.38px;left:6755.65px;text-rendering:optimizeLegibility;white-space:nowrap">Offset </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:418.38px;left:7258.46px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:418.38px;left:7445.1px;white-space:nowrap">the</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:610.38px;left:5374.2px;white-space:nowrap">Statement </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:610.38px;left:6192.17px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:610.38px;left:6381.7px;white-space:nowrap">Assets </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:610.38px;left:6950.92px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:610.38px;left:7279.83px;white-space:nowrap">Liabilities</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:870.86px;left:3857.58px;white-space:nowrap">Gross</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1062.86px;left:3431.25px;white-space:nowrap">Amounts </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1062.86px;left:4168.98px;white-space:nowrap">of</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1254.86px;left:3582.03px;white-space:nowrap">Liabilities </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1446.86px;left:3359.69px;white-space:nowrap">Presented </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1446.86px;left:4177.81px;white-space:nowrap">in</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1638.86px;left:3066.56px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1638.86px;left:3351.02px;white-space:nowrap">Statement </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1638.86px;left:4168.98px;white-space:nowrap">of</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1830.86px;left:2683.91px;white-space:nowrap">Assets </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1830.86px;left:3253.13px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1830.86px;left:3582.03px;white-space:nowrap">Liabilities</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1254.86px;left:5066.48px;white-space:nowrap">Financial </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1446.86px;left:4844.3px;white-space:nowrap">Instruments </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1638.86px;left:4805.63px;letter-spacing:-0.59px;white-space:nowrap">Available </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1638.86px;left:5546.72px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1830.86px;left:5301.64px;text-rendering:optimizeLegibility;white-space:nowrap">Offset</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1254.86px;left:6506.48px;white-space:nowrap">Financial</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1446.86px;left:6284.3px;white-space:nowrap">Instruments</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1638.86px;left:6470.86px;white-space:nowrap">Collateral</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1830.86px;left:6577.66px;white-space:nowrap">Pledged</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1446.86px;left:8248.75px;white-space:nowrap">Cash</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1638.86px;left:7910.86px;white-space:nowrap">Collateral</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1830.86px;left:8017.66px;white-space:nowrap">Pledged</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1446.86px;left:9179.38px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1446.86px;left:9475.7px;white-space:nowrap">Amount </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1638.86px;left:9404.3px;white-space:nowrap">(Not </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1638.86px;left:9768.59px;white-space:nowrap">less </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1830.86px;left:9315.55px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1830.86px;left:9697.73px;white-space:nowrap">zero)</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2172.8px;left:0px;letter-spacing:-1.19px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2172.8px;left:841.48px;white-space:nowrap">Global </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2172.8px;left:1383.75px;white-space:nowrap">Income </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2172.8px;left:1988.36px;white-space:nowrap">Fund</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2433.29px;left:0px;white-space:nowrap">Counterparty</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2693.77px;left:144px;letter-spacing:-0.72px;white-space:nowrap">BAST</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2693.77px;left:560.48px;letter-spacing:51.07px;white-space:nowrap">....................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2693.77px;left:4071.02px;white-space:nowrap">$&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2693.77px;left:5511.02px;white-space:nowrap">$&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2693.77px;left:6951.02px;white-space:nowrap">$&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2693.77px;left:8391.02px;white-space:nowrap">$&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2693.77px;left:9831.02px;white-space:nowrap">$&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2954.25px;left:144px;letter-spacing:-0.72px;white-space:nowrap">BNDP</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2954.25px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2954.25px;left:4160px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2954.25px;left:5600px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2954.25px;left:7040px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2954.25px;left:8480px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2954.25px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3214.74px;left:144px;letter-spacing:-4.41px;white-space:nowrap">BOFA</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3214.74px;left:561.97px;letter-spacing:51.07px;white-space:nowrap">....................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3214.74px;left:4160px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3214.74px;left:5600px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3214.74px;left:7040px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3214.74px;left:8480px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3214.74px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3475.22px;left:144px;white-space:nowrap">BZWS</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3475.22px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3475.22px;left:3741.64px;white-space:nowrap">450,718</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3475.22px;left:5075.08px;white-space:nowrap">(245,536)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3475.22px;left:7040px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3475.22px;left:8480px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3475.22px;left:9501.64px;white-space:nowrap">205,182</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.71px;left:144px;white-space:nowrap">CITI</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.71px;left:467.07px;letter-spacing:50.97px;white-space:nowrap">.....................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.71px;left:3830.63px;white-space:nowrap">83,731</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.71px;left:5164.06px;white-space:nowrap">(83,731)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.71px;left:7040px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.71px;left:8480px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.71px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3996.19px;left:144px;white-space:nowrap">DBAB</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3996.19px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3996.19px;left:3608.2px;white-space:nowrap">2,458,634</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3996.19px;left:4941.64px;white-space:nowrap">(1,659,349)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3996.19px;left:7040px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3996.19px;left:7955.08px;white-space:nowrap">(799,285)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3996.19px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4256.68px;left:144px;white-space:nowrap">GSCO</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4256.68px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4256.68px;left:4160px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4256.68px;left:5600px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4256.68px;left:7040px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4256.68px;left:8480px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4256.68px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4517.16px;left:144px;white-space:nowrap">HSBK</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4517.16px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4517.16px;left:3608.2px;white-space:nowrap">4,230,457</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4517.16px;left:4941.64px;white-space:nowrap">(1,516,351)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4517.16px;left:7040px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4517.16px;left:7821.64px;white-space:nowrap">(2,714,106)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4517.16px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4777.64px;left:144px;white-space:nowrap">JPHQ</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4777.64px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4777.64px;left:3830.63px;white-space:nowrap">83,641</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4777.64px;left:5164.06px;white-space:nowrap">(83,641)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4777.64px;left:7040px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4777.64px;left:8480px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4777.64px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5038.13px;left:144px;white-space:nowrap">MSCO</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5038.13px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5038.13px;left:3830.63px;white-space:nowrap">48,585</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5038.13px;left:5164.06px;white-space:nowrap">(48,585)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5038.13px;left:7040px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5038.13px;left:8480px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5038.13px;left:9920px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5298.61px;left:144px;white-space:nowrap">UBSW</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5298.61px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5298.61px;left:3830.63px;white-space:nowrap">23,370</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5298.61px;left:5253.05px;white-space:nowrap">(3,816)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5298.61px;left:7040px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5298.61px;left:8480px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5298.61px;left:9590.63px;white-space:nowrap">19,554</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5559.1px;left:288px;letter-spacing:-3.55px;white-space:nowrap">Total</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5559.1px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5559.1px;left:3519.22px;white-space:nowrap">$7,379,136</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5559.1px;left:4852.66px;white-space:nowrap">$(3,641,009)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5559.1px;left:6951.02px;white-space:nowrap">$&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5559.1px;left:7732.66px;white-space:nowrap">$(3,513,391)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5559.1px;left:9412.66px;white-space:nowrap">$224,736</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:6194.84px;left:0px;white-space:nowrap">a</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6190.62px;left:42.54px;white-space:nowrap">At </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6190.62px;left:203.01px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6190.62px;left:844.65px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6190.62px;left:1063.56px;white-space:nowrap">2022, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6190.62px;left:1428.4px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6190.62px;left:1647.31px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6190.62px;left:1982.85px;white-space:nowrap">received </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6190.62px;left:2515.27px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6190.62px;left:2804.65px;letter-spacing:-0.53px;white-space:nowrap">Treasury </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6190.62px;left:3354.02px;white-space:nowrap">Bonds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6190.62px;left:3762.54px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6190.62px;left:4017.93px;white-space:nowrap">Notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6190.62px;left:4397.15px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6190.62px;left:4652.54px;white-space:nowrap">U.S </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6190.62px;left:4905.43px;letter-spacing:-0.53px;white-space:nowrap">Treasury </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6190.62px;left:5454.81px;text-rendering:optimizeLegibility;white-space:nowrap">Inflation-Indexed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6190.62px;left:6461.52px;white-space:nowrap">Bonds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6190.62px;left:6870.04px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6190.62px;left:7045.12px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6190.62px;left:7606.68px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6190.62px;left:7796.29px;white-space:nowrap">derivatives.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:6386.84px;left:0px;white-space:nowrap">b</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6382.62px;left:42.54px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6382.62px;left:188.48px;white-space:nowrap">some </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6382.62px;left:545.82px;white-space:nowrap">instances, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6382.62px;left:1173.17px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6382.62px;left:1392.07px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6382.62px;left:1953.63px;white-space:nowrap">amounts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6382.62px;left:2493.4px;white-space:nowrap">disclosed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6382.62px;left:3076.92px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6382.62px;left:3215.51px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6382.62px;left:3434.42px;white-space:nowrap">table </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6382.62px;left:3755.43px;white-space:nowrap">above </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6382.62px;left:4149.42px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6382.62px;left:4470.2px;white-space:nowrap">adjusted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6382.62px;left:5002.77px;letter-spacing:0px;white-space:nowrap">due </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6382.62px;left:5258.17px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6382.62px;left:5404.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6382.62px;left:5623.01px;white-space:nowrap">requirement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6382.62px;left:6359.57px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6382.62px;left:6505.51px;white-space:nowrap">limit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6382.62px;left:6775.2px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6382.62px;left:7336.76px;white-space:nowrap">amounts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6382.62px;left:7876.52px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6382.62px;left:8022.46px;white-space:nowrap">avoid </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6382.62px;left:8372.62px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6382.62px;left:8591.52px;letter-spacing:-0.32px;white-space:nowrap">effect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6382.62px;left:8946.76px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6382.62px;left:9092.7px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6574.62px;left:0px;white-space:nowrap">collateralization. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6574.62px;left:970.16px;white-space:nowrap">Actual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6574.62px;left:1371.33px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6574.62px;left:1932.89px;white-space:nowrap">received </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6574.62px;left:2465.31px;white-space:nowrap">and/or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6574.62px;left:2873.83px;white-space:nowrap">pledged </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6574.62px;left:3377.27px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6574.62px;left:3661.64px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6574.62px;left:3844.06px;white-space:nowrap">more </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6574.62px;left:4179.45px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6574.62px;left:4471.33px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6574.62px;left:4690.23px;white-space:nowrap">amounts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6574.62px;left:5230px;white-space:nowrap">disclosed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6574.62px;left:5813.52px;white-space:nowrap">herein.</div></div>
		</div>
		<div style="height:22.54px;left:0px;position:absolute;top:0px;transform:translate(54.000px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:145.61px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) 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:-3px;white-space:nowrap">10. </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:317.59px;letter-spacing:-3.33px;white-space:nowrap">Other </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:882.56px;letter-spacing:-3.64px;white-space:nowrap">Derivative </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1850.28px;letter-spacing:-4px;white-space:nowrap">Information</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10.14px;left:2947.43px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div></div>
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			<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) 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:9.6px;white-space:nowrap">Global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:1596.97px;letter-spacing:10.29px;white-space:nowrap">Income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:2242.22px;letter-spacing:9px;white-space:nowrap">Fund</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:10.32px;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:1647.53px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
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		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
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			<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) 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">28</div></div>
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		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">
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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">Annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</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">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:3441.53px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:3741.77px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:4242.22px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:4432.32px;white-space:nowrap">valuing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:5052.74px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:5352.98px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:5937.63px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:6507.86px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:6858.19px;white-space:nowrap">liabilities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:7588.48px;white-space:nowrap">carried </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:8188.68px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:8388.81px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:8688.87px;white-space:nowrap">value, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:9219.2px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:9399.2px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:0px;white-space:nowrap">follows: </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5616.06px;left:0px;letter-spacing:-1.2px;white-space:nowrap">12. </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5616.06px;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:5616.06px;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:5983.8px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5983.8px;left:360.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5983.8px;left:820.46px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5983.8px;left:1160.68px;white-space:nowrap">evaluated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5983.8px;left:1991.34px;white-space:nowrap">subsequent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5983.8px;left:2972.11px;white-space:nowrap">events </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5983.8px;left:3552.45px;white-space:nowrap">through </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5983.8px;left:4212.95px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5983.8px;left:4513.18px;white-space:nowrap">issuance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5983.8px;left:5273.61px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5983.8px;left:5473.74px;text-rendering:optimizeLegibility;white-space:nowrap">the&#160;financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5983.8px;left:6484.39px;white-space:nowrap">statements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5983.8px;left:7414.8px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5983.8px;left:7765.14px;white-space:nowrap">determined </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5983.8px;left:8715.67px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5983.8px;left:9065.92px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5983.8px;left:9316.14px;white-space:nowrap">events </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6233.8px;left:0px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6233.8px;left:440.33px;white-space:nowrap">occurred </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6233.8px;left:1190.65px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6233.8px;left:1540.9px;white-space:nowrap">require </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6233.8px;left:2151.21px;white-space:nowrap">disclosure, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6233.8px;left:3061.58px;white-space:nowrap">except </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6233.8px;left:3641.92px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6233.8px;left:3901.99px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6233.8px;left:4202.23px;white-space:nowrap">following:</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6663.8px;left:0px;white-space:nowrap">On </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6663.8px;left:290.13px;white-space:nowrap">February </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6663.8px;left:1060.4px;white-space:nowrap">13, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6663.8px;left:1360.63px;white-space:nowrap">2023, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6663.8px;left:1861.08px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6663.8px;left:2161.32px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6663.8px;left:2621.6px;white-space:nowrap">announced </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6663.8px;left:3562.47px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6663.8px;left:3912.71px;white-space:nowrap">it </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6663.8px;left:4052.72px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6663.8px;left:4392.95px;white-space:nowrap">withdrawn </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6663.8px;left:5253.31px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6663.8px;left:5553.54px;white-space:nowrap">pending </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6663.8px;left:6244.19px;white-space:nowrap">litigation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6663.8px;left:6954.61px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6663.8px;left:7154.74px;white-space:nowrap">prevent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6663.8px;left:7805.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6663.8px;left:8105.36px;text-rendering:optimizeLegibility;white-space:nowrap">certification </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6663.8px;left:9065.74px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6663.8px;left:9265.87px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6913.8px;left:0px;white-space:nowrap">results </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6913.8px;left:580.17px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6913.8px;left:780.29px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6913.8px;left:1080.53px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6913.8px;left:1667.55px;white-space:nowrap">2022 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6913.8px;left:2108.06px;white-space:nowrap">Annual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6913.8px;left:2718.54px;white-space:nowrap">Meeting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6913.8px;left:3408.93px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6913.8px;left:3609.05px;white-space:nowrap">Shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6913.8px;left:4729.75px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6913.8px;left:5120.07px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6913.8px;left:5370.29px;white-space:nowrap">June </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6913.8px;left:5810.63px;white-space:nowrap">6, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6913.8px;left:6010.75px;white-space:nowrap">2022. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6913.8px;left:6511.2px;white-space:nowrap">On </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6913.8px;left:6801.33px;white-space:nowrap">February </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6913.8px;left:7571.6px;white-space:nowrap">15, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6913.8px;left:7871.84px;white-space:nowrap">2023, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6913.8px;left:8372.29px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6913.8px;left:8672.52px;white-space:nowrap">results </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6913.8px;left:9252.69px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6913.8px;left:9452.81px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7163.8px;left:0px;white-space:nowrap">Annual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7163.8px;left:610.49px;white-space:nowrap">Meeting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7163.8px;left:1300.87px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7163.8px;left:1741.03px;text-rendering:optimizeLegibility;white-space:nowrap">certified. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7163.8px;left:2461.38px;letter-spacing:-1.03px;white-space:nowrap">Accordingly, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7163.8px;left:3478.45px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7163.8px;left:3778.68px;white-space:nowrap">following </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7163.8px;left:4529.09px;white-space:nowrap">persons </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7163.8px;left:5219.47px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7163.8px;left:5659.63px;white-space:nowrap">elected </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7163.8px;left:6290.07px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7163.8px;left:6530.19px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7163.8px;left:6830.42px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7163.8px;left:7921.05px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7163.8px;left:8121.18px;white-space:nowrap">serve </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7163.8px;left:8611.35px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7163.8px;left:8848.21px;letter-spacing:-0.74px;white-space:nowrap">Trustees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7163.8px;left:9591.77px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7163.8px;left:9791.89px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7413.8px;left:0px;white-space:nowrap">Fund: </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7413.8px;left:510.29px;white-space:nowrap">Karen </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7413.8px;left:1040.63px;white-space:nowrap">Caldwell, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7413.8px;left:1820.92px;white-space:nowrap">Ketu </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7413.8px;left:2241.21px;white-space:nowrap">Desai, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7413.8px;left:2801.43px;white-space:nowrap">Mark </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7413.8px;left:3251.43px;white-space:nowrap">Hammitt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7413.8px;left:3971.43px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7413.8px;left:4311.83px;white-space:nowrap">Anatoly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7413.8px;left:4962.22px;white-space:nowrap">Nakum.</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1501.1px;left:4785.42px;white-space:nowrap">Level </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1501.1px;left:5239.02px;white-space:nowrap">1</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1501.1px;left:6369.42px;white-space:nowrap">Level </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1501.1px;left:6823.02px;white-space:nowrap">2</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1501.1px;left:7953.42px;white-space:nowrap">Level </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1501.1px;left:8407.02px;white-space:nowrap">3</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1501.1px;left:9709.69px;letter-spacing:-2.37px;white-space:nowrap">Total</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1860.55px;left:0px;letter-spacing:-1.19px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1860.55px;left:841.48px;white-space:nowrap">Global </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1860.55px;left:1383.75px;white-space:nowrap">Income </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1860.55px;left:1988.36px;white-space:nowrap">Fund</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2100.72px;left:0px;white-space:nowrap">Assets:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2340.88px;left:144px;white-space:nowrap">Investments </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2340.88px;left:1051.03px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2340.88px;left:1220.02px;white-space:nowrap">Securities:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2537.37px;left:288px;white-space:nowrap">Foreign </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2537.37px;left:874.95px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2537.37px;left:1799.8px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2537.37px;left:2102.38px;white-space:nowrap">Agency </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2537.37px;left:2680.5px;white-space:nowrap">Securities</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2537.37px;left:3456.29px;letter-spacing:51.24px;white-space:nowrap">....</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2537.37px;left:5079.02px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2537.37px;left:5168px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2537.37px;left:5933.25px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2537.37px;left:6022.23px;white-space:nowrap">298,187,357</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2537.37px;left:8247.02px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2537.37px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2537.37px;left:9101.25px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2537.37px;left:9190.23px;white-space:nowrap">298,187,357</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2733.85px;left:288px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2733.85px;left:643.63px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2733.85px;left:1568.47px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2733.85px;left:1871.05px;white-space:nowrap">Agency </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2733.85px;left:2449.17px;white-space:nowrap">Securities</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2733.85px;left:3176.05px;letter-spacing:50.26px;white-space:nowrap">.......</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2733.85px;left:5168px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2733.85px;left:6111.22px;white-space:nowrap">38,484,510</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2733.85px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2733.85px;left:9279.22px;white-space:nowrap">38,484,510</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2930.33px;left:288px;white-space:nowrap">Short </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2930.33px;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:2930.33px;left:1111.98px;white-space:nowrap">Investments</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2930.33px;left:2055.09px;letter-spacing:49.44px;white-space:nowrap">...................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2930.33px;left:4527.22px;white-space:nowrap">16,157,932</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2930.33px;left:6022.23px;white-space:nowrap">108,288,873</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2930.33px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2930.33px;left:9190.23px;white-space:nowrap">124,446,805</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3126.82px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3126.82px;left:958.42px;white-space:nowrap">Investments </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3126.82px;left:1865.45px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3126.82px;left:2034.44px;white-space:nowrap">Securities</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3126.82px;left:2802.39px;letter-spacing:49.79px;white-space:nowrap">...........</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3126.82px;left:4438.23px;white-space:nowrap">$16,157,932</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3126.82px;left:5933.25px;white-space:nowrap">$444,960,740</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3126.82px;left:8247.02px;white-space:nowrap">$&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3126.82px;left:9113.12px;letter-spacing:-0.99px;white-space:nowrap">$461,118,672</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3448.44px;left:144px;white-space:nowrap">Other </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3448.44px;left:588.61px;white-space:nowrap">Financial </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3448.44px;left:1273.38px;white-space:nowrap">Instruments:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3644.93px;left:288px;white-space:nowrap">Forward </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3644.93px;left:919.25px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3644.93px;left:1657.61px;white-space:nowrap">contracts</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3644.93px;left:2428.74px;letter-spacing:49.57px;white-space:nowrap">...............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3644.93px;left:5079.02px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3644.93px;left:5168px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3644.93px;left:6022.23px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3644.93px;left:6111.22px;white-space:nowrap">16,379,733</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3644.93px;left:8247.02px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3644.93px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3644.93px;left:9190.23px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3644.93px;left:9279.22px;white-space:nowrap">16,379,733</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3841.41px;left:288px;white-space:nowrap">Swap </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3841.41px;left:732.69px;white-space:nowrap">contracts</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3841.41px;left:1494.61px;letter-spacing:49.32px;white-space:nowrap">.........................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3841.41px;left:5168px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3841.41px;left:6212.08px;letter-spacing:-1.32px;white-space:nowrap">2,748,113</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3841.41px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3841.41px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">2,748,113</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4037.89px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4037.89px;left:958.42px;white-space:nowrap">Other </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4037.89px;left:1403.03px;white-space:nowrap">Financial </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4037.89px;left:2087.8px;white-space:nowrap">Instruments</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4037.89px;left:2989.22px;letter-spacing:49.97px;white-space:nowrap">.........</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4037.89px;left:5079.02px;white-space:nowrap">$&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4037.89px;left:6022.23px;white-space:nowrap">$19,127,846</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4037.89px;left:8247.02px;white-space:nowrap">$&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4037.89px;left:9190.23px;white-space:nowrap">$19,127,846</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4359.52px;left:0px;white-space:nowrap">Liabilities:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4599.68px;left:144px;white-space:nowrap">Other </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4599.68px;left:588.61px;white-space:nowrap">Financial </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4599.68px;left:1273.38px;white-space:nowrap">Instruments:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4796.17px;left:288px;white-space:nowrap">Forward </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4796.17px;left:919.25px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4796.17px;left:1657.61px;white-space:nowrap">contracts</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4796.17px;left:2335.33px;letter-spacing:49.53px;white-space:nowrap">................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4796.17px;left:5079.02px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4796.17px;left:5168px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4796.17px;left:6111.22px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4796.17px;left:6200.2px;white-space:nowrap">7,379,136</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4796.17px;left:8247.02px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4796.17px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4796.17px;left:9279.22px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4796.17px;left:9368.2px;white-space:nowrap">7,379,136</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5079.93px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5079.93px;left:958.42px;white-space:nowrap">Other </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5079.93px;left:1403.03px;white-space:nowrap">Financial </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5079.93px;left:2087.8px;white-space:nowrap">Instruments</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5079.93px;left:2989.22px;letter-spacing:49.97px;white-space:nowrap">.........</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5079.93px;left:5079.02px;white-space:nowrap">$&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5079.93px;left:6111.22px;white-space:nowrap">$7,379,136</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5079.93px;left:8247.02px;white-space:nowrap">$&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5079.93px;left:9279.22px;white-space:nowrap">$7,379,136</div></div>
		</div>
		<div style="height:22.54px;left:0px;position:absolute;top:0px;transform:translate(35.999px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:145.61px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) 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:-2.3px;white-space:nowrap">11. </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:306.56px;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:-23.73px;left:708.92px;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:-23.73px;left:1263.05px;letter-spacing:-3.69px;white-space:nowrap">Measurements </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10.14px;left:2708.45px;letter-spacing:-2.91px;white-space:nowrap">(continued)</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:50.48px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) 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:7437.56px;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:8393.66px;letter-spacing:9.6px;white-space:nowrap">Global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:9034.53px;letter-spacing:10.29px;white-space:nowrap">Income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:9679.78px;letter-spacing:9px;white-space:nowrap">Fund</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:7461.73px;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:8019.91px;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: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:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">
			<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) 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">29</div></div>
		</div>
		<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(527.260px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">
			<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) 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:17.41px;left:0px;position:absolute;top:0px;transform:translate(189.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">
			<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual </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:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">
			<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
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		<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(53.999px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">

			</div>
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		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:611.16px;left:0px;position:absolute;top:0px;transform:translate(54.000px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
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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:-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">Counterparty</div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:652.09px;left:0px;white-space:nowrap">BAST</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:669.03px;left:1116px;white-space:nowrap">Banco </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:669.03px;left:1614.13px;white-space:nowrap">Santander </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:669.03px;left:2396.94px;letter-spacing:-4.41px;white-space:nowrap">SA</div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:927.14px;left:0px;letter-spacing:-0.81px;white-space:nowrap">BNDP</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:944.07px;left:1116px;letter-spacing:-0.72px;white-space:nowrap">BNP </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:944.07px;left:1486.55px;white-space:nowrap">Paribas </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:944.07px;left:2073.5px;letter-spacing:-4.41px;white-space:nowrap">SA</div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1202.18px;left:0px;letter-spacing:-4.15px;white-space:nowrap">BOFA</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1219.12px;left:1116px;white-space:nowrap">Bank </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1219.12px;left:1525.14px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1219.12px;left:1694.2px;white-space:nowrap">America </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1219.12px;left:2325.45px;white-space:nowrap">Corp.</div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1477.23px;left:0px;white-space:nowrap">BZWS</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1494.16px;left:1116px;white-space:nowrap">Barclays </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1494.16px;left:1773.97px;white-space:nowrap">Bank </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1494.16px;left:2183.11px;white-space:nowrap">plc</div><div style="font-family:Arial, 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sans-serif;font-size:180px;font-weight:bold;position:absolute;top:3127.5px;left:0px;white-space:nowrap">MSCO</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3144.43px;left:1116px;white-space:nowrap">Morgan </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3144.43px;left:1702.95px;white-space:nowrap">Stanley</div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:3402.54px;left:0px;white-space:nowrap">UBSW</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3419.48px;left:1116px;white-space:nowrap">UBS </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3419.48px;left:1480.61px;white-space:nowrap">AG</div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:3937.59px;left:0px;white-space:nowrap">Cu</div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:3937.59px;left:239.94px;white-space:nowrap">r</div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:3937.59px;left:309.99px;white-space:nowrap">rency</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4215.01px;left:0px;letter-spacing:-0.96px;white-space:nowrap">BRL</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4215.01px;left:1116px;white-space:nowrap">Brazilian </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4215.01px;left:1774.05px;white-space:nowrap">Real</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4475.49px;left:0px;white-space:nowrap">CAD</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.49px;left:1116px;white-space:nowrap">Canadian </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.49px;left:1845.45px;white-space:nowrap">Dollar</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4735.97px;left:0px;letter-spacing:-0.96px;white-space:nowrap">COP</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4735.97px;left:1116px;white-space:nowrap">Colombian </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4735.97px;left:1925.3px;white-space:nowrap">Peso</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4996.46px;left:0px;white-space:nowrap">EUR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4996.46px;left:1116px;white-space:nowrap">Euro</div><div style="font-family:Arial, 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style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5777.91px;left:1116px;white-space:nowrap">Hungarian </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5777.91px;left:1898.73px;white-space:nowrap">Forint</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6038.4px;left:0px;white-space:nowrap">IDR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6038.4px;left:1116px;white-space:nowrap">Indonesian </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6038.4px;left:1943.34px;white-space:nowrap">Rupiah</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6298.88px;left:0px;white-space:nowrap">INR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6298.88px;left:1116px;white-space:nowrap">Indian </div><div style="font-family:Arial, 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</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6819.85px;left:2138.97px;letter-spacing:-0.96px;white-space:nowrap">Won</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7080.33px;left:0px;white-space:nowrap">MXN</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7080.33px;left:1116px;white-space:nowrap">Mexican </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7080.33px;left:1756.23px;white-space:nowrap">Peso</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7340.82px;left:0px;white-space:nowrap">MYR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7340.82px;left:1116px;white-space:nowrap">Malaysian </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:0px;white-space:nowrap">Annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
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			<div style="width:10080px;height:12590.62px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">











			<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;letter-spacing:-6.65px;white-space:nowrap">To </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:240.12px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:540.35px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1070.68px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1267.56px;letter-spacing:-0.74px;white-space:nowrap">Trustees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2011.11px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2361.45px;white-space:nowrap">Shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3482.14px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3679.01px;letter-spacing:-2px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4559.5px;white-space:nowrap">Global </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5129.82px;white-space:nowrap">Income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5770.11px;white-space:nowrap">Fund</div><div style="font-family:Arial, sans-serif;font-size:200px;font-style:italic;font-weight:bold;position:absolute;top:401.71px;left:0px;white-space:nowrap">Opinion </div><div style="font-family:Arial, sans-serif;font-size:200px;font-style:italic;font-weight:bold;position:absolute;top:401.71px;left:810.94px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:200px;font-style:italic;font-weight:bold;position:absolute;top:401.71px;left:1110.84px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:200px;font-style:italic;font-weight:bold;position:absolute;top:401.71px;left:1466.41px;white-space:nowrap">Financial </div><div style="font-family:Arial, sans-serif;font-size:200px;font-style:italic;font-weight:bold;position:absolute;top:401.71px;left:2388.87px;white-space:nowrap">Statements</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:848.64px;left:0px;letter-spacing:-1.08px;white-space:nowrap">We </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:848.64px;left:316.76px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:848.64px;left:757.09px;white-space:nowrap">audited </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:848.64px;left:1397.64px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:848.64px;left:1697.87px;white-space:nowrap">accompanying </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:848.64px;left:2908.56px;white-space:nowrap">statement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:848.64px;left:3748.97px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:848.64px;left:3949.1px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:848.64px;left:4519.34px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:848.64px;left:4869.67px;white-space:nowrap">liabilities, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:848.64px;left:5649.96px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:848.64px;left:6410.48px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:848.64px;left:6710.71px;white-space:nowrap">schedule </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:848.64px;left:7481.25px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:848.64px;left:7681.38px;white-space:nowrap">investments, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:848.64px;left:8741.78px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:848.64px;left:8938.65px;letter-spacing:-2px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:0px;white-space:nowrap">Global </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:570.32px;white-space:nowrap">Income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:1210.61px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:1670.89px;white-space:nowrap">(the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:2031.06px;white-space:nowrap">&quot;Fund&quot;) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:2679.08px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:2919.2px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:3119.33px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:3999.64px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:4299.87px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:4800.32px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:5100.56px;white-space:nowrap">related </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:5700.94px;white-space:nowrap">statement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:6541.35px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:6741.47px;white-space:nowrap">operations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:7632.07px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:7892.14px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:8192.37px;white-space:nowrap">year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:8592.54px;white-space:nowrap">ended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:9143.09px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1348.64px;left:0px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1348.64px;left:300.23px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1348.64px;left:800.68px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1348.64px;left:1100.92px;white-space:nowrap">statement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1348.64px;left:1941.33px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1348.64px;left:2141.46px;white-space:nowrap">changes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1348.64px;left:2872px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1348.64px;left:3062.11px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1348.64px;left:3362.34px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1348.64px;left:3932.58px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1348.64px;left:4192.65px;white-space:nowrap">each </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1348.64px;left:4632.98px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1348.64px;left:4833.11px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1348.64px;left:5133.34px;white-space:nowrap">two </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1348.64px;left:5463.46px;white-space:nowrap">years </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1348.64px;left:5953.62px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1348.64px;left:6143.73px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1348.64px;left:6443.96px;white-space:nowrap">period </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1348.64px;left:6994.34px;white-space:nowrap">ended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1348.64px;left:7544.88px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1348.64px;left:8425.2px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1348.64px;left:8725.43px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1348.64px;left:9225.88px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1598.64px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1598.64px;left:300.23px;white-space:nowrap">related </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1598.64px;left:900.62px;white-space:nowrap">notes, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1598.64px;left:1440.97px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1598.64px;left:1791.3px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1598.64px;left:2091.53px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1598.64px;left:2801.95px;white-space:nowrap">highlights </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1598.64px;left:3612.48px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1598.64px;left:3872.55px;white-space:nowrap">each </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1598.64px;left:4312.88px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1598.64px;left:4513.01px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1598.64px;left:4813.24px;text-rendering:optimizeLegibility;white-space:nowrap">five </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1598.64px;left:5143.36px;white-space:nowrap">years </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1598.64px;left:5633.53px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1598.64px;left:5823.63px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1598.64px;left:6123.87px;white-space:nowrap">period </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1598.64px;left:6674.24px;white-space:nowrap">ended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1598.64px;left:7224.79px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1598.64px;left:8105.1px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1598.64px;left:8405.33px;white-space:nowrap">2022 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1598.64px;left:8855.77px;white-space:nowrap">(collectively </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1848.64px;left:0px;white-space:nowrap">referred </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1848.64px;left:680.27px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1848.64px;left:880.4px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1848.64px;left:1120.52px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1848.64px;left:1420.75px;text-rendering:optimizeLegibility;white-space:nowrap">&#8220;financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1848.64px;left:2191.11px;white-space:nowrap">statements&#8221;). </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1848.64px;left:3291.42px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1848.64px;left:3491.54px;white-space:nowrap">our </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1848.64px;left:3801.71px;white-space:nowrap">opinion, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1848.64px;left:4482.25px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1848.64px;left:4782.48px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1848.64px;left:5492.9px;white-space:nowrap">statements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1848.64px;left:6423.31px;white-space:nowrap">present </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1848.64px;left:7073.7px;letter-spacing:-1.67px;white-space:nowrap">fairly, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1848.64px;left:7540.4px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1848.64px;left:7730.51px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1848.64px;left:7960.61px;white-space:nowrap">material </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1848.64px;left:8650.81px;white-space:nowrap">respects, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1848.64px;left:9431.1px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2098.64px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2098.64px;left:710.42px;white-space:nowrap">position </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2098.64px;left:1380.85px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2098.64px;left:1580.98px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2098.64px;left:1881.21px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2098.64px;left:2341.49px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2098.64px;left:2581.61px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2098.64px;left:2781.74px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2098.64px;left:3662.05px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2098.64px;left:3962.29px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2098.64px;left:4462.73px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2098.64px;left:4762.97px;white-space:nowrap">results </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2098.64px;left:5343.13px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2098.64px;left:5543.26px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2098.64px;left:5773.27px;white-space:nowrap">operations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2098.64px;left:6663.87px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2098.64px;left:6923.94px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2098.64px;left:7224.17px;white-space:nowrap">year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2098.64px;left:7624.34px;white-space:nowrap">then </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2098.64px;left:8024.68px;white-space:nowrap">ended, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2098.64px;left:8625.23px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2098.64px;left:8925.47px;white-space:nowrap">changes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2098.64px;left:9656.02px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2348.64px;left:0px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2348.64px;left:230.01px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2348.64px;left:530.24px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2348.64px;left:1100.48px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2348.64px;left:1360.55px;white-space:nowrap">each </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2348.64px;left:1800.88px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2348.64px;left:2001.01px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2348.64px;left:2301.24px;white-space:nowrap">two </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2348.64px;left:2631.36px;white-space:nowrap">years </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2348.64px;left:3121.52px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2348.64px;left:3311.63px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2348.64px;left:3611.87px;white-space:nowrap">period </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2348.64px;left:4162.24px;white-space:nowrap">ended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2348.64px;left:4712.78px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2348.64px;left:5593.1px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2348.64px;left:5893.33px;white-space:nowrap">2022 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2348.64px;left:6343.77px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2348.64px;left:6694.1px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2348.64px;left:6994.34px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2348.64px;left:7704.76px;white-space:nowrap">highlights </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2348.64px;left:8515.28px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2348.64px;left:8775.35px;white-space:nowrap">each </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2348.64px;left:9215.68px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2348.64px;left:9415.81px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2348.64px;left:9716.04px;text-rendering:optimizeLegibility;white-space:nowrap">five </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2598.64px;left:0px;white-space:nowrap">years </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2598.64px;left:490.17px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2598.64px;left:680.27px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2598.64px;left:980.51px;white-space:nowrap">period </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2598.64px;left:1530.88px;white-space:nowrap">ended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2598.64px;left:2081.43px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2598.64px;left:2961.74px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2598.64px;left:3261.97px;white-space:nowrap">2022 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2598.64px;left:3712.41px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2598.64px;left:3902.52px;white-space:nowrap">conformity </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2598.64px;left:4782.74px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2598.64px;left:5152.85px;white-space:nowrap">accounting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2598.64px;left:6073.51px;white-space:nowrap">principles </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2598.64px;left:6883.86px;white-space:nowrap">generally </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2598.64px;left:7664.33px;white-space:nowrap">accepted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2598.64px;left:8444.88px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2598.64px;left:8634.99px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2598.64px;left:8935.22px;white-space:nowrap">United </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2598.64px;left:9505.55px;white-space:nowrap">States </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2848.64px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2848.64px;left:190.2px;white-space:nowrap">America. </div><div style="font-family:Arial, sans-serif;font-size:200px;font-style:italic;font-weight:bold;position:absolute;top:3271.71px;left:0px;white-space:nowrap">Basis </div><div style="font-family:Arial, sans-serif;font-size:200px;font-style:italic;font-weight:bold;position:absolute;top:3271.71px;left:589.26px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:200px;font-style:italic;font-weight:bold;position:absolute;top:3271.71px;left:911.43px;white-space:nowrap">Opinion</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.64px;left:0px;white-space:nowrap">These </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.64px;left:550.28px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.64px;left:1260.7px;white-space:nowrap">statements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.64px;left:2191.11px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.64px;left:2501.28px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.64px;left:2801.51px;white-space:nowrap">responsibility </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.64px;left:3891.97px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.64px;left:4092.1px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.64px;left:4392.33px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.64px;left:4979.36px;white-space:nowrap">management. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.64px;left:6130.02px;white-space:nowrap">Our </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.64px;left:6480.09px;white-space:nowrap">responsibility </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.64px;left:7570.55px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.64px;left:7750.55px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.64px;left:7950.67px;white-space:nowrap">express </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.64px;left:8630.95px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.64px;left:8881.17px;white-space:nowrap">opinion </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.64px;left:9511.7px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3968.64px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3968.64px;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:3968.64px;left:887.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3968.64px;left:1597.68px;white-space:nowrap">statements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3968.64px;left:2528.09px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3968.64px;left:3068.53px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3968.64px;left:3318.75px;white-space:nowrap">our </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3968.64px;left:3628.92px;white-space:nowrap">audits. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3968.64px;left:4209.26px;letter-spacing:-1.08px;white-space:nowrap">We </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3968.64px;left:4526.02px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3968.64px;left:4836.18px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3968.64px;left:4986.3px;white-space:nowrap">public </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3968.64px;left:5506.61px;white-space:nowrap">accounting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3968.64px;left:6427.27px;text-rendering:optimizeLegibility;white-space:nowrap">firm </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3968.64px;left:6777.16px;white-space:nowrap">registered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3968.64px;left:7627.59px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3968.64px;left:7997.7px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3968.64px;left:8297.93px;white-space:nowrap">Public </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3968.64px;left:8838.19px;white-space:nowrap">Company </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4218.64px;left:0px;white-space:nowrap">Accounting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4218.64px;left:940.61px;white-space:nowrap">Oversight </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4218.64px;left:1760.89px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4218.64px;left:2291.22px;white-space:nowrap">(United </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4218.64px;left:2921.48px;white-space:nowrap">States) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4218.64px;left:3541.73px;white-space:nowrap">(PCAOB) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4218.64px;left:4341.8px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4218.64px;left:4692.13px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4218.64px;left:5002.29px;white-space:nowrap">required </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4218.64px;left:5712.71px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4218.64px;left:5912.84px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4218.64px;left:6163.07px;white-space:nowrap">independent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4218.64px;left:7204.04px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4218.64px;left:7574.15px;white-space:nowrap">respect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4218.64px;left:8214.43px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4218.64px;left:8414.56px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4218.64px;left:8714.79px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4218.64px;left:9175.08px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4468.64px;left:0px;white-space:nowrap">accordance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4468.64px;left:980.6px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4468.64px;left:1350.7px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4468.64px;left:1650.94px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4468.64px;left:2051.02px;white-space:nowrap">federal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4468.64px;left:2651.4px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4468.64px;left:3461.66px;white-space:nowrap">laws </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4468.64px;left:3871.76px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4468.64px;left:4222.09px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4468.64px;left:4522.32px;white-space:nowrap">applicable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4468.64px;left:5382.95px;white-space:nowrap">rules </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4468.64px;left:5823.11px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4468.64px;left:6173.44px;white-space:nowrap">regulations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4468.64px;left:7104.02px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4468.64px;left:7304.15px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4468.64px;left:7604.38px;white-space:nowrap">Securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4468.64px;left:8444.71px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4468.64px;left:8795.04px;white-space:nowrap">Exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4718.64px;left:0px;white-space:nowrap">Commission </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4718.64px;left:1040.19px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4718.64px;left:1390.52px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4718.64px;left:1690.75px;white-space:nowrap">PCAOB.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5148.64px;left:0px;letter-spacing:-1.08px;white-space:nowrap">We </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5148.64px;left:316.76px;white-space:nowrap">conducted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5148.64px;left:1197.42px;white-space:nowrap">our </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5148.64px;left:1507.59px;white-space:nowrap">audits </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5148.64px;left:2037.92px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5148.64px;left:2238.05px;white-space:nowrap">these </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5148.64px;left:2728.39px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5148.64px;left:3438.81px;white-space:nowrap">statements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5148.64px;left:4369.22px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5148.64px;left:4559.33px;white-space:nowrap">accordance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5148.64px;left:5539.92px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5148.64px;left:5910.03px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5148.64px;left:6210.26px;white-space:nowrap">standards </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5148.64px;left:7050.76px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5148.64px;left:7250.89px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5148.64px;left:7551.12px;white-space:nowrap">PCAOB. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5148.64px;left:8278.07px;white-space:nowrap">Those </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5148.64px;left:8828.35px;white-space:nowrap">standards </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5398.64px;left:0px;white-space:nowrap">require </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5398.64px;left:610.31px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5398.64px;left:960.56px;white-space:nowrap">we </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5398.64px;left:1240.66px;white-space:nowrap">plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5398.64px;left:1630.99px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5398.64px;left:1981.32px;white-space:nowrap">perform </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5398.64px;left:2651.48px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5398.64px;left:2951.72px;white-space:nowrap">audit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5398.64px;left:3392.05px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5398.64px;left:3592.18px;white-space:nowrap">obtain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5398.64px;left:4132.62px;white-space:nowrap">reasonable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5398.64px;left:5073.31px;white-space:nowrap">assurance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5398.64px;left:5953.8px;white-space:nowrap">about </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5398.64px;left:6454.25px;white-space:nowrap">whether </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5398.64px;left:7144.63px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5398.64px;left:7444.86px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5398.64px;left:8155.28px;white-space:nowrap">statements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5398.64px;left:9085.69px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5398.64px;left:9395.86px;white-space:nowrap">free </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5398.64px;left:9756.04px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5648.64px;left:0px;white-space:nowrap">material </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5648.64px;left:690.21px;white-space:nowrap">misstatement, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5648.64px;left:1860.56px;white-space:nowrap">whether </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5648.64px;left:2550.94px;white-space:nowrap">due </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5648.64px;left:2901.27px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5648.64px;left:3101.4px;white-space:nowrap">error </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5648.64px;left:3531.45px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5648.64px;left:3741.5px;white-space:nowrap">fraud. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6078.64px;left:0px;white-space:nowrap">Our </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6078.64px;left:350.07px;white-space:nowrap">audits </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6078.64px;left:880.4px;white-space:nowrap">included </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6078.64px;left:1600.93px;white-space:nowrap">performing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6078.64px;left:2511.3px;white-space:nowrap">procedures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6078.64px;left:3461.84px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6078.64px;left:3661.96px;white-space:nowrap">assess </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6078.64px;left:4272.19px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6078.64px;left:4572.42px;white-space:nowrap">risks </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6078.64px;left:4992.36px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6078.64px;left:5192.49px;white-space:nowrap">material </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6078.64px;left:5882.7px;white-space:nowrap">misstatement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6078.64px;left:7003.04px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6078.64px;left:7203.16px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6078.64px;left:7503.4px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6078.64px;left:8213.82px;white-space:nowrap">statements, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6078.64px;left:9194.24px;white-space:nowrap">whether </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6328.64px;left:0px;white-space:nowrap">due </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6328.64px;left:350.33px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6328.64px;left:550.46px;white-space:nowrap">error </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6328.64px;left:980.51px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6328.64px;left:1190.57px;white-space:nowrap">fraud, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6328.64px;left:1700.86px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6328.64px;left:2051.19px;white-space:nowrap">performing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6328.64px;left:2961.56px;white-space:nowrap">procedures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6328.64px;left:3912.1px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6328.64px;left:4262.34px;white-space:nowrap">respond </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6328.64px;left:4962.83px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6328.64px;left:5162.96px;white-space:nowrap">those </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6328.64px;left:5653.3px;white-space:nowrap">risks. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6328.64px;left:6123.25px;white-space:nowrap">Such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6328.64px;left:6583.54px;white-space:nowrap">procedures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6328.64px;left:7534.07px;white-space:nowrap">included </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6328.64px;left:8254.6px;white-space:nowrap">examining, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6328.64px;left:9175.08px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6328.64px;left:9425.3px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6328.64px;left:9575.42px;white-space:nowrap">test </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6578.64px;left:0px;white-space:nowrap">basis, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6578.64px;left:520.22px;white-space:nowrap">evidence </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6578.64px;left:1290.76px;white-space:nowrap">regarding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6578.64px;left:2101.29px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6578.64px;left:2401.52px;white-space:nowrap">amounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6578.64px;left:3141.91px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6578.64px;left:3492.25px;white-space:nowrap">disclosures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6578.64px;left:4442.61px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6578.64px;left:4632.71px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6578.64px;left:4932.95px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6578.64px;left:5643.37px;white-space:nowrap">statements. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6578.64px;left:6623.79px;white-space:nowrap">Our </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6578.64px;left:6973.86px;white-space:nowrap">audits </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6578.64px;left:7504.19px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6578.64px;left:7884.4px;white-space:nowrap">included </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6578.64px;left:8604.93px;white-space:nowrap">evaluating </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6578.64px;left:9475.58px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6828.64px;left:0px;white-space:nowrap">accounting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6828.64px;left:920.65px;white-space:nowrap">principles </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6828.64px;left:1731.01px;white-space:nowrap">used </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6828.64px;left:2171.34px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6828.64px;left:2521.67px;text-rendering:optimizeLegibility;white-space:nowrap">significant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6828.64px;left:3372.1px;white-space:nowrap">estimates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6828.64px;left:4192.38px;white-space:nowrap">made </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6828.64px;left:4692.66px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6828.64px;left:4932.77px;white-space:nowrap">management, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6828.64px;left:6083.44px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6828.64px;left:6323.55px;white-space:nowrap">well </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6828.64px;left:6683.64px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6828.64px;left:6923.76px;white-space:nowrap">evaluating </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6828.64px;left:7794.4px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6828.64px;left:8094.64px;white-space:nowrap">overall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6828.64px;left:8674.89px;white-space:nowrap">presentation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7078.64px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7078.64px;left:200.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7078.64px;left:500.36px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7078.64px;left:1210.78px;white-space:nowrap">statements. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7078.64px;left:2191.2px;white-space:nowrap">Our </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7078.64px;left:2541.27px;white-space:nowrap">procedures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7078.64px;left:3491.81px;white-space:nowrap">included </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7078.64px;left:4212.33px;text-rendering:optimizeLegibility;white-space:nowrap">confirmation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7078.64px;left:5242.76px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7078.64px;left:5442.89px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7078.64px;left:6253.15px;white-space:nowrap">owned </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7078.64px;left:6833.58px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7078.64px;left:7073.7px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7078.64px;left:7273.83px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7078.64px;left:8154.14px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7078.64px;left:8454.38px;white-space:nowrap">2022 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7078.64px;left:8904.81px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7328.64px;left:0px;white-space:nowrap">correspondence </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7328.64px;left:1340.86px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7328.64px;left:1710.97px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7328.64px;left:2011.2px;white-space:nowrap">custodian, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7328.64px;left:2881.76px;white-space:nowrap">transfer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7328.64px;left:3541.99px;white-space:nowrap">agent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7328.64px;left:4042.44px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7328.64px;left:4392.77px;white-space:nowrap">brokers; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7328.64px;left:5093px;white-space:nowrap">when </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7328.64px;left:5573.32px;white-space:nowrap">replies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7328.64px;left:6153.57px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7328.64px;left:6593.73px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7328.64px;left:6893.96px;white-space:nowrap">received </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7328.64px;left:7624.34px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7328.64px;left:8034.35px;white-space:nowrap">brokers, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7328.64px;left:8734.57px;white-space:nowrap">we </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7328.64px;left:9014.68px;white-space:nowrap">performed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7578.64px;left:0px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7578.64px;left:460.28px;white-space:nowrap">auditing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7578.64px;left:1140.82px;white-space:nowrap">procedures. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7578.64px;left:2141.37px;letter-spacing:-1.08px;white-space:nowrap">We </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7578.64px;left:2458.13px;white-space:nowrap">believe </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7578.64px;left:3078.54px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7578.64px;left:3428.79px;white-space:nowrap">our </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7578.64px;left:3738.96px;white-space:nowrap">audits </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7578.64px;left:4269.29px;white-space:nowrap">provide </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7578.64px;left:4909.66px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7578.64px;left:5059.78px;white-space:nowrap">reasonable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7578.64px;left:6000.47px;white-space:nowrap">basis </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7578.64px;left:6470.68px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7578.64px;left:6730.75px;white-space:nowrap">our </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7578.64px;left:7040.92px;white-space:nowrap">opinion.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8258.64px;left:0px;white-space:nowrap">PricewaterhouseCoopers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8258.64px;left:2071.05px;letter-spacing:-1.08px;white-space:nowrap">LLP</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8508.64px;left:0px;white-space:nowrap">San </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8508.64px;left:370.28px;white-space:nowrap">Francisco, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8508.64px;left:1250.51px;white-space:nowrap">California</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8758.64px;left:0px;white-space:nowrap">February </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8758.64px;left:770.27px;white-space:nowrap">17, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8758.64px;left:1070.51px;white-space:nowrap">2023</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9258.64px;left:0px;letter-spacing:-1.08px;white-space:nowrap">We </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9258.64px;left:316.76px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9258.64px;left:757.09px;white-space:nowrap">served </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9258.64px;left:1347.36px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9258.64px;left:1587.48px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9258.64px;left:1887.71px;white-space:nowrap">auditor </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9258.64px;left:2488.1px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9258.64px;left:2688.22px;white-space:nowrap">one </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9258.64px;left:3038.55px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9258.64px;left:3248.61px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9258.64px;left:3708.72px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9258.64px;left:4629.11px;white-space:nowrap">companies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9258.64px;left:5549.59px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9258.64px;left:5739.7px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9258.64px;left:6039.93px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9258.64px;left:6726.88px;letter-spacing:-2px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9258.64px;left:7607.37px;white-space:nowrap">Group </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9258.64px;left:8157.66px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9258.64px;left:8357.78px;white-space:nowrap">Funds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9258.64px;left:8908.07px;white-space:nowrap">since </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9258.64px;left:9378.28px;white-space:nowrap">1948. </div></div>
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			<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:0px;letter-spacing:-7.2px;white-space:nowrap">Tax </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:476.84px;white-space:nowrap">Information </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1849.71px;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">31</div></div>
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		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
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			<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) 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="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual </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="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;white-space:nowrap">By </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:260.07px;letter-spacing:-0.95px;white-space:nowrap">mid-February, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1416.97px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1707.1px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2647.53px;white-space:nowrap">related </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3247.91px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3448.04px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3598.15px;white-space:nowrap">shareholder&#39;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4723.15px;white-space:nowrap">proportionate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5833.92px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6334.19px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6534.32px;white-space:nowrap">distributions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7544.79px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7935.12px;white-space:nowrap">during </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8485.49px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8785.72px;white-space:nowrap">preceding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">calendar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:740.48px;white-space:nowrap">year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1140.64px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1440.62px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1690.84px;white-space:nowrap">received, </div><div style="font-family:Arial, 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sans-serif;font-size:180px;position:absolute;top:228.64px;left:7363.56px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7623.63px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7933.8px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8434.07px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8724.2px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">related </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:600.38px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:800.51px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1140.73px;white-space:nowrap">distributions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2151.21px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2541.53px;white-space:nowrap">during </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3091.9px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3392.14px;white-space:nowrap">preceding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4232.72px;white-space:nowrap">calendar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4973.2px;letter-spacing:-1.66px;white-space:nowrap">year. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5413.45px;white-space:nowrap">Shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6534.14px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6844.31px;white-space:nowrap">advised </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7514.74px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7714.86px;white-space:nowrap">consult </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8335.2px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8705.3px;white-space:nowrap">their </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9105.47px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9395.6px;white-space:nowrap">advisors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:260.07px;white-space:nowrap">further </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:830.3px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1770.73px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2020.96px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2321.19px;white-space:nowrap">treatment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3131.54px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3331.67px;white-space:nowrap">these </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3822.01px;white-space:nowrap">amounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4562.4px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4812.63px;white-space:nowrap">their </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5212.79px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5502.92px;white-space:nowrap">returns.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1124.64px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1124.64px;left:360.18px;white-space:nowrap">following </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1124.64px;left:1110.59px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1124.64px;left:1400.71px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1124.64px;left:2341.14px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1124.64px;left:2601.21px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1124.64px;left:2901.45px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1124.64px;left:3361.73px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1124.64px;left:3541.73px;white-space:nowrap">required </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1124.64px;left:4252.15px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1124.64px;left:4452.28px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1124.64px;left:4702.5px;white-space:nowrap">furnished </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1124.64px;left:5492.99px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1124.64px;left:5693.12px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1124.64px;left:6783.75px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1124.64px;left:7153.86px;white-space:nowrap">respect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1124.64px;left:7794.14px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1124.64px;left:7994.27px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1124.64px;left:8624.53px;white-space:nowrap">earned </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1124.64px;left:9235.02px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1388.64px;left:0px;white-space:nowrap">distributions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1388.64px;left:1010.48px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1388.64px;left:1400.8px;white-space:nowrap">during </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1388.64px;left:1951.17px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1388.64px;left:2181.18px;text-rendering:optimizeLegibility;white-space:nowrap">fiscal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1388.64px;left:2641.29px;letter-spacing:-1.99px;white-space:nowrap">year.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1854.64px;left:0px;white-space:nowrap">Under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1854.64px;left:540.26px;white-space:nowrap">Section </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1854.64px;left:1190.65px;white-space:nowrap">853 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1854.64px;left:1540.99px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1854.64px;left:1741.11px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1854.64px;left:2041.35px;white-space:nowrap">Internal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1854.64px;left:2691.74px;white-space:nowrap">Revenue </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1854.64px;left:3462.28px;white-space:nowrap">Code, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1854.64px;left:3992.61px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1854.64px;left:4292.84px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1854.64px;left:4753.13px;white-space:nowrap">intends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1854.64px;left:5383.56px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1854.64px;left:5583.69px;white-space:nowrap">elect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1854.64px;left:6013.92px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1854.64px;left:6214.04px;white-space:nowrap">pass </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1854.64px;left:6644.27px;white-space:nowrap">through </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1854.64px;left:7304.77px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1854.64px;left:7504.89px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1854.64px;left:7734.9px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1854.64px;left:8825.54px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1854.64px;left:9125.77px;white-space:nowrap">following </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2104.64px;left:0px;white-space:nowrap">amounts, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2104.64px;left:790.4px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2104.64px;left:1000.46px;white-space:nowrap">amounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2104.64px;left:1740.85px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2104.64px;left:1980.97px;text-rendering:optimizeLegibility;white-space:nowrap">finally </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2104.64px;left:2491.17px;white-space:nowrap">determined, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2104.64px;left:3491.72px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2104.64px;left:3691.85px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2104.64px;left:4292.23px;white-space:nowrap">taxes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2104.64px;left:4772.46px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2104.64px;left:5162.78px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2104.64px;left:5513.12px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2104.64px;left:6113.5px;white-space:nowrap">source </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2104.64px;left:6703.77px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2104.64px;left:7334.03px;white-space:nowrap">earned </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2104.64px;left:7944.52px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2104.64px;left:8184.64px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2104.64px;left:8484.87px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2104.64px;left:8945.16px;white-space:nowrap">during </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2104.64px;left:9495.53px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2354.64px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">fiscal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2354.64px;left:460.11px;white-space:nowrap">year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2354.64px;left:860.27px;white-space:nowrap">ended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2354.64px;left:1410.82px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2354.64px;left:2291.13px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2354.64px;left:2591.37px;white-space:nowrap">2022:</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2788.06px;left:7920px;white-space:nowrap">Amount </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2788.06px;left:8568.75px;white-space:nowrap">Reported</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2989.54px;left:0px;white-space:nowrap">Foreign </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2989.54px;left:584.06px;letter-spacing:-2.96px;white-space:nowrap">Taxes </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2989.54px;left:1046.48px;white-space:nowrap">Paid</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2989.54px;left:7920px;white-space:nowrap">$526,472</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3186.03px;left:0px;white-space:nowrap">Foreign </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3186.03px;left:586.95px;white-space:nowrap">Source </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3186.03px;left:1138.36px;white-space:nowrap">Income </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3186.03px;left:1707.5px;white-space:nowrap">Earned</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3186.03px;left:7920px;white-space:nowrap">$20,986,943</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:25.92px;left:0px;position:absolute;top:0px;transform:translate(35.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:421.09px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) 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:9.6px;white-space:nowrap">Global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:1596.97px;letter-spacing:10.29px;white-space:nowrap">Income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:2242.22px;letter-spacing:9px;white-space:nowrap">Fund</div></div>
		</div>
		<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(36.000px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) 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">Important </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:1329.26px;white-space:nowrap">Information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:2888.26px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:3216.62px;white-space:nowrap">Shareholders</div></div>
		</div>
		<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">
			<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) 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">32</div></div>
		</div>
		<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></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;white-space:nowrap">Share </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:-21.36px;left:550.28px;white-space:nowrap">Repurchase </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:-21.36px;left:1630.72px;white-space:nowrap">Program </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;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:408.64px;left:947.2px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:1477.53px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:1674.4px;letter-spacing:-0.74px;white-space:nowrap">Trustees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:2417.96px;white-space:nowrap">(the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:2778.13px;white-space:nowrap">&#8220;Board&#8221;) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:3488.29px;white-space:nowrap">previously </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:0px;white-space:nowrap">authorized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:890.6px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:1190.83px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:1651.11px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:1851.24px;white-space:nowrap">repurchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:2801.78px;white-space:nowrap">up </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:3052px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:3252.13px;white-space:nowrap">10% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:3662.4px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:3862.53px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:4162.76px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:0px;white-space:nowrap">outstanding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:980.77px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:1571.04px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:1761.15px;white-space:nowrap">open-market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:2821.64px;white-space:nowrap">transactions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:3892.15px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:4092.28px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:0px;white-space:nowrap">discretion </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:820.37px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:1020.5px;white-space:nowrap">management. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:2167.91px;white-space:nowrap">This </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:2557.97px;white-space:nowrap">authorization </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:3638.67px;white-space:nowrap">remains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:4328.88px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">effect.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:0px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:200.13px;white-space:nowrap">exercising </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:1060.49px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:1290.5px;white-space:nowrap">discretion </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:2110.87px;white-space:nowrap">consistent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:2971.32px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:3341.43px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:3571.44px;white-space:nowrap">portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:0px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:1100.65px;white-space:nowrap">responsibilities, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:2381.22px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:2681.46px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:3601.85px;white-space:nowrap">manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:4362.28px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:0px;white-space:nowrap">take </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:390.23px;white-space:nowrap">into </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:730.46px;white-space:nowrap">account </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:1410.91px;white-space:nowrap">various </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:2041.17px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:2501.46px;white-space:nowrap">factors, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:3141.65px;white-space:nowrap">including, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:3952.18px;white-space:nowrap">but </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:4252.41px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:0px;white-space:nowrap">limited </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:570.15px;white-space:nowrap">to, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:820.28px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:1120.52px;white-space:nowrap">level </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:1540.72px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:1740.85px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:2041.08px;white-space:nowrap">discount, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:2811.53px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:3111.77px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:3698.79px;white-space:nowrap">performance, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:0px;white-space:nowrap">portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:690.38px;white-space:nowrap">holdings, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:1460.92px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:2181.45px;letter-spacing:-1.48px;white-space:nowrap">history, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:2798.26px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:3398.38px;white-space:nowrap">conditions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:4308.93px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:0px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:250.22px;white-space:nowrap">hand, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:750.67px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:1050.91px;white-space:nowrap">availability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:1931.31px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:2131.44px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:2591.72px;white-space:nowrap">attractive </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:3372.01px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:4382.4px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:0px;white-space:nowrap">whether </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:690.38px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:990.62px;white-space:nowrap">sale </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:1370.83px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:1570.96px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:2161.23px;white-space:nowrap">portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:2851.61px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:3661.88px;white-space:nowrap">would </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:4182.19px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:0px;white-space:nowrap">undesirable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:980.68px;white-space:nowrap">because </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:1711.23px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:1911.36px;white-space:nowrap">liquidity </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:2561.66px;white-space:nowrap">concerns </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:3342.04px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:3552.1px;white-space:nowrap">because </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:4282.65px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:0px;white-space:nowrap">sale </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:380.21px;white-space:nowrap">might </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:870.38px;white-space:nowrap">subject </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:1490.71px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:1790.95px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:2251.23px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:2451.36px;white-space:nowrap">adverse </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:3141.74px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:3431.87px;white-space:nowrap">consequences. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:0px;white-space:nowrap">Any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:360.18px;white-space:nowrap">repurchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:1400.71px;white-space:nowrap">would </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:1921.03px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:2171.25px;white-space:nowrap">made </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:2671.52px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:2921.75px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:3071.87px;white-space:nowrap">national </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:3752.4px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:0px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:830.65px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:1030.78px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:1331.02px;white-space:nowrap">prevailing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:2151.47px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:2751.59px;white-space:nowrap">price, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:3241.76px;white-space:nowrap">subject </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:3862.09px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:4062.22px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:0px;white-space:nowrap">requirements, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:1150.49px;white-space:nowrap">Federal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:1810.81px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:2621.07px;white-space:nowrap">laws </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:3031.17px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:3381.5px;white-space:nowrap">rules </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:3821.66px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:4171.9px;white-space:nowrap">restrict </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:0px;white-space:nowrap">repurchases, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:1090.55px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:1440.88px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:1741.11px;white-space:nowrap">terms </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:2241.12px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:2441.25px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:2781.47px;white-space:nowrap">outstanding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:3762.25px;white-space:nowrap">leverage </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:4502.72px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:0px;white-space:nowrap">borrowing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:839.43px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:1038.59px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:1337.84px;white-space:nowrap">Fund. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:1847.16px;white-space:nowrap">If </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:1996.22px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:2345.57px;white-space:nowrap">when </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:2824.92px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:3124.18px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:3710.22px;white-space:nowrap">10% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:4119.52px;white-space:nowrap">threshold </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:0px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:180px;white-space:nowrap">reached, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:930.5px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:1180.72px;white-space:nowrap">further </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:1750.96px;white-space:nowrap">repurchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:2791.49px;white-space:nowrap">could </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:3271.82px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:3522.04px;white-space:nowrap">completed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:4402.53px;white-space:nowrap">until </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:0px;white-space:nowrap">authorized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:890.6px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:1130.71px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:1430.95px;white-space:nowrap">Board. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:2011.29px;white-space:nowrap">Until </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:2421.39px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:2721.62px;white-space:nowrap">10% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:3131.89px;white-space:nowrap">threshold </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:3922.38px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:4102.38px;white-space:nowrap">reached, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:460.28px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:1560.94px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:1860.91px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:2301.24px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:2601.47px;text-rendering:optimizeLegibility;white-space:nowrap">flexibility </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:3331.67px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:3531.8px;white-space:nowrap">commence </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:0px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:500.27px;white-space:nowrap">repurchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:1540.81px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:1680.82px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:2031.15px;white-space:nowrap">when </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:2511.47px;white-space:nowrap">it </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:2651.48px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:2831.48px;white-space:nowrap">determined </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:3782.02px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:3982.15px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:0px;white-space:nowrap">appropriate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:960.64px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:1150.75px;white-space:nowrap">light </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:1530.97px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:1731.09px;white-space:nowrap">prevailing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:2551.55px;white-space:nowrap">circumstances.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:0px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:200.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:500.36px;white-space:nowrap">Notes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:1020.59px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:1220.71px;white-space:nowrap">Financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:1991.07px;white-space:nowrap">Statements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:2951.54px;white-space:nowrap">section, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:3621.88px;white-space:nowrap">please </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:0px;white-space:nowrap">see </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:340.22px;white-space:nowrap">note </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:740.57px;white-space:nowrap">2 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:890.68px;white-space:nowrap">(Shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:1570.96px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:1771.08px;text-rendering:optimizeLegibility;white-space:nowrap">Beneficial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:2601.56px;white-space:nowrap">Interest) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:3311.81px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:3571.88px;white-space:nowrap">additional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:0px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:940.43px;white-space:nowrap">regarding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:1750.96px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:2341.23px;white-space:nowrap">repurchased.</div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7698.64px;left:0px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7698.64px;left:1150.22px;white-space:nowrap">Fee </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7698.64px;left:1510.4px;letter-spacing:-1.11px;white-space:nowrap">Waiver</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8128.64px;left:0px;white-space:nowrap">On </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8128.64px;left:290.13px;white-space:nowrap">March </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8128.64px;left:840.23px;white-space:nowrap">21, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8128.64px;left:1140.47px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8128.64px;left:1640.92px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8128.64px;left:1941.15px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8128.64px;left:2401.44px;white-space:nowrap">announced </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8128.64px;left:3342.3px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8128.64px;left:3692.55px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8128.64px;left:3992.78px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8378.64px;left:0px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8378.64px;left:530.33px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8378.64px;left:880.66px;white-space:nowrap">manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8378.64px;left:1641.09px;white-space:nowrap">had </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8378.64px;left:1991.43px;white-space:nowrap">reached </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8378.64px;left:2691.91px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8378.64px;left:2942.14px;white-space:nowrap">agreement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8378.64px;left:3852.69px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8628.64px;left:0px;white-space:nowrap">implement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8628.64px;left:880.31px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8628.64px;left:1030.43px;white-space:nowrap">fee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8628.64px;left:1330.66px;white-space:nowrap">waiver </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8628.64px;left:1900.81px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8628.64px;left:2100.94px;white-space:nowrap">reduce </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8628.64px;left:2701.32px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8628.64px;left:3001.55px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8628.64px;left:3588.57px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8878.64px;left:0px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8878.64px;left:1100.65px;white-space:nowrap">fee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8878.64px;left:1400.89px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8878.64px;left:1641.01px;white-space:nowrap">10 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8878.64px;left:1891.23px;white-space:nowrap">basis </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8878.64px;left:2361.45px;white-space:nowrap">points. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8878.64px;left:2941.79px;white-space:nowrap">Originally </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8878.64px;left:3742.03px;white-space:nowrap">set </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8878.64px;left:4032.16px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8878.64px;left:4232.29px;white-space:nowrap">expire </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9128.64px;left:0px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9128.64px;left:250.22px;white-space:nowrap">September </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9128.64px;left:1180.72px;white-space:nowrap">1, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9128.64px;left:1380.85px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9128.64px;left:1881.3px;white-space:nowrap">this </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9128.64px;left:2211.42px;white-space:nowrap">fee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9128.64px;left:2511.65px;white-space:nowrap">waiver </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9128.64px;left:3081.8px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9128.64px;left:3422.02px;white-space:nowrap">been </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9128.64px;left:3872.46px;white-space:nowrap">extended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9378.64px;left:0px;white-space:nowrap">until </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9378.64px;left:380.21px;white-space:nowrap">March </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9378.64px;left:930.32px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9378.64px;left:1230.56px;white-space:nowrap">2023.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9808.64px;left:0px;white-space:nowrap">As </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9808.64px;left:260.07px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9808.64px;left:410.19px;white-space:nowrap">result </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9808.64px;left:900.35px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9808.64px;left:1100.48px;white-space:nowrap">this </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9808.64px;left:1430.6px;white-space:nowrap">fee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9808.64px;left:1730.83px;letter-spacing:-1.24px;white-space:nowrap">waiver, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9808.64px;left:2341.05px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9808.64px;left:2601.12px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9808.64px;left:2901.36px;white-space:nowrap">period </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9808.64px;left:3451.73px;white-space:nowrap">beginning </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9808.64px;left:4282.47px;white-space:nowrap">March </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10058.64px;left:0px;white-space:nowrap">1, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10058.64px;left:200.13px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10058.64px;left:700.58px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10058.64px;left:1050.91px;white-space:nowrap">ending </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10058.64px;left:1641.45px;white-space:nowrap">March </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10058.64px;left:2191.55px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10058.64px;left:2491.79px;white-space:nowrap">2023, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10058.64px;left:2992.24px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10058.64px;left:3292.47px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10058.64px;left:3752.75px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10058.64px;left:4052.72px;white-space:nowrap">pay </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10058.64px;left:4392.95px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10308.64px;left:0px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10308.64px;left:920.39px;white-space:nowrap">manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10308.64px;left:1680.82px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10308.64px;left:1830.94px;white-space:nowrap">monthly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10308.64px;left:2511.21px;white-space:nowrap">fee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10308.64px;left:2811.45px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10308.64px;left:3001.55px;white-space:nowrap">dollars, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10308.64px;left:3631.82px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10308.64px;left:3831.94px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10308.64px;left:4132.18px;white-space:nowrap">annual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10558.64px;left:0px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10558.64px;left:360.18px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10558.64px;left:560.3px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10558.64px;left:860.54px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10558.64px;left:1447.56px;white-space:nowrap">daily </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10558.64px;left:1867.76px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10558.64px;left:2168px;white-space:nowrap">assets, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10558.64px;left:2788.24px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10558.64px;left:3028.36px;white-space:nowrap">listed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10558.64px;left:3498.57px;letter-spacing:-1.42px;white-space:nowrap">below, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10558.64px;left:4058.96px;white-space:nowrap">payable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10808.64px;left:0px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10808.64px;left:200.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10808.64px;left:500.36px;white-space:nowrap">end </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10808.64px;left:850.69px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10808.64px;left:1050.82px;white-space:nowrap">each </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10808.64px;left:1491.15px;white-space:nowrap">calendar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10808.64px;left:2231.63px;white-space:nowrap">month:</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11238.64px;left:604.8px;white-space:nowrap">0.600% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11238.64px;left:1265.3px;white-space:nowrap">up </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11238.64px;left:1515.52px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11238.64px;left:1715.65px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11238.64px;left:2065.98px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11238.64px;left:2826.5px;white-space:nowrap">$200 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11238.64px;left:3276.94px;white-space:nowrap">million; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11238.64px;left:3887.08px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11668.64px;left:604.8px;white-space:nowrap">0.535% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11668.64px;left:1265.3px;white-space:nowrap">over </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11668.64px;left:1665.46px;white-space:nowrap">$200 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11668.64px;left:2115.9px;white-space:nowrap">million, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11668.64px;left:2726.04px;white-space:nowrap">up </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11668.64px;left:2976.26px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11668.64px;left:3176.39px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11668.64px;left:3526.72px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11668.64px;left:4287.24px;white-space:nowrap">$700 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11918.64px;left:604.8px;white-space:nowrap">million. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5220px;text-rendering:optimizeLegibility;white-space:nowrap">Effective </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5946.5px;white-space:nowrap">April </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6356.6px;white-space:nowrap">1, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6556.73px;white-space:nowrap">2023, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7057.18px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7357.41px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7817.7px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8117.67px;white-space:nowrap">resume </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8767.88px;white-space:nowrap">paying </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9348.31px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5220px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6140.39px;white-space:nowrap">manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6900.82px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7050.94px;white-space:nowrap">monthly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7731.21px;white-space:nowrap">fee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8031.45px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8221.55px;white-space:nowrap">dollars, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8851.82px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9051.94px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9352.18px;white-space:nowrap">annual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5220px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5580.18px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5780.3px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6080.54px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6667.56px;white-space:nowrap">daily </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7087.76px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7388px;white-space:nowrap">assets, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8008.24px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8248.36px;white-space:nowrap">listed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8718.57px;letter-spacing:-1.42px;white-space:nowrap">below, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9278.96px;white-space:nowrap">payable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5220px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5420.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5720.36px;white-space:nowrap">end </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6070.69px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6270.82px;white-space:nowrap">each </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6711.15px;white-space:nowrap">calendar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7451.63px;white-space:nowrap">month: </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:5824.8px;white-space:nowrap">0.700% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:6485.3px;white-space:nowrap">up </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:6735.52px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:6935.65px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:7285.98px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:8046.5px;white-space:nowrap">$200 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:8496.94px;white-space:nowrap">million; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:9107.08px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:5824.8px;white-space:nowrap">0.635% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:6485.3px;white-space:nowrap">over </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:6885.46px;white-space:nowrap">$200 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:7335.9px;white-space:nowrap">million, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:7946.04px;white-space:nowrap">up </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:8196.26px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:8396.39px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:8746.72px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:9507.24px;white-space:nowrap">$700 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:5824.8px;white-space:nowrap">million.</div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2268.64px;left:5220px;white-space:nowrap">Increase </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2268.64px;left:6000.56px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2268.64px;left:6220.46px;white-space:nowrap">Managed </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2268.64px;left:7050.59px;white-space:nowrap">Distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2268.64px;left:8110.46px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2698.64px;left:5220px;white-space:nowrap">On </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2698.64px;left:5510.13px;white-space:nowrap">March </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2698.64px;left:6060.23px;white-space:nowrap">7, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2698.64px;left:6260.36px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2698.64px;left:6760.81px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2698.64px;left:7061.04px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2698.64px;left:7521.33px;white-space:nowrap">announced </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2698.64px;left:8462.2px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2698.64px;left:8812.44px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2698.64px;left:9112.68px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2698.64px;left:9643.01px;white-space:nowrap">had </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2948.64px;left:5220px;white-space:nowrap">authorized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2948.64px;left:6110.6px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2948.64px;left:6360.82px;white-space:nowrap">increase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2948.64px;left:7091.19px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2948.64px;left:7291.32px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2948.64px;left:7591.55px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2948.64px;left:8178.57px;white-space:nowrap">managed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2948.64px;left:8979.17px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3198.64px;left:5220px;white-space:nowrap">plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3198.64px;left:5610.32px;white-space:nowrap">pursuant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3198.64px;left:6360.82px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3198.64px;left:6560.95px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3198.64px;left:7071.15px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3198.64px;left:7371.39px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3198.64px;left:7831.67px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3198.64px;left:8131.64px;white-space:nowrap">make </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3198.64px;left:8621.81px;white-space:nowrap">monthly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3448.64px;left:5220px;white-space:nowrap">distributions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3448.64px;left:6230.48px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3448.64px;left:6430.61px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3448.64px;left:7521.24px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3448.64px;left:7721.37px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3448.64px;left:7971.59px;white-space:nowrap">annual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3448.64px;left:8562.13px;white-space:nowrap">minimum </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3448.64px;left:9342.16px;text-rendering:optimizeLegibility;white-space:nowrap">fixed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3698.64px;left:5220px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3698.64px;left:5580.18px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3698.64px;left:5780.3px;white-space:nowrap">8%, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3698.64px;left:6140.48px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3698.64px;left:6390.7px;white-space:nowrap">increase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3698.64px;left:7121.07px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3698.64px;left:7531.08px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3698.64px;left:7831.32px;white-space:nowrap">previously </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3698.64px;left:8691.68px;white-space:nowrap">authorized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3698.64px;left:9582.28px;white-space:nowrap">7.5%, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3948.64px;left:5220px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3948.64px;left:5760.44px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3948.64px;left:6010.66px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3948.64px;left:6310.9px;white-space:nowrap">average </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3948.64px;left:7011.39px;white-space:nowrap">monthly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3948.64px;left:7691.66px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3948.64px;left:7991.89px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3948.64px;left:8472.13px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3948.64px;left:8952.45px;letter-spacing:-2.23px;white-space:nowrap">(NAV) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3948.64px;left:9479.09px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3948.64px;left:9679.22px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;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:4198.64px;left:5807.02px;white-space:nowrap">common </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:6547.24px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:7137.51px;white-space:nowrap">(the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:7497.69px;white-space:nowrap">&#8220;Plan&#8221;). </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:8137.79px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:9238.45px;white-space:nowrap">believes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:5220px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:5570.24px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:5870.48px;white-space:nowrap">increased </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:6700.96px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:7621.44px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:7981.61px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:8281.58px;text-rendering:optimizeLegibility;white-space:nowrap">benefit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:8872.03px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4698.64px;left:5220px;white-space:nowrap">consistent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4698.64px;left:6080.45px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4698.64px;left:6450.56px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4698.64px;left:6750.79px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4698.64px;left:7337.81px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4698.64px;left:8258.2px;white-space:nowrap">goal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4698.64px;left:8648.53px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4698.64px;left:8848.65px;white-space:nowrap">seek </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4698.64px;left:9278.88px;white-space:nowrap">high, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4948.64px;left:5220px;white-space:nowrap">current </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4948.64px;left:5830.22px;white-space:nowrap">income.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:5580.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:6040.46px;white-space:nowrap">calculates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:6890.89px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:7191.12px;white-space:nowrap">average </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:7891.61px;letter-spacing:-3.34px;white-space:nowrap">NAV </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:8298.37px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:8708.38px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:9008.61px;white-space:nowrap">previous </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5628.64px;left:5220px;white-space:nowrap">month </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5628.64px;left:5770.28px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5628.64px;left:6310.72px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5628.64px;left:6560.95px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5628.64px;left:6861.18px;white-space:nowrap">number </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5628.64px;left:7521.5px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5628.64px;left:7721.63px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5628.64px;left:8482.06px;white-space:nowrap">days </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5628.64px;left:8912.29px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5628.64px;left:9102.39px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5628.64px;left:9402.63px;white-space:nowrap">month </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:5220px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:5470.22px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:5980.43px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:6280.66px;letter-spacing:-3.34px;white-space:nowrap">NAV </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:6687.42px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:6867.42px;white-space:nowrap">calculated. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:7774.72px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:8134.89px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:8545.17px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:8725.17px;white-space:nowrap">intended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:9465.82px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:5220px;white-space:nowrap">provide </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:5860.37px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:6951.01px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:7321.11px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:7471.23px;white-space:nowrap">constant, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:8251.7px;white-space:nowrap">but </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:8551.93px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:8852.17px;white-space:nowrap">guaranteed, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:5220px;text-rendering:optimizeLegibility;white-space:nowrap">fixed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:5650.22px;white-space:nowrap">minimum </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:6430.25px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:6790.43px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:6990.56px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:7911.04px;white-space:nowrap">each </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:8351.37px;white-space:nowrap">month </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:8901.65px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:9251.98px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6628.64px;left:5220px;white-space:nowrap">intended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6628.64px;left:5960.65px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6628.64px;left:6160.78px;white-space:nowrap">narrow </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6628.64px;left:6760.99px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6628.64px;left:7061.22px;white-space:nowrap">discount </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6628.64px;left:7781.66px;white-space:nowrap">between </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6628.64px;left:8512.21px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6628.64px;left:8812.44px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6628.64px;left:9412.56px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6878.64px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6878.64px;left:5570.33px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6878.64px;left:5870.57px;letter-spacing:-3.34px;white-space:nowrap">NAV </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6878.64px;left:6277.32px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6878.64px;left:6477.45px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6878.64px;left:6777.69px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6878.64px;left:7364.71px;white-space:nowrap">common </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6878.64px;left:8104.92px;white-space:nowrap">shares, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6878.64px;left:8745.21px;white-space:nowrap">but </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6878.64px;left:9045.44px;white-space:nowrap">there </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6878.64px;left:9505.72px;white-space:nowrap">can </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7128.64px;left:5220px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7128.64px;left:5470.22px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7128.64px;left:5720.45px;white-space:nowrap">assurance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7128.64px;left:6600.94px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7128.64px;left:6951.18px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7128.64px;left:7251.42px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7128.64px;left:7661.69px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7128.64px;left:7961.66px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7128.64px;left:8211.88px;white-space:nowrap">successful </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7128.64px;left:9102.22px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7128.64px;left:9292.32px;white-space:nowrap">doing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7378.64px;left:5220px;white-space:nowrap">so. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7378.64px;left:5506.88px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7378.64px;left:5867.05px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7378.64px;left:6327.33px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7378.64px;left:6507.33px;white-space:nowrap">managed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7378.64px;left:7307.93px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7378.64px;left:7678.04px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7378.64px;left:7828.15px;white-space:nowrap">goal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7378.64px;left:8218.48px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7378.64px;left:8418.6px;white-space:nowrap">generating </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7378.64px;left:9319.31px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7378.64px;left:9559.42px;white-space:nowrap">much </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7628.64px;left:5220px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7628.64px;left:5420.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7628.64px;left:5720.36px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7628.64px;left:6640.84px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7628.64px;left:6880.96px;white-space:nowrap">possible </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7628.64px;left:7591.38px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7628.64px;left:8001.39px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7628.64px;left:8301.62px;white-space:nowrap">ordinary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7628.64px;left:9001.93px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7628.64px;left:9632.2px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7878.64px;left:5220px;white-space:nowrap">short-term </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7878.64px;left:6090.12px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7878.64px;left:6660.44px;white-space:nowrap">gains, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7878.64px;left:7190.77px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7878.64px;left:7541.02px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7878.64px;left:7721.02px;white-space:nowrap">consistent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7878.64px;left:8581.46px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7878.64px;left:8951.57px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7878.64px;left:9251.81px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8128.64px;left:5220px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8128.64px;left:6140.39px;white-space:nowrap">strategy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8128.64px;left:6830.68px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8128.64px;left:7181.02px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8128.64px;left:7510.96px;text-rendering:optimizeLegibility;white-space:nowrap">profile. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8128.64px;left:8097.98px;letter-spacing:-6.65px;white-space:nowrap">To </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8128.64px;left:8338.1px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8128.64px;left:8638.33px;white-space:nowrap">extent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8128.64px;left:9178.68px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8378.64px;left:5220px;text-rendering:optimizeLegibility;white-space:nowrap">sufficient </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8378.64px;left:5975.86px;white-space:nowrap">distributable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8378.64px;left:6996.45px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8378.64px;left:7626.71px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8378.64px;left:7806.71px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8378.64px;left:8106.94px;white-space:nowrap">available </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8378.64px;left:8867.46px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8378.64px;left:9117.69px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8378.64px;left:9267.8px;white-space:nowrap">monthly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8628.64px;left:5220px;white-space:nowrap">basis, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8628.64px;left:5740.22px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8628.64px;left:6040.46px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8628.64px;left:6500.74px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8628.64px;left:6800.71px;white-space:nowrap">distribute </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8628.64px;left:7581.09px;white-space:nowrap">long-term </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8628.64px;left:8391.36px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8628.64px;left:8961.68px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8628.64px;left:9442px;white-space:nowrap">and/or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8878.64px;left:5220px;white-space:nowrap">return </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8878.64px;left:5740.22px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8878.64px;left:5940.35px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8878.64px;left:6510.67px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8878.64px;left:6700.78px;white-space:nowrap">order </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8878.64px;left:7171px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8878.64px;left:7371.12px;white-space:nowrap">maintain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8878.64px;left:8101.49px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8878.64px;left:8331.5px;white-space:nowrap">managed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8878.64px;left:9132.1px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9128.64px;left:5220px;white-space:nowrap">rate. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9128.64px;left:5620.25px;letter-spacing:-4.97px;white-space:nowrap">A </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9128.64px;left:5780.39px;white-space:nowrap">return </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9128.64px;left:6300.62px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9128.64px;left:6500.74px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9128.64px;left:7071.06px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9128.64px;left:7461.12px;letter-spacing:-1.42px;white-space:nowrap">occur, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9128.64px;left:7991.37px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9128.64px;left:8251.44px;white-space:nowrap">example, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9128.64px;left:9031.82px;white-space:nowrap">when </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9128.64px;left:9512.14px;white-space:nowrap">some </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9378.64px;left:5220px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9378.64px;left:5430.06px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9378.64px;left:5660.16px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9378.64px;left:5860.28px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9378.64px;left:6160.52px;white-space:nowrap">money </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9378.64px;left:6750.79px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9378.64px;left:7101.04px;white-space:nowrap">was </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9378.64px;left:7471.14px;white-space:nowrap">invested </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9378.64px;left:8191.58px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9378.64px;left:8381.69px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9378.64px;left:8681.92px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9378.64px;left:9142.21px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9378.64px;left:9322.21px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9628.64px;left:5220px;white-space:nowrap">back </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9628.64px;left:5650.22px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9628.64px;left:5850.35px;white-space:nowrap">shareholders. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9628.64px;left:6981.06px;letter-spacing:-4.97px;white-space:nowrap">A </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9628.64px;left:7141.2px;white-space:nowrap">return </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9628.64px;left:7661.43px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9628.64px;left:7861.55px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9628.64px;left:8431.88px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9628.64px;left:9352.35px;white-space:nowrap">does </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9628.64px;left:9792.69px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9878.64px;left:5220px;white-space:nowrap">necessarily </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9878.64px;left:6170.36px;text-rendering:optimizeLegibility;white-space:nowrap">reflect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9878.64px;left:6710.54px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9878.64px;left:7010.77px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9878.64px;left:7597.79px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9878.64px;left:8518.18px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9878.64px;left:9578.67px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10128.64px;left:5220px;white-space:nowrap">should </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10128.64px;left:5800.43px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10128.64px;left:6100.66px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10128.64px;left:6350.89px;white-space:nowrap">confused </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10128.64px;left:7131.45px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10128.64px;left:7501.55px;white-space:nowrap">&#8220;yield&#8221; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10128.64px;left:8041.64px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10128.64px;left:8251.7px;white-space:nowrap">&#8220;income&#8221;. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10128.64px;left:9051.86px;white-space:nowrap">Even </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10128.64px;left:9512.14px;white-space:nowrap">though </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10378.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10378.64px;left:5520.23px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10378.64px;left:5980.52px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10378.64px;left:6370.58px;white-space:nowrap">realize </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10378.64px;left:6950.83px;white-space:nowrap">current </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10378.64px;left:7561.05px;white-space:nowrap">year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10378.64px;left:7961.22px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10378.64px;left:8531.54px;white-space:nowrap">gains, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10378.64px;left:9061.88px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10378.64px;left:9492.1px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.64px;left:5220px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.64px;left:5610.06px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.64px;left:5860.28px;text-rendering:optimizeLegibility;white-space:nowrap">offset, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.64px;left:6396.68px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.64px;left:6586.79px;white-space:nowrap">whole </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.64px;left:7107.1px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.64px;left:7317.16px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.64px;left:7507.27px;white-space:nowrap">part, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.64px;left:7917.45px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.64px;left:8157.57px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.64px;left:8457.8px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.64px;left:9044.82px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.64px;left:9615.15px;white-space:nowrap">loss </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10878.64px;left:5220px;white-space:nowrap">carryovers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10878.64px;left:6110.16px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10878.64px;left:6520.17px;white-space:nowrap">prior </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10878.64px;left:6930.26px;white-space:nowrap">years.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11308.64px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11308.64px;left:5580.18px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11308.64px;left:6110.51px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11308.64px;left:6500.57px;white-space:nowrap">amend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11308.64px;left:7100.95px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11308.64px;left:7401.18px;white-space:nowrap">terms </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11308.64px;left:7901.19px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11308.64px;left:8101.32px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11308.64px;left:8401.55px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11308.64px;left:8811.83px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11308.64px;left:9021.88px;white-space:nowrap">terminate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11558.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11558.64px;left:5520.23px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11558.64px;left:5930.51px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11558.64px;left:6130.63px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11558.64px;left:6470.86px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11558.64px;left:6860.92px;white-space:nowrap">without </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11558.64px;left:7481.25px;white-space:nowrap">prior </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11558.64px;left:7891.35px;white-space:nowrap">notice </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11558.64px;left:8421.68px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11558.64px;left:8621.81px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11558.64px;left:8922.04px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11808.64px;left:5220px;white-space:nowrap">shareholders. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11808.64px;left:6357.39px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11808.64px;left:6717.57px;white-space:nowrap">amendment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11808.64px;left:7718.12px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11808.64px;left:7928.17px;white-space:nowrap">termination </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11808.64px;left:8868.6px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11808.64px;left:9068.73px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11808.64px;left:9368.96px;white-space:nowrap">Plan </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:7437.56px;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:8393.66px;letter-spacing:9.6px;white-space:nowrap">Global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:9034.53px;letter-spacing:10.29px;white-space:nowrap">Income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:9679.78px;letter-spacing:9px;white-space:nowrap">Fund</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:6607.61px;letter-spacing:9.39px;white-space:nowrap">Important </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:7522.53px;letter-spacing:10.2px;white-space:nowrap">Information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:8609.5px;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:8861.98px;letter-spacing:11px;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:571.18px;white-space:nowrap">33</div></div>
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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual </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="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;white-space:nowrap">could </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:480.32px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:920.65px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1170.88px;white-space:nowrap">adverse </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1861.26px;text-rendering:optimizeLegibility;white-space:nowrap">effect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2347.65px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2597.87px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2898.11px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3498.22px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3938.38px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4138.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;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:228.64px;left:587.02px;white-space:nowrap">common </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1327.24px;white-space:nowrap">shares. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1964.27px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2324.44px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2734.72px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3034.69px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3284.91px;white-space:nowrap">subject </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3905.24px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4105.37px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">periodic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:680.36px;white-space:nowrap">review </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1250.51px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1490.63px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1790.86px;white-space:nowrap">Board, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2371.2px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3131.72px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3281.84px;white-space:nowrap">yearly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3811.99px;white-space:nowrap">review </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4382.14px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:300.23px;white-space:nowrap">annual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:890.77px;white-space:nowrap">minimum </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1670.8px;text-rendering:optimizeLegibility;white-space:nowrap">fixed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2101.03px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2461.2px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2661.33px;white-space:nowrap">determine </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3511.76px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3651.77px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3901.99px;white-space:nowrap">adjustment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:0px;white-space:nowrap">should </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:580.43px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:830.65px;white-space:nowrap">made. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:0px;white-space:nowrap">Shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:1120.69px;white-space:nowrap">should </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:1701.12px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:2001.36px;white-space:nowrap">draw </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:2441.51px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:2781.74px;white-space:nowrap">conclusions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:3772.27px;white-space:nowrap">about </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:4272.71px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;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:1658.64px;left:587.02px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:1507.41px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:2567.9px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:2977.91px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:3278.14px;white-space:nowrap">amount </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:3928.54px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:4128.66px;white-space:nowrap">this </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:0px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:920.48px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:1130.54px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:1540.55px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:1840.78px;white-space:nowrap">terms </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:2340.79px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:2540.92px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:2841.15px;white-space:nowrap">Plan. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:3298.18px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:3658.36px;white-space:nowrap">amounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:4398.75px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:0px;white-space:nowrap">sources </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:680.27px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:880.4px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:1180.63px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:1767.66px;white-space:nowrap">distributions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:2778.13px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:2978.26px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:3228.49px;white-space:nowrap">reported </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:3948.93px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:4248.9px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:0px;white-space:nowrap">estimates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:819.99px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:1170.03px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:1469.71px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:1769.65px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:2019.58px;white-space:nowrap">provided </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:2759.77px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:3019.54px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:3309.38px;white-space:nowrap">reporting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:4069.51px;white-space:nowrap">purposes. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:360.18px;white-space:nowrap">actual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:890.51px;white-space:nowrap">amounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:1630.9px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:1981.23px;white-space:nowrap">sources </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:2661.5px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:2861.63px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:3161.87px;white-space:nowrap">amounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:3902.26px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:4162.32px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:0px;white-space:nowrap">reporting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:760.43px;white-space:nowrap">purposes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:1550.92px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:1850.89px;white-space:nowrap">depend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:2501.54px;white-space:nowrap">upon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:2951.98px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:3252.22px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:3839.24px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:0px;white-space:nowrap">experience </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:930.59px;white-space:nowrap">during </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:1480.96px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:1781.19px;white-space:nowrap">remainder </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:2641.55px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:2841.68px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:3071.69px;text-rendering:optimizeLegibility;white-space:nowrap">fiscal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:3531.8px;white-space:nowrap">year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:3931.96px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:4282.29px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:0px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:250.22px;white-space:nowrap">subject </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:870.56px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:1070.68px;white-space:nowrap">changes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:1801.23px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:2341.67px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:2591.89px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:2882.02px;white-space:nowrap">regulations. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:3859.37px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:4219.54px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:0px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:299.97px;white-space:nowrap">send </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:740.3px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:890.42px;white-space:nowrap">Form </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:1360.37px;white-space:nowrap">1099-DIV </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:2170.81px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:2370.94px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:3461.57px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:3721.64px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:4021.88px;white-space:nowrap">calendar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:0px;white-space:nowrap">year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:400.17px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:750.41px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:1050.38px;white-space:nowrap">describe </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:1780.75px;white-space:nowrap">how </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:2160.97px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:2361.09px;white-space:nowrap">report </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:2881.32px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:3181.55px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:3768.57px;white-space:nowrap">distributions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:0px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:260.07px;white-space:nowrap">federal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:860.45px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:1490.71px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:1780.84px;white-space:nowrap">purposes.</div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4588.64px;left:0px;white-space:nowrap">Information </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4588.64px;left:1033.24px;white-space:nowrap">About </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4588.64px;left:1603.04px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4588.64px;left:1923.05px;letter-spacing:-0.95px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4588.64px;left:2556.3px;white-space:nowrap">Goal </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4588.64px;left:3006.39px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4588.64px;left:3376.41px;white-space:nowrap">Main </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4838.64px;left:0px;white-space:nowrap">Investments, </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4838.64px;left:1150.4px;white-space:nowrap">Principal </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4838.64px;left:1960.66px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4838.64px;left:2960.95px;letter-spacing:-1.34px;white-space:nowrap">Strategy, </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4838.64px;left:3767.87px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5088.64px;left:0px;white-space:nowrap">Principal </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5088.64px;left:810.26px;white-space:nowrap">Risks</div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;font-weight:bold;position:absolute;top:5484.64px;left:0px;letter-spacing:-1.34px;white-space:nowrap">Your </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;font-weight:bold;position:absolute;top:5484.64px;left:453.34px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;font-weight:bold;position:absolute;top:5484.64px;left:1090.02px;white-space:nowrap">Goal </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;font-weight:bold;position:absolute;top:5484.64px;left:1540.11px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;font-weight:bold;position:absolute;top:5484.64px;left:1910.13px;white-space:nowrap">Main </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;font-weight:bold;position:absolute;top:5484.64px;left:2370.15px;white-space:nowrap">Investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5894.64px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5894.64px;left:360.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5894.64px;left:820.46px;white-space:nowrap">seeks </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5894.64px;left:1340.68px;white-space:nowrap">high, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5894.64px;left:1781.02px;white-space:nowrap">current </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5894.64px;left:2391.24px;white-space:nowrap">income, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5894.64px;left:3071.51px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5894.64px;left:3441.62px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5894.64px;left:3591.74px;white-space:nowrap">secondary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5894.64px;left:4472.23px;white-space:nowrap">goal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6144.64px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6144.64px;left:200.13px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6144.64px;left:770.45px;white-space:nowrap">appreciation. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6144.64px;left:1851.15px;white-space:nowrap">Under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6144.64px;left:2391.42px;white-space:nowrap">normal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6144.64px;left:2991.62px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6144.64px;left:3591.74px;white-space:nowrap">conditions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6394.64px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6394.64px;left:300.23px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6394.64px;left:760.52px;white-space:nowrap">invests </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6394.64px;left:1370.74px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6394.64px;left:1570.87px;white-space:nowrap">least </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6394.64px;left:2001.09px;white-space:nowrap">80% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6394.64px;left:2411.37px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6394.64px;left:2611.49px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6394.64px;left:2841.5px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6394.64px;left:3141.74px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6394.64px;left:3711.97px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6394.64px;left:3902.08px;white-space:nowrap">income-</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6644.64px;left:0px;white-space:nowrap">producing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6644.64px;left:840.59px;white-space:nowrap">securities, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6644.64px;left:1700.86px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6644.64px;left:2461.38px;white-space:nowrap">debt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6644.64px;left:2861.72px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6644.64px;left:3671.98px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6644.64px;left:3872.11px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6644.64px;left:4272.19px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6894.64px;left:0px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6894.64px;left:600.38px;white-space:nowrap">issuers, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6894.64px;left:1270.55px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6894.64px;left:2031.06px;white-space:nowrap">emerging </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6894.64px;left:2831.48px;white-space:nowrap">markets. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6894.64px;left:3571.61px;white-space:nowrap">For </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6894.64px;left:3891.62px;white-space:nowrap">purposes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7144.64px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7144.64px;left:200.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7144.64px;left:500.36px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7144.64px;left:1087.38px;white-space:nowrap">80% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7144.64px;left:1497.66px;letter-spacing:-1.67px;white-space:nowrap">policy, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7144.64px;left:2044.51px;white-space:nowrap">income-producing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7144.64px;left:3525.29px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7394.64px;left:0px;white-space:nowrap">include </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7394.64px;left:620.42px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7394.64px;left:1440.79px;white-space:nowrap">instruments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7394.64px;left:2421.12px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7394.64px;left:2631.18px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7394.64px;left:3091.46px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7394.64px;left:4101.86px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7644.64px;left:0px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7644.64px;left:440.33px;white-space:nowrap">economic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7644.64px;left:1260.7px;white-space:nowrap">characteristics </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7644.64px;left:2461.03px;white-space:nowrap">similar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7644.64px;left:3031px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7644.64px;left:3231.12px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7644.64px;left:3661.35px;white-space:nowrap">securities. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7644.64px;left:4518.37px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7894.64px;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:7894.64px;left:587.02px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7894.64px;left:1507.41px;white-space:nowrap">objectives </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7894.64px;left:2357.84px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7894.64px;left:2668.01px;white-space:nowrap">fundamental </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7894.64px;left:3708.72px;white-space:nowrap">policies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7894.64px;left:4359.02px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8144.64px;left:0px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8144.64px;left:390.06px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8144.64px;left:690.29px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8144.64px;left:940.52px;white-space:nowrap">changed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8144.64px;left:1681.17px;white-space:nowrap">without </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8144.64px;left:2301.5px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8144.64px;left:2601.74px;white-space:nowrap">approval </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8144.64px;left:3342.22px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8144.64px;left:3542.34px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8144.64px;left:3692.46px;white-space:nowrap">majority </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8144.64px;left:4372.56px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8144.64px;left:4572.69px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8394.64px;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:8394.64px;left:587.02px;white-space:nowrap">outstanding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8394.64px;left:1567.79px;white-space:nowrap">voting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8394.64px;left:2098.13px;white-space:nowrap">securities. </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;font-weight:bold;position:absolute;top:8790.64px;left:0px;white-space:nowrap">Principal </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;font-weight:bold;position:absolute;top:8790.64px;left:810.26px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;font-weight:bold;position:absolute;top:8790.64px;left:1810.55px;white-space:nowrap">Strategy</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9200.64px;left:0px;white-space:nowrap">As </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9200.64px;left:260.07px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9200.64px;left:410.19px;white-space:nowrap">fundamental </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9200.64px;left:1450.9px;letter-spacing:-1.67px;white-space:nowrap">policy, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9200.64px;left:1997.75px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9200.64px;left:2297.99px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9200.64px;left:2758.27px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9200.64px;left:3058.24px;white-space:nowrap">normally </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9200.64px;left:3788.44px;white-space:nowrap">invest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9200.64px;left:4308.66px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9450.64px;left:0px;white-space:nowrap">least </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9450.64px;left:430.22px;white-space:nowrap">65% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9450.64px;left:840.5px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9450.64px;left:1040.63px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9450.64px;left:1270.63px;white-space:nowrap">total </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9450.64px;left:1660.87px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9450.64px;left:2231.1px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9450.64px;left:2421.21px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9450.64px;left:2621.34px;white-space:nowrap">least </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9450.64px;left:3051.56px;white-space:nowrap">three </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9450.64px;left:3511.85px;white-space:nowrap">countries </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9450.64px;left:4292.23px;white-space:nowrap">(one </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9700.64px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9700.64px;left:200.13px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9700.64px;left:710.33px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9700.64px;left:1100.39px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9700.64px;left:1350.62px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9700.64px;left:1650.85px;white-space:nowrap">United </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9700.64px;left:2221.17px;white-space:nowrap">States) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9700.64px;left:2841.42px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9700.64px;left:3031.52px;white-space:nowrap">one </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9700.64px;left:3381.86px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9700.64px;left:3591.91px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9700.64px;left:4052.02px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9700.64px;left:4252.15px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9950.64px;left:0px;white-space:nowrap">following </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9950.64px;left:750.41px;white-space:nowrap">investments: </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9950.64px;left:1810.81px;white-space:nowrap">(i) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9950.64px;left:2020.69px;white-space:nowrap">debt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9950.64px;left:2421.04px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9950.64px;left:3231.3px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9950.64px;left:3581.54px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9950.64px;left:3891.71px;white-space:nowrap">issued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10200.64px;left:0px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10200.64px;left:210.06px;white-space:nowrap">guaranteed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10200.64px;left:1170.88px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10200.64px;left:1411px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10200.64px;left:1611.12px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10200.64px;left:2251.41px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10200.64px;left:2601.74px;white-space:nowrap">principal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10200.64px;left:3322.09px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10200.64px;left:3562.21px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10200.64px;left:3862.44px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10450.64px;left:0px;white-space:nowrap">government, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10450.64px;left:1050.56px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10450.64px;left:1280.57px;white-space:nowrap">agencies, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10450.64px;left:2101.11px;white-space:nowrap">authorities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10450.64px;left:2981.6px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10450.64px;left:3191.66px;white-space:nowrap">instrumentalities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10700.64px;left:0px;white-space:nowrap">(&#8220;U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10700.64px;left:519.96px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10700.64px;left:1560.41px;white-space:nowrap">Securities&#8221;); </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10700.64px;left:2570.63px;white-space:nowrap">(ii) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10700.64px;left:2820.5px;white-space:nowrap">debt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10700.64px;left:3220.84px;white-space:nowrap">obligations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10700.64px;left:4131.47px;white-space:nowrap">issued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10950.64px;left:0px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10950.64px;left:210.06px;white-space:nowrap">guaranteed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10950.64px;left:1170.88px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10950.64px;left:1411px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10950.64px;left:1561.11px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10950.64px;left:2161.49px;white-space:nowrap">sovereign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10950.64px;left:2991.97px;white-space:nowrap">government </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10950.64px;left:3992.52px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10950.64px;left:4202.58px;white-space:nowrap">one </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11200.64px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11200.64px;left:200.13px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11200.64px;left:430.14px;white-space:nowrap">agencies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11200.64px;left:1200.67px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11200.64px;left:1410.73px;white-space:nowrap">political </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11200.64px;left:2061.04px;white-space:nowrap">subdivisions; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11200.64px;left:3141.56px;white-space:nowrap">(iii) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11200.64px;left:3431.43px;white-space:nowrap">debt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11200.64px;left:3831.77px;white-space:nowrap">obligations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11450.64px;left:0px;white-space:nowrap">issued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11450.64px;left:570.32px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11450.64px;left:780.38px;white-space:nowrap">guaranteed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11450.64px;left:1741.2px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11450.64px;left:1981.32px;white-space:nowrap">supra-national </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11450.64px;left:3172.06px;white-space:nowrap">organizations, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11700.64px;left:0px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11700.64px;left:510.21px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11700.64px;left:820.37px;white-space:nowrap">chartered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11700.64px;left:1630.81px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11700.64px;left:1830.94px;white-space:nowrap">promote </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11700.64px;left:2541.27px;white-space:nowrap">economic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11700.64px;left:3361.64px;white-space:nowrap">development </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11700.64px;left:4442.34px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11950.64px;left:0px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11950.64px;left:310.17px;white-space:nowrap">supported </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11950.64px;left:1160.77px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11950.64px;left:1400.89px;white-space:nowrap">various </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11950.64px;left:2031.15px;white-space:nowrap">governments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11950.64px;left:3121.7px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11950.64px;left:3472.03px;white-space:nowrap">governmental </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5220px;white-space:nowrap">entities; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5890.34px;white-space:nowrap">(iv) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6190.22px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6590.3px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6940.63px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7541.02px;white-space:nowrap">corporate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8351.46px;white-space:nowrap">debt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8751.8px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9562.06px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5220px;white-space:nowrap">preferred </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6000.38px;white-space:nowrap">equity </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6530.71px;white-space:nowrap">securities, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7390.99px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8151.5px;white-space:nowrap">those </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8641.85px;white-space:nowrap">debt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9042.19px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5220px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5730.21px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6120.26px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6560.6px;white-space:nowrap">equity </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7090.93px;white-space:nowrap">features, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7841.34px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8271.56px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8511.68px;white-space:nowrap">conversion </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9432.16px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5220px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6050.65px;white-space:nowrap">rights, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6590.83px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6800.89px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7311.09px;white-space:nowrap">carry </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7761.09px;white-space:nowrap">warrants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8501.31px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8701.44px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5220px;white-space:nowrap">common </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5960.21px;white-space:nowrap">stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6430.34px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6640.4px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7100.68px;white-space:nowrap">equity </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7631.02px;white-space:nowrap">interests; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8411.31px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8761.64px;white-space:nowrap">(v) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:9021.53px;white-space:nowrap">debt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:5220px;white-space:nowrap">obligations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:6130.63px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:6330.76px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:6730.84px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:6940.9px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:7541.28px;white-space:nowrap">banks, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:8121.62px;white-space:nowrap">savings </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:8781.94px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:9132.28px;white-space:nowrap">loan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:5220px;white-space:nowrap">associations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:6260.54px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:6610.87px;white-space:nowrap">bank </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:7051.2px;white-space:nowrap">holding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:7681.73px;white-space:nowrap">companies. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:8648.96px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:9009.14px;white-space:nowrap">average </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:5220px;white-space:nowrap">maturity </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:5910.12px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:6110.24px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:6410.48px;white-space:nowrap">debt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:6810.82px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:7621.08px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:7811.19px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:8111.43px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:8698.45px;white-space:nowrap">portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:9388.83px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:5220px;text-rendering:optimizeLegibility;white-space:nowrap">fluctuate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:5950.46px;white-space:nowrap">depending </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:6841.32px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:7091.54px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:7391.78px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:8312.17px;letter-spacing:0.34px;white-space:nowrap">manager&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:9206.02px;white-space:nowrap">judgment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:5220px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:5460.12px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:5660.24px;white-space:nowrap">future </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:6170.54px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:6810.82px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:7171px;white-space:nowrap">changes. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:7951.55px;white-space:nowrap">With </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:8361.56px;white-space:nowrap">respect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:9001.85px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:9201.97px;white-space:nowrap">up </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:9452.2px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:9652.32px;white-space:nowrap">35% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:5220px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:5420.13px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:5650.14px;white-space:nowrap">total </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:6040.37px;white-space:nowrap">assets, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:6660.62px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:6960.85px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:7421.13px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:7811.19px;white-space:nowrap">invest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:8331.42px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:8521.52px;white-space:nowrap">dividend-paying </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:5220px;white-space:nowrap">common </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:5960.21px;white-space:nowrap">stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:6430.34px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:6630.47px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:7030.55px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:7380.88px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:7981.26px;white-space:nowrap">corporations. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:9068.55px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:9428.73px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:5220px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:5610.06px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:5990.27px;white-space:nowrap">loan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:6380.6px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:6610.61px;white-space:nowrap">portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:7300.99px;white-space:nowrap">securities.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:5580.18px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:6500.57px;white-space:nowrap">manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:7261px;white-space:nowrap">allocates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:8021.43px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:8321.66px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:8906.31px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:9476.54px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:5220px;white-space:nowrap">upon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:5670.44px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:5900.45px;white-space:nowrap">assessment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:6910.84px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:7110.97px;white-space:nowrap">changing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:7891.61px;white-space:nowrap">market, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:8541.74px;white-space:nowrap">political </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:9192.04px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:5220px;white-space:nowrap">economic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:6040.37px;white-space:nowrap">conditions. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:6950.92px;white-space:nowrap">It </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:7100.95px;white-space:nowrap">considers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:7921.32px;white-space:nowrap">various </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:8551.58px;white-space:nowrap">factors, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:9191.78px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:5220px;white-space:nowrap">evaluation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:6090.64px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:6290.77px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:6931.05px;white-space:nowrap">rates, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:7431.24px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:8171.46px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:9002.11px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:9362.29px;white-space:nowrap">changes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:5570.33px;white-space:nowrap">credit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:6060.5px;white-space:nowrap">risks, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:6530.45px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:6770.57px;white-space:nowrap">well </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:7130.65px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:7370.77px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:7621px;white-space:nowrap">assessment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:8631.39px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:8831.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:9131.75px;white-space:nowrap">potential </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:5220px;white-space:nowrap">impacts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:5890.17px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:6090.29px;white-space:nowrap">material </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:6780.5px;white-space:nowrap">environmental, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:8011.14px;white-space:nowrap">social </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:8521.35px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:8871.68px;white-space:nowrap">governance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:5220px;white-space:nowrap">factors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:5810.19px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:6060.41px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:6360.64px;white-space:nowrap">long-term </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:7170.91px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:7500.85px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:7851.18px;white-space:nowrap">return </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:8371.41px;text-rendering:optimizeLegibility;white-space:nowrap">profile </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:8911.67px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:9111.8px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:9261.91px;letter-spacing:-1.67px;white-space:nowrap">country.</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:5580.18px;white-space:nowrap">percentage </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:6530.89px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:6731.02px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:7031.25px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:7618.27px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:8188.51px;white-space:nowrap">invested </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:8908.95px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:9099.05px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:5220px;white-space:nowrap">issued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:5790.32px;white-space:nowrap">abroad </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:6400.81px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:6751.14px;white-space:nowrap">denominated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:7841.95px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:8032.06px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:8632.44px;white-space:nowrap">currencies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:5220px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:5610.06px;white-space:nowrap">vary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:6000.12px;text-rendering:optimizeLegibility;white-space:nowrap">significantly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:6980.54px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:7390.55px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:7780.61px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:7980.73px;white-space:nowrap">time, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:8420.8px;white-space:nowrap">depending </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:9311.66px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:9561.88px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:5220px;white-space:nowrap">relative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:5850.26px;white-space:nowrap">yield </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:6270.47px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:6470.6px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:6900.82px;white-space:nowrap">securities, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:7761.09px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:8061.33px;white-space:nowrap">relative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:8691.59px;white-space:nowrap">appreciation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:5220px;white-space:nowrap">potential </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:5950.55px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:6150.67px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:6580.9px;white-space:nowrap">securities, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:7441.17px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:7741.41px;white-space:nowrap">state </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:8181.65px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:8381.78px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:8682.01px;white-space:nowrap">economies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:5220px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:5420.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:5720.36px;white-space:nowrap">countries </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:6500.74px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:6690.85px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:7201.05px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:7501.29px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:8511.68px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:8821.85px;white-space:nowrap">made, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:9372.13px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:5220px;letter-spacing:-0.61px;white-space:nowrap">countries&#8217; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:6033.69px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:6744.11px;white-space:nowrap">markets, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:7484.24px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:7834.57px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:8134.8px;white-space:nowrap">relationships </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:9195.38px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:9395.51px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:5220px;letter-spacing:-0.61px;white-space:nowrap">countries&#8217; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:6033.69px;white-space:nowrap">currencies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:6914px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:7114.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:7414.37px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:7814.44px;letter-spacing:-1.24px;white-space:nowrap">dollar. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:8344.78px;letter-spacing:-1.1px;white-space:nowrap">However, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:9145.11px;white-space:nowrap">during </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:5220px;white-space:nowrap">periods </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:5860.37px;white-space:nowrap">when </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:6340.69px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:6640.93px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:7561.32px;white-space:nowrap">manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:8321.75px;white-space:nowrap">deems </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:8912.02px;white-space:nowrap">it </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:9052.03px;white-space:nowrap">appropriate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:5220px;white-space:nowrap">(e.g., </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:5680.2px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:5980.43px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:6380.51px;white-space:nowrap">dollar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:6870.76px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:7050.76px;white-space:nowrap">appreciating </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:8081.46px;white-space:nowrap">against </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:8711.89px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:8941.99px;white-space:nowrap">currencies), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:5520.23px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:5980.52px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:6370.58px;white-space:nowrap">invest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:6890.8px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:7040.92px;white-space:nowrap">substantial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:7951.46px;white-space:nowrap">portion </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:8551.85px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:8751.97px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:8981.98px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:9552.22px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:5220px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:5620.08px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:6660.53px;white-space:nowrap">Securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:7500.85px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:7710.91px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:8171.19px;white-space:nowrap">dollar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:8661.45px;white-space:nowrap">denominated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:5220px;white-space:nowrap">securities, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:6080.27px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:6590.48px;white-space:nowrap">include </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:7210.9px;white-space:nowrap">(i) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:7420.78px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:7817.61px;letter-spacing:-0.74px;white-space:nowrap">Treasury </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:8571.09px;white-space:nowrap">obligations, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:9531.74px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:5220px;text-rendering:optimizeLegibility;white-space:nowrap">differ </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:5666.31px;white-space:nowrap">only </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:6046.52px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:6236.63px;white-space:nowrap">their </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:6636.8px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:7277.08px;white-space:nowrap">rates, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:7777.27px;white-space:nowrap">maturities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:8607.48px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:8957.81px;white-space:nowrap">times </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:9437.87px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:5220px;white-space:nowrap">issuance: </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:6030.44px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:6427.27px;letter-spacing:-0.74px;white-space:nowrap">Treasury </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:7180.75px;white-space:nowrap">bills </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:7540.84px;white-space:nowrap">(maturities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:8431px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:8631.12px;white-space:nowrap">one </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:8981.46px;white-space:nowrap">year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:9381.62px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:9591.68px;white-space:nowrap">less), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:5220px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:5616.83px;letter-spacing:-0.74px;white-space:nowrap">Treasury </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:6370.31px;white-space:nowrap">notes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:6860.65px;white-space:nowrap">(maturities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:7750.81px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:7950.94px;white-space:nowrap">one </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:8301.27px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:8501.4px;white-space:nowrap">ten </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:8801.63px;white-space:nowrap">years), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:9401.75px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:5220px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:5616.83px;letter-spacing:-0.74px;white-space:nowrap">Treasury </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:6370.31px;white-space:nowrap">bonds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:6910.75px;white-space:nowrap">(generally </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:7751.16px;white-space:nowrap">maturities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:8581.38px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:8781.5px;white-space:nowrap">greater </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:9401.84px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:9802.18px;white-space:nowrap">ten </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:5220px;white-space:nowrap">years), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:5820.12px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:6050.21px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:6250.34px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:6760.55px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:7070.71px;white-space:nowrap">backed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:7701.15px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:7941.27px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:8241.5px;white-space:nowrap">full </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:8521.61px;white-space:nowrap">faith </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:8911.85px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:9262.18px;white-space:nowrap">credit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:9752.34px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:5520.23px;white-space:nowrap">United </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:6090.56px;white-space:nowrap">States: </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:6700.87px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:7051.2px;white-space:nowrap">(ii) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:7301.07px;white-space:nowrap">obligations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:8211.71px;white-space:nowrap">issued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:8782.03px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:8992.09px;white-space:nowrap">guaranteed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:5220px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:5460.12px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:5860.2px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:6900.64px;white-space:nowrap">agencies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:7671.18px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:7881.24px;white-space:nowrap">instrumentalities, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:9281.78px;white-space:nowrap">some </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:5220px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:5420.13px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:5930.33px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:6240.5px;white-space:nowrap">backed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:6870.94px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:7111.05px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:7411.29px;white-space:nowrap">full </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:7691.4px;white-space:nowrap">faith </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:8081.63px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:8431.96px;white-space:nowrap">credit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:8922.13px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:9122.26px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:5220px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:5616.83px;letter-spacing:-2px;white-space:nowrap">Treasury, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:6406.96px;white-space:nowrap">e.g., </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:6807.22px;white-space:nowrap">direct </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:7297.38px;white-space:nowrap">pass-through </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:8398.04px;text-rendering:optimizeLegibility;white-space:nowrap">certificates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:9308.32px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:9508.45px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:5220px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:6260.45px;white-space:nowrap">National </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:6970.87px;white-space:nowrap">Mortgage </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:7771.38px;white-space:nowrap">Association; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:8791.87px;white-space:nowrap">some </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:9282.04px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:9482.17px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:5220px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:5530.17px;white-space:nowrap">supported </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:6380.77px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:6620.89px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:6921.12px;white-space:nowrap">right </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:7321.29px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:7521.42px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:7821.65px;white-space:nowrap">issuer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:8351.81px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:8551.93px;white-space:nowrap">borrow </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:9152.14px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:9562.15px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:5220px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:5620.08px;white-space:nowrap">Government, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:6710.54px;white-space:nowrap">e.g., </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:7110.79px;white-space:nowrap">obligations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:8021.43px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:8221.55px;white-space:nowrap">Federal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:8881.87px;white-space:nowrap">Home </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:9412.03px;white-space:nowrap">Loan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:5220px;white-space:nowrap">Banks; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:5820.29px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:6170.62px;white-space:nowrap">some </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:6660.79px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:6860.92px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:7371.12px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:7681.29px;white-space:nowrap">backed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:8311.73px;white-space:nowrap">only </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:8691.94px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:8932.06px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:9232.29px;white-space:nowrap">credit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:9722.46px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:5520.23px;white-space:nowrap">issuer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:6050.39px;white-space:nowrap">itself.</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">34</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">Annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
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			<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">







			<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;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1210.52px;white-space:nowrap">invest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1730.74px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1920.85px;white-space:nowrap">debt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2321.19px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3131.46px;white-space:nowrap">issued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3701.78px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3911.84px;white-space:nowrap">guaranteed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:240.12px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:440.24px;white-space:nowrap">payment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1180.63px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1380.76px;white-space:nowrap">principal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2101.11px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2451.45px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3091.73px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3331.85px;white-space:nowrap">governments, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">semi-governmental </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1580.63px;white-space:nowrap">entities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2200.96px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2551.29px;white-space:nowrap">governmental </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3691.93px;white-space:nowrap">agencies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:200.13px;white-space:nowrap">countries </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:980.51px;white-space:nowrap">throughout </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1891.23px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2191.46px;white-space:nowrap">world </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2671.61px;white-space:nowrap">denominated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3762.42px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3952.53px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:0px;white-space:nowrap">currencies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:880.31px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1080.44px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1510.66px;white-space:nowrap">countries. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2337.8px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2697.98px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3158.26px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3548.32px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3928.54px;white-space:nowrap">invest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:190.11px;white-space:nowrap">debt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:590.45px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1400.71px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1600.84px;white-space:nowrap">supra-national </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2791.58px;white-space:nowrap">entities, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:3461.92px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:3972.13px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:4362.19px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:0px;white-space:nowrap">denominated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1090.81px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1280.92px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1681px;white-space:nowrap">dollars </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:2261.25px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:2471.31px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:2931.59px;white-space:nowrap">currencies. </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">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:820.46px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:1210.52px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:1590.73px;white-space:nowrap">invest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:2110.96px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:2301.06px;white-space:nowrap">corporate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:3111.5px;text-rendering:optimizeLegibility;white-space:nowrap">fixed-income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:0px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:810.26px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:1010.39px;white-space:nowrap">both </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:1410.73px;white-space:nowrap">domestic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:2181.01px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:2531.34px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:3131.72px;white-space:nowrap">issuers. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:3798.63px;white-space:nowrap">These </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:0px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:810.26px;white-space:nowrap">include </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:1430.68px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:1660.78px;white-space:nowrap">types </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:2141.02px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:2341.14px;white-space:nowrap">long- </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:2791.41px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:3001.46px;white-space:nowrap">short-term </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:3871.58px;white-space:nowrap">debt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:0px;white-space:nowrap">obligations, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:960.64px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:1390.87px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:1630.99px;white-space:nowrap">bonds, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:2221.44px;white-space:nowrap">debentures, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:3222.16px;white-space:nowrap">notes, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:3762.51px;white-space:nowrap">equipment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:0px;white-space:nowrap">lease </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:480.32px;text-rendering:optimizeLegibility;white-space:nowrap">certificates, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:1440.62px;white-space:nowrap">equipment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:2331.21px;white-space:nowrap">trust </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:2731.29px;text-rendering:optimizeLegibility;white-space:nowrap">certificates, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:3691.58px;white-space:nowrap">conditional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:0px;white-space:nowrap">sales </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:470.21px;white-space:nowrap">contracts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:1250.51px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:1600.84px;white-space:nowrap">commercial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:2570.98px;white-space:nowrap">paper </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:3081.36px;white-space:nowrap">(including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:3901.82px;white-space:nowrap">obligations, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:0px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:430.22px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:670.34px;white-space:nowrap">repurchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:1620.88px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:1971.21px;white-space:nowrap">reverse </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:2621.43px;white-space:nowrap">repurchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:3571.96px;white-space:nowrap">agreements, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:0px;white-space:nowrap">secured </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:690.38px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:930.5px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:1360.72px;white-space:nowrap">instruments) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:2401px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:2611.05px;white-space:nowrap">preferred </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:3391.44px;white-space:nowrap">stock. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:3908.32px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:4268.5px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:0px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:390.06px;white-space:nowrap">invest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:910.28px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:1100.39px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:1440.62px;white-space:nowrap">debt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:1840.96px;white-space:nowrap">security </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:2511.12px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:2811.36px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:3001.46px;white-space:nowrap">default </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:3591.91px;white-space:nowrap">rated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:4052.2px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:4452.28px;letter-spacing:-2.48px;white-space:nowrap">AAA </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:0px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:200.13px;white-space:nowrap">CC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:510.12px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:750.23px;white-space:nowrap">Standard </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:1530.79px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:1700.86px;letter-spacing:0.49px;white-space:nowrap">Poor&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:2264.5px;white-space:nowrap">Corporation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:3255.03px;white-space:nowrap">(&#8220;S&amp;P&#8221;) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:3904.98px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:4115.04px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:4515.12px;white-space:nowrap">Aaa </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">Ca </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:480.23px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:720.35px;letter-spacing:-0.41px;white-space:nowrap">Moody&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:1437.36px;white-space:nowrap">Investors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:2217.66px;white-space:nowrap">Service, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:2917.88px;white-space:nowrap">Inc. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:3258.02px;letter-spacing:-0.27px;white-space:nowrap">(&#8220;Moody&#8217;s&#8221;) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:4214.79px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:0px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:810.26px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:1320.47px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:1630.63px;white-space:nowrap">unrated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:2291.13px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:2531.25px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:2871.47px;white-space:nowrap">rating </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:3371.75px;white-space:nowrap">agency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:4002.19px;white-space:nowrap">but </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:4302.42px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:0px;white-space:nowrap">are, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:360.18px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:550.28px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:850.52px;white-space:nowrap">opinion </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:1481.04px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:1681.17px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:1981.41px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:2901.8px;letter-spacing:-1.1px;white-space:nowrap">manager, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:3702.3px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:3902.43px;white-space:nowrap">comparable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:0px;letter-spacing:-1.48px;white-space:nowrap">quality. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:606.97px;white-space:nowrap">It </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:757px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:937px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:1237.24px;white-space:nowrap">expected, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:2067.8px;letter-spacing:-1.1px;white-space:nowrap">however, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:2838.25px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:3188.5px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:3488.73px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:3949.01px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:4248.98px;white-space:nowrap">invest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:190.11px;white-space:nowrap">higher </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:740.48px;white-space:nowrap">yielding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:1400.89px;white-space:nowrap">lower </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:1881.04px;white-space:nowrap">rated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:2341.32px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:2551.38px;white-space:nowrap">unrated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:3211.88px;white-space:nowrap">corporate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:4022.31px;white-space:nowrap">debt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:0px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:810.26px;white-space:nowrap">unless </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:1380.59px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:1680.82px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:2601.21px;white-space:nowrap">manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:3361.64px;white-space:nowrap">believes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:4072.06px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:4372.29px;white-space:nowrap">risks </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">investing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:960.56px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:1150.66px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:1580.89px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:2391.15px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:2701.32px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:3001.55px;text-rendering:optimizeLegibility;white-space:nowrap">significantly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:3981.97px;white-space:nowrap">greater </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:0px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:400.34px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:700.58px;white-space:nowrap">risks </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:1120.52px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:1320.64px;white-space:nowrap">investing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:2081.07px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:2271.18px;white-space:nowrap">higher </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:2821.55px;white-space:nowrap">rated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:3281.84px;white-space:nowrap">corporate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:4092.28px;white-space:nowrap">debt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:0px;white-space:nowrap">securities. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:360.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:820.46px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:1210.52px;white-space:nowrap">invest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:1730.74px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:1920.85px;white-space:nowrap">obligations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:2831.48px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:3031.61px;white-space:nowrap">domestic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:3801.88px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:4152.22px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:0px;white-space:nowrap">banks, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:580.34px;white-space:nowrap">savings </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:1240.66px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:1591px;white-space:nowrap">loan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:1981.32px;white-space:nowrap">associations, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:3071.87px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:3422.2px;white-space:nowrap">bank </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:3862.53px;white-space:nowrap">holding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:0px;white-space:nowrap">companies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:920.48px;white-space:nowrap">(including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:1740.94px;text-rendering:optimizeLegibility;white-space:nowrap">certificates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:2651.22px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:2851.35px;white-space:nowrap">deposit, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:3531.8px;letter-spacing:-0.74px;white-space:nowrap">bankers&#8217; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:0px;white-space:nowrap">acceptances </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:1060.66px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:1411px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:1871.28px;white-space:nowrap">short-term </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:2741.4px;white-space:nowrap">debt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:3141.74px;white-space:nowrap">obligations) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:4112.31px;white-space:nowrap">which, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:0px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:200.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:500.36px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:900.7px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:1100.83px;white-space:nowrap">investment, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:2071.23px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:2511.56px;white-space:nowrap">total </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:2901.8px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:3472.03px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:3662.14px;white-space:nowrap">excess </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:4272.36px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:4472.49px;white-space:nowrap">$1 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:0px;white-space:nowrap">billion. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:610.31px;white-space:nowrap">Under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:1150.58px;white-space:nowrap">normal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:1750.78px;white-space:nowrap">circumstances, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:3001.11px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:3301.35px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:3761.63px;white-space:nowrap">would </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:4281.94px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:0px;white-space:nowrap">expect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:580.34px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:780.47px;white-space:nowrap">invest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:1300.69px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:1450.81px;white-space:nowrap">substantial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:2361.36px;white-space:nowrap">portion </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:2961.74px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:3161.87px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:3391.88px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:3962.11px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:4152.22px;white-space:nowrap">bank </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:0px;white-space:nowrap">obligations. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:960.64px;letter-spacing:-1.1px;white-space:nowrap">However, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:1760.98px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:1900.99px;white-space:nowrap">short-term </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:2771.1px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:3411.39px;white-space:nowrap">rates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:3861.56px;white-space:nowrap">exceed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:0px;white-space:nowrap">long-term </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:810.26px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:1450.55px;white-space:nowrap">rates, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:1950.73px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:2250.97px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:2711.25px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:3101.31px;white-space:nowrap">hold </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:3491.63px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:3641.75px;white-space:nowrap">greater </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:0px;white-space:nowrap">proportion </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:860.54px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:1060.66px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:1290.67px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:1860.91px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:2051.02px;white-space:nowrap">these </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:2541.36px;white-space:nowrap">instruments.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:0px;white-space:nowrap">When </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:520.22px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:820.46px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:1740.85px;white-space:nowrap">manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:2501.28px;white-space:nowrap">believes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:3211.7px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:3561.94px;white-space:nowrap">investing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:4322.37px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:0px;white-space:nowrap">temporary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:860.27px;white-space:nowrap">defensive </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:1680.82px;white-space:nowrap">purposes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:2471.31px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:2651.31px;white-space:nowrap">appropriate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:3611.95px;white-space:nowrap">(such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:4102.12px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:0px;white-space:nowrap">during </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:550.37px;white-space:nowrap">periods </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:1190.74px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:1390.87px;white-space:nowrap">unusual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:2071.41px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:2671.52px;white-space:nowrap">conditions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:3532.06px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:3742.12px;white-space:nowrap">when </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:4222.44px;white-space:nowrap">it </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:0px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:180px;white-space:nowrap">anticipated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:1100.65px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:1450.9px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:2091.18px;white-space:nowrap">rates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:2541.36px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:2841.33px;white-space:nowrap">rise), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:3291.33px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:3591.56px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:4051.85px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:0px;white-space:nowrap">invest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:520.22px;white-space:nowrap">up </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:770.45px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:970.58px;white-space:nowrap">100% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:1480.96px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:1681.08px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:1911.09px;white-space:nowrap">total </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:2301.33px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:2871.56px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:3061.67px;white-space:nowrap">money </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:3651.94px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:0px;white-space:nowrap">securities, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:860.27px;white-space:nowrap">denominated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:1951.08px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:2141.19px;white-space:nowrap">dollars </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:2721.45px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:2931.5px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:3121.61px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:3421.85px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:4162.06px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:4362.19px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:0px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:600.38px;letter-spacing:-1.48px;white-space:nowrap">country, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:1277.31px;white-space:nowrap">issued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:1847.64px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:2087.75px;white-space:nowrap">entities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:2708.09px;white-space:nowrap">organized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:3548.67px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:3738.78px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:4039.01px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:4439.09px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:0px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:340.22px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:940.61px;letter-spacing:-1.48px;white-space:nowrap">country, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:1617.54px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:2047.76px;white-space:nowrap">as: </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:2337.89px;white-space:nowrap">short-term </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:3208.01px;white-space:nowrap">(less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:3638.06px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:4038.4px;white-space:nowrap">twelve </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:0px;white-space:nowrap">months </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:640.28px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:840.41px;white-space:nowrap">maturity), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:1640.48px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:1990.81px;white-space:nowrap">medium-term </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:3100.96px;white-space:nowrap">(not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:3461.13px;white-space:nowrap">greater </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:4081.46px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:4481.81px;text-rendering:optimizeLegibility;white-space:nowrap">five </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:0px;white-space:nowrap">years </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:490.17px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:690.29px;white-space:nowrap">maturity) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:1440.35px;white-space:nowrap">obligations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:2350.99px;white-space:nowrap">issued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:2921.31px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:3131.37px;white-space:nowrap">guaranteed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:4092.19px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:4332.3px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5220px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5620.08px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6660.53px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6870.59px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7170.82px;white-space:nowrap">government </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8171.37px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8371.49px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8521.61px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9121.99px;letter-spacing:-1.48px;white-space:nowrap">country, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5220px;white-space:nowrap">their </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5620.17px;white-space:nowrap">agencies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6390.7px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6600.76px;white-space:nowrap">instrumentalities; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8001.3px;text-rendering:optimizeLegibility;white-space:nowrap">finance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8631.74px;white-space:nowrap">company </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9412.12px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5220px;white-space:nowrap">corporate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6030.44px;white-space:nowrap">commercial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7000.58px;letter-spacing:-1.42px;white-space:nowrap">paper, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7551.04px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7901.37px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8361.65px;white-space:nowrap">short-term </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9231.77px;white-space:nowrap">corporate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5220px;white-space:nowrap">obligations, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6180.64px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6370.75px;white-space:nowrap">each </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6811.08px;white-space:nowrap">case </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7241.31px;white-space:nowrap">rated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7701.59px;white-space:nowrap">Prime-1 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8381.69px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8591.75px;white-space:nowrap">Prime-2 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:9271.85px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5220px;letter-spacing:-0.41px;white-space:nowrap">Moody&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5937.01px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6137.14px;white-space:nowrap">A-2 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6467.26px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6677.31px;white-space:nowrap">better </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7187.61px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7427.72px;letter-spacing:-0.81px;white-space:nowrap">S&amp;P </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7834.66px;letter-spacing:-2.48px;white-space:nowrap">or, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8084.79px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8224.8px;white-space:nowrap">unrated, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8935.31px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:9135.44px;white-space:nowrap">comparable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:5220px;white-space:nowrap">quality </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:5790.32px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:6030.44px;white-space:nowrap">determined </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:6980.98px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:7221.09px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:7521.33px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:8441.72px;white-space:nowrap">manager; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:5220px;white-space:nowrap">obligations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:6130.63px;white-space:nowrap">(including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:6951.09px;text-rendering:optimizeLegibility;white-space:nowrap">certificates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:7861.38px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:8061.5px;white-space:nowrap">deposit, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:8741.95px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:9132.01px;white-space:nowrap">deposits </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:5570.33px;letter-spacing:-0.74px;white-space:nowrap">bankers&#8217; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:6294.02px;white-space:nowrap">acceptances) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:7414.63px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:7614.76px;white-space:nowrap">banks; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:8195.1px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:8545.43px;white-space:nowrap">repurchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:9495.97px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:5220px;white-space:nowrap">reverse </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:5870.21px;white-space:nowrap">repurchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:6820.75px;white-space:nowrap">agreements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:7821.3px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:8191.41px;white-space:nowrap">banks </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:8721.74px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:9072.07px;white-space:nowrap">broker-</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:5220px;white-space:nowrap">dealers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:5860.37px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:6230.48px;white-space:nowrap">respect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:6870.76px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:7070.89px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:7501.11px;white-space:nowrap">securities.</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">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:6040.46px;white-space:nowrap">invests </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:6650.68px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:6840.79px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:7661.16px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:8371.58px;white-space:nowrap">instruments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:9351.91px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:5220px;white-space:nowrap">order </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:5690.21px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:5890.34px;white-space:nowrap">manage </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:6590.83px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:6920.77px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:7130.83px;white-space:nowrap">gain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:7521.15px;white-space:nowrap">exposure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:8311.64px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:8511.77px;white-space:nowrap">various </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:9142.03px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:5220px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:6230.39px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:6440.45px;white-space:nowrap">markets. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:7180.58px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:7380.7px;white-space:nowrap">seeking </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:8051.13px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:8251.26px;white-space:nowrap">protect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:8851.55px;white-space:nowrap">against </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:9481.99px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:5220px;text-rendering:optimizeLegibility;white-space:nowrap">effect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:5706.39px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:5906.51px;white-space:nowrap">changes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:6637.06px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:6827.17px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:7567.38px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:8398.04px;white-space:nowrap">rates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:8848.21px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:9058.27px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:5220px;white-space:nowrap">rates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:5670.18px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:6020.42px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:6330.59px;white-space:nowrap">adverse </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:7020.97px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:7221.09px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:7521.33px;white-space:nowrap">present </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:8171.72px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:8381.78px;white-space:nowrap">prospective </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:9352.27px;white-space:nowrap">position </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:5220px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:5420.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:5720.36px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:6230.65px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:6530.89px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:6991.17px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:7381.23px;white-space:nowrap">employ </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:8011.49px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:8601.77px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:8931.71px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:5220px;white-space:nowrap">practices, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:6040.28px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:6800.8px;white-space:nowrap">forward </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:7451.02px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:8191.23px;white-space:nowrap">transactions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:9211.73px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:5220px;white-space:nowrap">transactions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:6240.5px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:6430.61px;white-space:nowrap">options, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:7111.05px;white-space:nowrap">futures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:7711.35px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:8061.68px;white-space:nowrap">options </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:8692.12px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:8942.34px;white-space:nowrap">futures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:9542.64px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:5220px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:5620.08px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:5970.41px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:6570.79px;white-space:nowrap">government </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:7571.34px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:8381.6px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:8731.93px;white-space:nowrap">currencies. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:5220px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:5420.13px;white-space:nowrap">addition, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:6150.67px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:6340.78px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:6591.01px;text-rendering:optimizeLegibility;white-space:nowrap">effort </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:7047.33px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:7247.46px;white-space:nowrap">increase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:7977.83px;white-space:nowrap">current </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:8588.06px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:9218.32px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:9568.65px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:5220px;white-space:nowrap">reduce </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:5820.38px;text-rendering:optimizeLegibility;white-space:nowrap">fluctuations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:6780.94px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:6971.04px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:7271.28px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:7751.51px;white-space:nowrap">value, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:8281.85px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:8582.08px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:9042.36px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:9432.42px;white-space:nowrap">write </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:5220px;white-space:nowrap">put </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:5520.23px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:5870.57px;white-space:nowrap">call </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:6190.66px;white-space:nowrap">options </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:6821.1px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:7171.44px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:7961.92px;white-space:nowrap">put </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:8262.16px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:8612.49px;white-space:nowrap">call </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:8932.59px;white-space:nowrap">options </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:9563.03px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:5220px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:6030.26px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:6380.51px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:6690.67px;white-space:nowrap">traded </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:7251.06px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:7501.29px;white-space:nowrap">United </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:8071.61px;white-space:nowrap">States </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:8631.91px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:8982.25px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:5220px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:6030.26px;white-space:nowrap">exchanges </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:6950.92px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:7301.25px;white-space:nowrap">over-the-counter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:8671.9px;white-space:nowrap">markets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:9362.02px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:9712.35px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:5220px;white-space:nowrap">domestic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:5990.27px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:6340.61px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:6940.99px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:7751.25px;white-space:nowrap">indices. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:5580.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:6040.46px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:6430.52px;white-space:nowrap">enter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:6890.8px;white-space:nowrap">into </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:7231.03px;white-space:nowrap">contracts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:8011.32px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:8271.39px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:8571.62px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:9362.11px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:9572.17px;white-space:nowrap">sale </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:5220px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:5480.07px;white-space:nowrap">future </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:5990.36px;white-space:nowrap">delivery </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:6660.62px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:6860.74px;text-rendering:optimizeLegibility;white-space:nowrap">fixed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:7290.97px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:7921.23px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:8731.49px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:8941.55px;white-space:nowrap">contracts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:5220px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:5760.44px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:6010.66px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:6721.08px;white-space:nowrap">indices, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:7381.41px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:8141.92px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:8482.15px;white-space:nowrap">index </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:8962.47px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:9162.6px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:9562.68px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:5220px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:5820.38px;white-space:nowrap">government </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:6820.93px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:7631.19px;white-space:nowrap">(&#8220;Futures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:8411.31px;white-space:nowrap">Contracts&#8221;). </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:9398.23px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:5220px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:5680.28px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:6070.34px;white-space:nowrap">enter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:6530.63px;white-space:nowrap">into </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:6870.85px;white-space:nowrap">Futures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:7531.08px;white-space:nowrap">Contracts, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:8401.38px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:8911.58px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:9221.75px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:9762.19px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:5220px;white-space:nowrap">debt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:5620.34px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:6430.61px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:6780.85px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:7091.02px;white-space:nowrap">backed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:7721.46px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:7961.57px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:8261.81px;white-space:nowrap">full </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:8541.91px;white-space:nowrap">faith </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:8932.15px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:9282.48px;white-space:nowrap">credit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:5220px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:5420.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:5720.36px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:6120.44px;white-space:nowrap">Government, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:7210.9px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:7641.12px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:7881.24px;white-space:nowrap">long-term </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:8691.5px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:9088.33px;letter-spacing:-0.74px;white-space:nowrap">Treasury </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:5220px;white-space:nowrap">Bonds, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:5827.15px;letter-spacing:-0.74px;white-space:nowrap">Treasury </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:6580.63px;white-space:nowrap">Notes, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:7150.87px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:8191.32px;white-space:nowrap">National </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:8901.74px;white-space:nowrap">Mortgage </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:5220px;white-space:nowrap">Association </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:6190.49px;text-rendering:optimizeLegibility;white-space:nowrap">modified </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:6920.86px;white-space:nowrap">pass-through </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:8021.51px;white-space:nowrap">mortgage-backed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:5220px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:6030.26px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:6380.6px;white-space:nowrap">three-month </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:7401.09px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:7797.92px;letter-spacing:-0.74px;white-space:nowrap">Treasury </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:8551.41px;white-space:nowrap">Bills. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:8978.2px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:9338.38px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:5220px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:5610.06px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:5990.27px;white-space:nowrap">enter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:6450.56px;white-space:nowrap">into </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:6790.78px;white-space:nowrap">Futures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:7451.02px;white-space:nowrap">Contracts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:8271.3px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:8781.5px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:9091.67px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:5220px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:5470.22px;white-space:nowrap">corporate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:6280.66px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:7090.93px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:7441.26px;white-space:nowrap">non-U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:8201.6px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:9242.05px;white-space:nowrap">bonds. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:5580.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:6040.46px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:6430.52px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:7221.01px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:7571.34px;white-space:nowrap">write </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:8001.39px;white-space:nowrap">options </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:8631.83px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:8831.95px;white-space:nowrap">buy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:9172.18px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:9382.24px;white-space:nowrap">sell </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:5220px;white-space:nowrap">Futures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:5880.23px;white-space:nowrap">Contracts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:6700.52px;white-space:nowrap">(&#8220;Options </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:7490.74px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:7740.97px;white-space:nowrap">Futures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:8401.2px;white-space:nowrap">Contracts&#8221;). </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:9391.38px;white-space:nowrap">Futures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:5220px;white-space:nowrap">Contracts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:6040.28px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:6390.62px;white-space:nowrap">Options </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:7060.96px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:7311.18px;white-space:nowrap">Futures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:7971.42px;white-space:nowrap">Contracts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:8791.7px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:9101.87px;white-space:nowrap">designed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:5220px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:5420.13px;white-space:nowrap">hedge </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:5970.67px;white-space:nowrap">against </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:6601.11px;white-space:nowrap">anticipated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:7521.77px;white-space:nowrap">future </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:8032.06px;white-space:nowrap">changes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:8762.61px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:8952.71px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:9593px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:5220px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:6050.65px;white-space:nowrap">rates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:6500.83px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:7011.04px;white-space:nowrap">otherwise </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:7831.41px;white-space:nowrap">might </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:8321.57px;white-space:nowrap">either </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:8821.85px;white-space:nowrap">adversely </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:9642.22px;text-rendering:optimizeLegibility;white-space:nowrap">affect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:5520.23px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:6000.56px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:6200.68px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:6500.92px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:7087.94px;white-space:nowrap">portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:7778.32px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:8588.58px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:8798.64px;white-space:nowrap">adversely </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:9619.01px;text-rendering:optimizeLegibility;white-space:nowrap">affect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:5520.23px;white-space:nowrap">prices </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:6050.39px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:6250.52px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:7060.78px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:7570.99px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:7871.22px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:8331.5px;white-space:nowrap">intends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:8961.94px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:9162.07px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:5220px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:5420.13px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:5570.24px;white-space:nowrap">later </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:5970.41px;white-space:nowrap">date. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:6417.51px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:6777.69px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:7308.02px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:7648.24px;white-space:nowrap">adopted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:8348.91px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:8649.14px;white-space:nowrap">requirement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:9659.62px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:5220px;white-space:nowrap">Futures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:5880.23px;white-space:nowrap">Contracts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:6700.52px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:7050.85px;white-space:nowrap">Options </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:7721.19px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:7971.42px;white-space:nowrap">Futures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:8631.65px;white-space:nowrap">Contracts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:9451.93px;white-space:nowrap">only </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:5220px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:5470.22px;white-space:nowrap">used </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:5910.56px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:6150.67px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:6300.79px;white-space:nowrap">hedge </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:6851.34px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:7201.67px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:7501.9px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:7761.97px;white-space:nowrap">speculation. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:8772.63px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:8972.75px;white-space:nowrap">addition </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:9653.29px;white-space:nowrap">to </div></div>
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			<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">








			<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;white-space:nowrap">this </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:330.12px;white-space:nowrap">requirement, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1390.61px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1690.84px;white-space:nowrap">aggregate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2551.55px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3151.67px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3631.99px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3832.12px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4132.35px;white-space:nowrap">Futures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">Contracts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:820.28px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1210.61px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1450.72px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1750.96px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2211.24px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2511.21px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2811.45px;white-space:nowrap">exceed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3441.88px;white-space:nowrap">35% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3852.16px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4052.29px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:600.12px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1080.44px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1280.57px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1580.8px;white-space:nowrap">total </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1971.04px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2541.27px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2741.4px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3041.63px;white-space:nowrap">Fund. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:360.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:820.46px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:1210.52px;white-space:nowrap">write </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:1640.57px;white-space:nowrap">options </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:2271.01px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:2461.11px;white-space:nowrap">connection </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:3381.77px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:3751.88px;white-space:nowrap">buy-and-write </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:0px;white-space:nowrap">transactions; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:1070.51px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:1420.75px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:1600.75px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:1900.99px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:2361.27px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:2751.33px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:3541.82px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:3691.93px;white-space:nowrap">security </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:4362.1px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:0px;white-space:nowrap">then </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:400.34px;white-space:nowrap">write </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:830.39px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:980.51px;white-space:nowrap">call </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:1300.61px;white-space:nowrap">option </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:1841.04px;white-space:nowrap">against </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:2471.48px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:2821.73px;letter-spacing:-1.34px;white-space:nowrap">security. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:3525.29px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:3885.47px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:4345.75px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:0px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:790.49px;white-space:nowrap">put </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:1090.72px;white-space:nowrap">options </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:1721.16px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:1921.29px;white-space:nowrap">hedge </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:2471.84px;white-space:nowrap">against </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:3102.28px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:3252.39px;white-space:nowrap">decline </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:3872.81px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:4062.92px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:4363.15px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:200.13px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:430.14px;white-space:nowrap">portfolio. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:1167.28px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:1527.45px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:1987.73px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:2377.79px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:3168.28px;white-space:nowrap">call </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:3488.38px;white-space:nowrap">options </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:4118.82px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:4318.95px;white-space:nowrap">hedge </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:0px;white-space:nowrap">against </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:630.44px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:880.66px;white-space:nowrap">increase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:1611.04px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:1801.14px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:2101.38px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:2541.53px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:2741.66px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:3551.92px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:3902.17px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:4202.4px;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">anticipates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:910.55px;white-space:nowrap">purchasing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:1841.13px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:2031.24px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:2331.47px;white-space:nowrap">future. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:0px;white-space:nowrap">For </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:320.01px;white-space:nowrap">purposes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:1110.5px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:1310.63px;white-space:nowrap">pursuing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:2051.1px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:2281.11px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:3201.5px;white-space:nowrap">goals, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:3731.84px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:4032.07px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:0px;white-space:nowrap">regularly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:740.3px;white-space:nowrap">enters </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:1290.59px;white-space:nowrap">into </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:1630.81px;white-space:nowrap">various </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:2261.07px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:3001.29px;white-space:nowrap">related </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:3601.67px;white-space:nowrap">transactions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:0px;white-space:nowrap">involving </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:750.41px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:1570.78px;white-space:nowrap">instruments, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:2601.12px;white-space:nowrap">principally </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:3451.46px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:4191.68px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:0px;white-space:nowrap">cross </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:480.06px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:1220.27px;white-space:nowrap">forwards, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:2010.5px;white-space:nowrap">but </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:2310.73px;white-space:nowrap">it </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:2450.74px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:2840.8px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:3221.02px;white-space:nowrap">use </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:3561.24px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:4301.46px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:0px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:740.21px;white-space:nowrap">index </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:1220.54px;white-space:nowrap">futures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:1820.83px;white-space:nowrap">contracts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:2601.12px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:2951.46px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:3691.67px;white-space:nowrap">options. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:360.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:820.46px;white-space:nowrap">maintains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:1640.83px;white-space:nowrap">extensive </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:2451.27px;white-space:nowrap">positions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:3211.7px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:3401.81px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:0px;white-space:nowrap">related </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:600.38px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:1420.75px;white-space:nowrap">instruments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:2401.08px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:2641.2px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:2791.32px;white-space:nowrap">hedging </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:3481.96px;white-space:nowrap">technique </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:4312.62px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:0px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:200.13px;white-space:nowrap">implement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:1080.44px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:1230.56px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:1970.77px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:2891.16px;letter-spacing:-1.34px;white-space:nowrap">strategy, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:3618.11px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:4128.31px;white-space:nowrap">could </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:0px;white-space:nowrap">expose </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:630.44px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:780.56px;white-space:nowrap">large </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:1230.82px;white-space:nowrap">amount </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:1881.21px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:2081.34px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:2381.57px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:2968.59px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:3538.83px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:3738.96px;white-space:nowrap">obligations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:0px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:510.38px;white-space:nowrap">these </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:1000.72px;white-space:nowrap">instruments. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:2027.81px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:2387.99px;white-space:nowrap">results </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:2968.15px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:3168.28px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:3598.51px;white-space:nowrap">transactions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:0px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:390.06px;white-space:nowrap">represent, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:1250.51px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:1660.52px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:2050.58px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:2250.7px;white-space:nowrap">time, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:2690.77px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:2840.89px;white-space:nowrap">large </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:3291.15px;white-space:nowrap">component </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:4231.76px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;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:5588.64px;left:887.26px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:1807.65px;white-space:nowrap">returns. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:2464.63px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:2824.8px;white-space:nowrap">use </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:3165.03px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:3365.16px;white-space:nowrap">these </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:3855.5px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:0px;white-space:nowrap">transactions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:1020.5px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:1410.56px;white-space:nowrap">allow </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:1870.75px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:2170.99px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:2631.27px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:2831.4px;white-space:nowrap">obtain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:3371.84px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:3672.07px;white-space:nowrap">long </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:4062.39px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:4272.45px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:0px;white-space:nowrap">negative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:730.55px;white-space:nowrap">(short) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:1300.61px;white-space:nowrap">exposure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:2091.09px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:2291.22px;white-space:nowrap">selected </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:3011.66px;white-space:nowrap">currencies. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:3938.73px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:4298.91px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:0px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:380.21px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:770.27px;white-space:nowrap">enter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:1230.56px;white-space:nowrap">into </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:1570.78px;white-space:nowrap">various </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:2201.04px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:2661.33px;white-space:nowrap">transactions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:3681.83px;white-space:nowrap">involving </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:0px;white-space:nowrap">derivatives </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:910.37px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:1320.38px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:1710.44px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:1910.57px;white-space:nowrap">time, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:2350.63px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:3111.15px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:3751.44px;white-space:nowrap">rate/bond </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:0px;white-space:nowrap">futures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:600.29px;white-space:nowrap">contracts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:1380.59px;white-space:nowrap">(including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:2201.04px;white-space:nowrap">those </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:2691.39px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:2941.61px;white-space:nowrap">government </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:3942.16px;white-space:nowrap">securities) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:350.33px;white-space:nowrap">swap </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:820.55px;white-space:nowrap">agreements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:1821.09px;white-space:nowrap">(which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:2391.24px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:2781.3px;white-space:nowrap">include </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:3401.72px;white-space:nowrap">credit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:3891.88px;white-space:nowrap">default </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:0px;white-space:nowrap">swaps, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:610.22px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:1350.44px;white-space:nowrap">swaps </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:1910.65px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:2260.99px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:2901.27px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:3261.45px;white-space:nowrap">swaps). </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:3928.36px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:4288.54px;white-space:nowrap">use </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:200.13px;white-space:nowrap">these </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:690.47px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:1510.84px;white-space:nowrap">transactions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:2531.34px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:2921.4px;white-space:nowrap">allow </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:3381.59px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:3681.83px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:4142.11px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:0px;white-space:nowrap">obtain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:540.44px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:840.67px;white-space:nowrap">long </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:1231px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:1441.05px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:1741.29px;white-space:nowrap">short </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:2191.46px;white-space:nowrap">exposures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:3071.95px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:3272.08px;white-space:nowrap">selected </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:3992.52px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:0px;white-space:nowrap">rates, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:500.19px;white-space:nowrap">countries, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:1330.58px;white-space:nowrap">duration </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:2031.06px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:2241.12px;white-space:nowrap">credit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:2731.29px;white-space:nowrap">risks, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:3201.24px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:3411.3px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:3801.36px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:4051.58px;white-space:nowrap">used </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:4491.91px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:0px;white-space:nowrap">hedging </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:690.64px;white-space:nowrap">purposes.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:0px;letter-spacing:-4.97px;white-space:nowrap">A </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:160.14px;white-space:nowrap">call </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:480.23px;white-space:nowrap">option </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:1020.67px;white-space:nowrap">gives </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:1490.89px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:1791.12px;white-space:nowrap">purchaser </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:2641.55px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:2841.68px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:3141.91px;white-space:nowrap">option, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:3732.36px;white-space:nowrap">upon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:0px;white-space:nowrap">payment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:740.39px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:940.52px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:1090.63px;white-space:nowrap">premium, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:1890.79px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:2191.03px;white-space:nowrap">right </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:2591.19px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:2791.32px;letter-spacing:-2.67px;white-space:nowrap">buy, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:3168.19px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:3518.53px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:3818.76px;white-space:nowrap">seller </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:4298.91px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:0px;white-space:nowrap">obligation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:820.63px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:1020.76px;white-space:nowrap">sell, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:1390.87px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:1691.1px;white-space:nowrap">underlying </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:2571.68px;white-space:nowrap">instrument </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:3462.01px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:3662.14px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:3962.37px;white-space:nowrap">exercise </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:0px;white-space:nowrap">price. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:490.17px;letter-spacing:-1.11px;white-space:nowrap">Conversely, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:1477.18px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:1627.29px;white-space:nowrap">put </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:1927.53px;white-space:nowrap">option </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:2467.97px;white-space:nowrap">gives </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:2938.18px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:3238.42px;white-space:nowrap">purchaser </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:4088.85px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:4288.97px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:0px;white-space:nowrap">option, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:590.45px;white-space:nowrap">upon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:1040.89px;white-space:nowrap">payment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:1781.28px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:1981.41px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:2131.52px;white-space:nowrap">premium, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:2931.68px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:3231.91px;white-space:nowrap">right </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:3632.08px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:3832.21px;white-space:nowrap">sell, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:4202.31px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:300.23px;white-space:nowrap">seller </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:780.38px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:980.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:1280.74px;white-space:nowrap">option </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:1821.18px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:2121.42px;white-space:nowrap">obligation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:2942.05px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:3142.18px;letter-spacing:-2.67px;white-space:nowrap">buy, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:3519.05px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:3819.29px;white-space:nowrap">underlying </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:0px;white-space:nowrap">instrument </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:890.33px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:1090.46px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:1390.69px;white-space:nowrap">exercise </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:2110.96px;white-space:nowrap">price. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:2601.12px;white-space:nowrap">For </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:2921.13px;white-space:nowrap">example, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:3701.51px;white-space:nowrap">when </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:4181.84px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:0px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:920.39px;white-space:nowrap">manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:1680.82px;white-space:nowrap">expects </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:2351.16px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:2651.4px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:3091.55px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:3291.68px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:3441.8px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:4182.01px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:0px;white-space:nowrap">decline </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:620.42px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:810.53px;white-space:nowrap">value, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:1340.86px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:1641.09px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:2101.38px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:2491.44px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:3281.92px;white-space:nowrap">put </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:3582.16px;white-space:nowrap">options </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:4212.6px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:4562.84px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:0px;white-space:nowrap">expected </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:780.56px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:980.68px;white-space:nowrap">increase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:1711.05px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:1901.16px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:2381.48px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:2621.6px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:2921.84px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:3361.99px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:3562.12px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:3862.35px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:0px;white-space:nowrap">declines </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:710.42px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:910.55px;white-space:nowrap">hedge </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:1461.09px;white-space:nowrap">against </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:2091.53px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:2521.76px;white-space:nowrap">anticipated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:3442.41px;white-space:nowrap">decline </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:4062.83px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:4252.94px;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">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5580.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6040.46px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6430.52px;white-space:nowrap">enter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6890.8px;white-space:nowrap">into </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7231.03px;white-space:nowrap">forward </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7881.24px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8481.62px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9221.84px;white-space:nowrap">contracts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5220px;white-space:nowrap">(&#8220;Forward </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6050.04px;white-space:nowrap">Contracts&#8221;) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6990.21px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7190.33px;white-space:nowrap">attempt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7840.63px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8040.76px;white-space:nowrap">minimize </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8800.84px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9101.07px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9431.02px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9631.14px;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">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5680.28px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6090.29px;white-space:nowrap">adverse </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6780.67px;white-space:nowrap">changes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7511.22px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7701.33px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8001.56px;white-space:nowrap">relationship </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8972.14px;white-space:nowrap">between </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9702.69px;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">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5620.08px;white-space:nowrap">dollar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6110.33px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6460.66px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7061.04px;white-space:nowrap">currencies. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7991.37px;white-space:nowrap">Because </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8741.87px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8931.97px;white-space:nowrap">connection </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5220px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5590.11px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5890.34px;letter-spacing:-1.11px;white-space:nowrap">Fund&#8217; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6383.94px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6984.32px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7724.53px;white-space:nowrap">forward </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8374.75px;white-space:nowrap">transactions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:9395.24px;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">amount </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:5870.39px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:6070.52px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:6370.75px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:6957.77px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:7528.01px;white-space:nowrap">equal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:8018.44px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:8218.56px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:8518.8px;white-space:nowrap">amount </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:9169.19px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:9369.32px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:5220px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:6010.49px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:6310.46px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:6560.68px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:6951.01px;white-space:nowrap">aside </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:7431.33px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:7641.39px;white-space:nowrap">segregated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:8592.1px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:8792.23px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:9042.45px;white-space:nowrap">used </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:9482.78px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:9682.91px;white-space:nowrap">pay </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:5220px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:5480.07px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:5780.3px;white-space:nowrap">commitment, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:6860.48px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:7160.71px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:7621px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:7920.97px;white-space:nowrap">always </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:8521.17px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:8961.5px;white-space:nowrap">cash, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:9441.74px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:5220px;white-space:nowrap">equivalents </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:6180.64px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:6390.7px;white-space:nowrap">high-quality </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:7361.28px;white-space:nowrap">debt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:7761.62px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:8571.88px;white-space:nowrap">available </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:9332.4px;text-rendering:optimizeLegibility;white-space:nowrap">sufficient </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:5220px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:5420.13px;white-space:nowrap">cover </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:5910.29px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:6250.52px;white-space:nowrap">commitments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:7370.68px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:7881.06px;white-space:nowrap">these </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:8371.41px;white-space:nowrap">contracts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:9151.7px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:9361.76px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:9561.88px;white-space:nowrap">limit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:5220px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:5560.22px;white-space:nowrap">potential </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:6290.77px;white-space:nowrap">risk. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:6667.47px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:7027.65px;white-space:nowrap">segregated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:7978.36px;white-space:nowrap">account </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:8658.81px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:8958.78px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:9209px;white-space:nowrap">marked-to-</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:5220px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:5820.12px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:6070.34px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:6220.46px;white-space:nowrap">daily </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:6640.66px;white-space:nowrap">basis.</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">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:6040.46px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:6430.52px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:6810.73px;white-space:nowrap">conduct </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:7491.18px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:7721.19px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:8321.57px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:9061.79px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:5220px;white-space:nowrap">transactions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:6240.5px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:6490.72px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:6640.84px;white-space:nowrap">spot </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:7031.07px;white-space:nowrap">(i.e., </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:7431.15px;white-space:nowrap">cash) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:7921.32px;white-space:nowrap">basis </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:8391.53px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:8591.66px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:8891.89px;white-space:nowrap">spot </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:9282.13px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:5220px;white-space:nowrap">prevailing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:6040.46px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:6230.57px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:6530.8px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:7131.18px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:7871.4px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:8702.05px;white-space:nowrap">market.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:5580.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:6040.46px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:6430.52px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:6810.73px;white-space:nowrap">enter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:7271.02px;white-space:nowrap">into </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:7611.24px;white-space:nowrap">swap </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:8081.46px;white-space:nowrap">agreements. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:9128.76px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:9488.94px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:5220px;white-space:nowrap">authorized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:6110.6px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:6410.83px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:6871.11px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:7071.24px;white-space:nowrap">use </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:7411.46px;text-rendering:optimizeLegibility;white-space:nowrap">inflation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:8081.89px;white-space:nowrap">index </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:8562.22px;white-space:nowrap">swaps </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:9122.43px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:9312.54px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:5220px;white-space:nowrap">amount </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:5870.39px;white-space:nowrap">up </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:6120.62px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:6320.74px;white-space:nowrap">5% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:6630.91px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:6831.04px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:7131.27px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:7718.29px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:8018.53px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:8588.76px;white-space:nowrap">(as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:8888.82px;white-space:nowrap">measured </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:9739.25px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:5220px;white-space:nowrap">notional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:5900.54px;white-space:nowrap">value), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:6490.81px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:6841.14px;white-space:nowrap">consistent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:7701.59px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:8071.7px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:8371.93px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:8958.96px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:5220px;white-space:nowrap">goal, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:5660.33px;white-space:nowrap">approved </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:6460.93px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:6611.04px;white-space:nowrap">change </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:7251.59px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:7441.7px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:7741.93px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:8328.96px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:9249.35px;white-space:nowrap">policies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:5220px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:5420.13px;white-space:nowrap">include </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:6040.55px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:6470.77px;white-space:nowrap">authority </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:7211.16px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:7411.29px;white-space:nowrap">use </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:7751.51px;text-rendering:optimizeLegibility;white-space:nowrap">inflation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:8421.94px;white-space:nowrap">index </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:8902.27px;white-space:nowrap">swaps. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:5580.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:6040.46px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:6430.52px;white-space:nowrap">invest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:6950.74px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:7140.85px;white-space:nowrap">credit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:7631.02px;white-space:nowrap">default </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:8221.46px;white-space:nowrap">swaps </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:8781.68px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:9041.75px;white-space:nowrap">hedging </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:5220px;white-space:nowrap">purposes, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:6060.5px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:6410.83px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:6791.04px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:7051.11px;text-rendering:optimizeLegibility;white-space:nowrap">efficient </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:7716.97px;white-space:nowrap">portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:8407.35px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:9508.01px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:5220px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:5420.13px;white-space:nowrap">broaden </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:6130.72px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:7051.11px;white-space:nowrap">opportunities. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:8178.57px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:8538.75px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:8999.03px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:9389.09px;white-space:nowrap">use </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:5220px;text-rendering:optimizeLegibility;white-space:nowrap">fixed-income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:6290.42px;white-space:nowrap">total </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:6680.65px;white-space:nowrap">return </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:7200.88px;white-space:nowrap">swaps </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:7761.09px;white-space:nowrap">consistent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:8621.54px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:8991.65px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:9291.88px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </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">goal. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:6577.47px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:6937.65px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:7397.93px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:7787.99px;white-space:nowrap">enter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:8248.27px;white-space:nowrap">into </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:8588.5px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:9228.78px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:9588.96px;white-space:nowrap">swap </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:5220px;white-space:nowrap">contracts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:6000.29px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:6200.42px;white-space:nowrap">hedge </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:6750.97px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:7051.2px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:7381.14px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:7581.27px;white-space:nowrap">changes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:8311.82px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:8501.92px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:9142.21px;white-space:nowrap">rates. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:5220px;letter-spacing:-1.21px;white-space:nowrap">Generally, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:6077.02px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:6377.26px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:6837.54px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:7227.6px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:8018.09px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:8368.42px;white-space:nowrap">write </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:8798.47px;white-space:nowrap">(sell) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:9238.45px;white-space:nowrap">both </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:9638.79px;white-space:nowrap">put </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:5570.33px;white-space:nowrap">call </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:5890.43px;white-space:nowrap">options </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:6520.87px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:6771.09px;white-space:nowrap">swap </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:7241.31px;white-space:nowrap">agreements, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:8291.87px;white-space:nowrap">commonly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:9162.07px;white-space:nowrap">known </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:5220px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:5460.12px;white-space:nowrap">swaptions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:6360.56px;white-space:nowrap">although </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:7101.21px;white-space:nowrap">currently </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:7841.43px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:8141.66px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:8601.94px;white-space:nowrap">only </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:8982.16px;white-space:nowrap">intends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:9612.6px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:5220px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:6010.49px;white-space:nowrap">options </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:6640.93px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:6891.15px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:7531.44px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:7891.61px;white-space:nowrap">swaps. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:8498.58px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:8858.76px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:9319.04px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:9709.1px;white-space:nowrap">buy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:5220px;white-space:nowrap">options </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:5850.44px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:6100.66px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:6740.95px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:7101.12px;white-space:nowrap">swaps </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:7661.34px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:7861.46px;white-space:nowrap">help </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:8251.79px;white-space:nowrap">hedge </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:8802.33px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:9102.57px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:9687.22px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:5220px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:5420.13px;white-space:nowrap">potentially </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:6280.66px;white-space:nowrap">rising </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:6760.81px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:7401.09px;white-space:nowrap">rates. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:7898.03px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:8258.2px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:8718.49px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:9108.54px;white-space:nowrap">enter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:9568.83px;white-space:nowrap">into </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:5220px;white-space:nowrap">repurchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:6170.54px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:6520.87px;white-space:nowrap">reverse </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:7171.08px;white-space:nowrap">repurchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:8121.62px;white-space:nowrap">agreements. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:9168.93px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:9529.1px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:5220px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:5610.06px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:6400.55px;white-space:nowrap">options </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:7030.99px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:7281.21px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:7921.49px;white-space:nowrap">rate/bond </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:8732.11px;white-space:nowrap">futures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:9332.4px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:9532.53px;white-space:nowrap">help </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:5220px;white-space:nowrap">hedge </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:5770.55px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:6070.78px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:6655.43px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:6985.37px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:7185.5px;white-space:nowrap">potentially </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:8046.04px;white-space:nowrap">rising </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:8526.18px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:9166.46px;white-space:nowrap">rates. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:5580.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:6040.46px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:6430.52px;white-space:nowrap">invest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:6950.74px;white-space:nowrap">up </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:7200.97px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:7401.09px;white-space:nowrap">10% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:7811.37px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:8011.49px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:8241.5px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:8811.74px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:9001.85px;white-space:nowrap">municipal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:5220px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:6030.26px;white-space:nowrap">when </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:6510.59px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:6810.82px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:7731.21px;white-space:nowrap">manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:8491.64px;white-space:nowrap">believes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:9202.06px;white-space:nowrap">it </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:9342.07px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:5220px;white-space:nowrap">advisable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:6030.53px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:6230.65px;white-space:nowrap">do </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:6480.88px;white-space:nowrap">so. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:6771.01px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:6971.13px;white-space:nowrap">trying </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:7461.3px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:7661.43px;white-space:nowrap">achieve </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:8331.86px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:8561.87px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:9482.26px;white-space:nowrap">goals, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:5520.23px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:5980.52px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:6370.58px;white-space:nowrap">invest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:6890.8px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:7080.91px;white-space:nowrap">credit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:7571.07px;white-space:nowrap">linked </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:8091.39px;white-space:nowrap">notes. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:8628.49px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:8988.66px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:9448.95px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:5220px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:6010.49px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:6820.75px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:7070.98px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:7221.09px;white-space:nowrap">when-issued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:8281.67px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:8491.73px;white-space:nowrap">delayed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:9172.27px;white-space:nowrap">delivery </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:5220px;white-space:nowrap">basis, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:5740.22px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:6110.33px;white-space:nowrap">payment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:6850.72px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:7201.05px;white-space:nowrap">delivery </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:7871.31px;white-space:nowrap">scheduled </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:8741.95px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:9002.02px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:9152.14px;white-space:nowrap">future </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:9662.43px;white-space:nowrap">date. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:5580.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:6040.46px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:6430.52px;white-space:nowrap">invest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:6950.74px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:7140.85px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:7441.08px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:8131.29px;white-space:nowrap">Institutional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:9091.85px;white-space:nowrap">Fiduciary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:5220px;letter-spacing:-1.11px;white-space:nowrap">Trust </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:5673.34px;white-space:nowrap">Money </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:6263.61px;white-space:nowrap">Market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:6863.73px;white-space:nowrap">Portfolio, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:7624.07px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:7874.3px;white-space:nowrap">open-end </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:8685px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:5220px;white-space:nowrap">company </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:6000.38px;white-space:nowrap">managed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:6800.98px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:7041.09px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:7341.33px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:8261.72px;letter-spacing:-1.1px;white-space:nowrap">manager. </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">Annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
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		<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">
			<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
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		<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(36.000px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">

			</div>
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		<div style="height:610.68px;left:0px;position:absolute;top:0px;transform:translate(35.999px,121.116px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">










			<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;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1210.52px;white-space:nowrap">invest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1730.74px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1920.85px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2441.16px;white-space:nowrap">Interbank </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3241.67px;white-space:nowrap">bonds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3782.11px;white-space:nowrap">traded </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4342.5px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:300.23px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:820.55px;white-space:nowrap">Interbank </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1621.05px;white-space:nowrap">Bond </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2091.45px;white-space:nowrap">Market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2691.56px;white-space:nowrap">through </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3352.06px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3652.29px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4172.61px;white-space:nowrap">&#8211; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4322.72px;white-space:nowrap">Hong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">Kong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:470.39px;white-space:nowrap">Bond </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:940.78px;white-space:nowrap">Connect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1661.22px;white-space:nowrap">program. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2428.24px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2788.42px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3248.7px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3638.76px;white-space:nowrap">invest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4158.98px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4349.09px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">Interbank </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:800.51px;white-space:nowrap">bonds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1340.95px;white-space:nowrap">traded </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1901.34px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2151.56px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2451.8px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2972.11px;white-space:nowrap">Interbank </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3772.62px;white-space:nowrap">Bond </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4243.01px;white-space:nowrap">Market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:0px;white-space:nowrap">(&#8220;CIBM&#8221;) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:739.78px;white-space:nowrap">through </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1400.27px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1700.51px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2220.82px;white-space:nowrap">&#8211; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2370.94px;white-space:nowrap">Hong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2851.26px;white-space:nowrap">Kong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3321.65px;white-space:nowrap">Bond </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3792.04px;white-space:nowrap">Connect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:0px;white-space:nowrap">program </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:720.26px;white-space:nowrap">(&#8220;Bond </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1310.54px;white-space:nowrap">Connect&#8221;). </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2200.87px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2401px;white-space:nowrap">China, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2971.32px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:3271.55px;white-space:nowrap">Hong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:3751.88px;white-space:nowrap">Kong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:0px;white-space:nowrap">Monetary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:790.4px;white-space:nowrap">Authority </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1550.74px;white-space:nowrap">Central </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:2181.01px;white-space:nowrap">Money </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:2771.28px;white-space:nowrap">Markets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:3461.4px;white-space:nowrap">Unit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:3831.5px;white-space:nowrap">holds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:4311.83px;white-space:nowrap">Bond </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:0px;white-space:nowrap">Connect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:720.44px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:1530.7px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:1780.93px;white-space:nowrap">behalf </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:2321.37px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:2521.49px;white-space:nowrap">ultimate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:3201.77px;white-space:nowrap">investors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:3972.04px;white-space:nowrap">(such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:0px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:240.12px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:540.35px;white-space:nowrap">Fund) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:1060.58px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:1250.68px;white-space:nowrap">accounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:2021.13px;white-space:nowrap">maintained </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:2951.72px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:3321.83px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:3471.94px;white-space:nowrap">China-based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:0px;white-space:nowrap">custodian </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:820.55px;white-space:nowrap">(either </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:1380.76px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:1681px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:2201.31px;white-space:nowrap">Central </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:2831.57px;white-space:nowrap">Depository </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:3741.94px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:3912.01px;white-space:nowrap">Clearing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:0px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:330.12px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:540.18px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:840.41px;white-space:nowrap">Shanghai </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:1651.11px;white-space:nowrap">Clearing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:2371.46px;white-space:nowrap">House). </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:3048.49px;white-space:nowrap">This </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:3438.54px;white-space:nowrap">recordkeeping </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:0px;white-space:nowrap">system </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:620.07px;white-space:nowrap">subjects </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:1330.4px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:1630.63px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:2090.92px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:2291.04px;white-space:nowrap">various </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:2921.31px;white-space:nowrap">risks, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:3391.26px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:4151.78px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:4452.01px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:0px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:350.24px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:650.48px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:1110.76px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:1500.82px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:1941.15px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:2091.27px;white-space:nowrap">limited </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:2661.42px;white-space:nowrap">ability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:3171.62px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:3371.75px;white-space:nowrap">enforce </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:4022.14px;white-space:nowrap">rights </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:0px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:240.12px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:390.23px;white-space:nowrap">bondholder </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:1341.04px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:1691.37px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:1991.6px;white-space:nowrap">risks </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:2411.54px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:2611.67px;white-space:nowrap">settlement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:3492.07px;white-space:nowrap">delays </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:4062.39px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:0px;white-space:nowrap">counterparty </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:1050.56px;white-space:nowrap">default </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:1641.01px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:1841.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:2141.37px;white-space:nowrap">Hong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:2621.69px;white-space:nowrap">Kong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:3092.08px;white-space:nowrap">sub-custodian. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:4312.79px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:0px;white-space:nowrap">addition, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:730.55px;white-space:nowrap">enforcing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:1521.04px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:1821.27px;white-space:nowrap">ownership </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:2691.74px;white-space:nowrap">rights </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:3181.9px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:3382.03px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:3532.15px;text-rendering:optimizeLegibility;white-space:nowrap">beneficial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:4342.68px;white-space:nowrap">holder </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:200.13px;white-space:nowrap">Bond </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:670.52px;white-space:nowrap">Connect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:1390.96px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:2201.22px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:2381.22px;white-space:nowrap">untested </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:3121.79px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:3472.12px;white-space:nowrap">courts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:4012.29px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:4202.4px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:0px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:440.33px;white-space:nowrap">limited </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:1010.48px;white-space:nowrap">experience </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:1941.06px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:2131.17px;white-space:nowrap">applying </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:2851.7px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:3151.93px;white-space:nowrap">concept </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:3832.38px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:4032.51px;text-rendering:optimizeLegibility;white-space:nowrap">beneficial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:0px;white-space:nowrap">ownership. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:920.48px;white-space:nowrap">Bond </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:1390.87px;white-space:nowrap">Connect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:2111.31px;white-space:nowrap">uses </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:2541.53px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:2841.77px;white-space:nowrap">trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:3442.15px;white-space:nowrap">infrastructure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:4542.54px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:0px;white-space:nowrap">both </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:400.34px;white-space:nowrap">Hong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:880.66px;white-space:nowrap">Kong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:1351.05px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:1701.39px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:2221.7px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:2572.03px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:2752.03px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:3052.27px;white-space:nowrap">available </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:3812.78px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:4063.01px;white-space:nowrap">trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:0px;white-space:nowrap">holidays </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:710.42px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:900.53px;white-space:nowrap">Hong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:1380.85px;white-space:nowrap">Kong. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:1891.32px;white-space:nowrap">As </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:2151.39px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:2301.5px;white-space:nowrap">result, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:2841.68px;white-space:nowrap">prices </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:3371.84px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:3571.96px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:0px;white-space:nowrap">purchased </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:890.6px;white-space:nowrap">through </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:1551.09px;white-space:nowrap">Bond </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:2021.48px;white-space:nowrap">Connect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:2741.92px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:3131.98px;text-rendering:optimizeLegibility;white-space:nowrap">fluctuate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:3862.44px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:4062.57px;white-space:nowrap">times </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:0px;white-space:nowrap">when </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:480.32px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:630.44px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:1090.72px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:1270.72px;white-space:nowrap">unable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:1861.26px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:2061.39px;white-space:nowrap">add </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:2411.72px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:2611.85px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:2821.9px;white-space:nowrap">exit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:3152.02px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:3382.03px;white-space:nowrap">position. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:0px;white-space:nowrap">Securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:840.32px;text-rendering:optimizeLegibility;white-space:nowrap">offered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:1446.86px;white-space:nowrap">through </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:2107.35px;white-space:nowrap">Bond </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:2577.74px;white-space:nowrap">Connect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:3298.18px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:3688.24px;white-space:nowrap">lose </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:4068.46px;white-space:nowrap">their </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:0px;white-space:nowrap">eligibility </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:730.28px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:990.35px;white-space:nowrap">trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:1590.73px;white-space:nowrap">through </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:2251.23px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:2551.46px;white-space:nowrap">program </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:3271.73px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:3471.86px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:3812.08px;white-space:nowrap">time. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:4252.15px;white-space:nowrap">If </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:4402.18px;white-space:nowrap">Bond </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:0px;white-space:nowrap">Connect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:720.44px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:1530.7px;white-space:nowrap">lose </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:1910.92px;white-space:nowrap">their </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:2311.08px;white-space:nowrap">eligibility </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:3041.37px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:3301.44px;white-space:nowrap">trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:3901.82px;white-space:nowrap">through </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:4562.31px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:0px;white-space:nowrap">program, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:770.27px;white-space:nowrap">they </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:1160.51px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:1550.57px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:1800.79px;white-space:nowrap">sold </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:2181.01px;white-space:nowrap">but </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:2481.24px;white-space:nowrap">can </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:2821.46px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:3071.69px;white-space:nowrap">longer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:3622.06px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:3872.29px;white-space:nowrap">purchased </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:0px;white-space:nowrap">through </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:660.5px;white-space:nowrap">Bond </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:1130.89px;white-space:nowrap">Connect. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:0px;white-space:nowrap">Bond </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:470.39px;white-space:nowrap">Connect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:1190.83px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:1370.83px;white-space:nowrap">subject </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:1991.16px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:2191.29px;white-space:nowrap">regulation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:3031.88px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:3271.99px;white-space:nowrap">both </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:3672.33px;white-space:nowrap">Hong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:4152.66px;white-space:nowrap">Kong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:350.33px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:870.64px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:1220.98px;white-space:nowrap">there </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:1681.26px;white-space:nowrap">can </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:2021.48px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:2271.71px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:2521.93px;white-space:nowrap">assurance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:3402.42px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:3752.67px;white-space:nowrap">further </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:0px;white-space:nowrap">regulations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:930.59px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:1230.56px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:1530.79px;text-rendering:optimizeLegibility;white-space:nowrap">affect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:2017.18px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:2317.41px;white-space:nowrap">availability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:3197.81px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:3397.94px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:4208.2px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:4398.31px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:0px;white-space:nowrap">program, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:770.27px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:1070.51px;white-space:nowrap">frequency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:1911.01px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:2111.13px;white-space:nowrap">redemptions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:3151.67px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:3361.73px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:3822.01px;white-space:nowrap">limitations. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:0px;white-space:nowrap">Bond </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:470.39px;white-space:nowrap">Connect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:1190.83px;white-space:nowrap">trades </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:1741.11px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:2051.28px;white-space:nowrap">settled </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:2631.62px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:2821.73px;white-space:nowrap">Chinese </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:3532.15px;letter-spacing:-1.34px;white-space:nowrap">currency, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:4309.01px;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">renminbi </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:740.3px;white-space:nowrap">(&#8220;RMB&#8221;). </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:1480.08px;white-space:nowrap">It </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:1630.11px;white-space:nowrap">cannot </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:2220.56px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:2470.78px;white-space:nowrap">guaranteed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:3431.6px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:3781.85px;white-space:nowrap">investors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:0px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:299.97px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:740.3px;white-space:nowrap">timely </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:1260.35px;white-space:nowrap">access </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:1870.58px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:2070.7px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:2220.82px;white-space:nowrap">reliable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:2851.17px;white-space:nowrap">supply </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:3421.49px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:3621.62px;white-space:nowrap">RMB </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:4071.62px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:4261.73px;white-space:nowrap">Hong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:0px;white-space:nowrap">Kong. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:520.4px;white-space:nowrap">Bond </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:990.79px;white-space:nowrap">Connect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:1711.23px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:1891.23px;white-space:nowrap">relatively </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:2651.48px;white-space:nowrap">new </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:3031.7px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:3382.03px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:3612.04px;text-rendering:optimizeLegibility;white-space:nowrap">effects </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:4188.43px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:4438.65px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:0px;white-space:nowrap">Chinese </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:710.42px;white-space:nowrap">interbank </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:1500.91px;white-space:nowrap">bond </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:1951.35px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:2551.46px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:2861.63px;white-space:nowrap">uncertain. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:3702.13px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:3902.26px;white-space:nowrap">addition, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9408.64px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9408.64px;left:300.23px;white-space:nowrap">trading, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9408.64px;left:950.63px;white-space:nowrap">settlement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9408.64px;left:1831.03px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9408.64px;left:2181.36px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9408.64px;left:3121.79px;white-space:nowrap">technology </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9408.64px;left:4042.44px;white-space:nowrap">systems </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9658.64px;left:0px;white-space:nowrap">required </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9658.64px;left:710.42px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9658.64px;left:970.49px;white-space:nowrap">non-Chinese </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9658.64px;left:2041.17px;white-space:nowrap">investors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9658.64px;left:2811.45px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9658.64px;left:3001.55px;white-space:nowrap">Bond </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9658.64px;left:3471.94px;white-space:nowrap">Connect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9908.64px;left:0px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9908.64px;left:310.17px;white-space:nowrap">relatively </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9908.64px;left:1070.42px;letter-spacing:-1.99px;white-space:nowrap">new. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9908.64px;left:1490.71px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9908.64px;left:1690.84px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9908.64px;left:1991.07px;white-space:nowrap">event </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9908.64px;left:2481.42px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9908.64px;left:2681.54px;white-space:nowrap">systems </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9908.64px;left:3391.61px;white-space:nowrap">malfunctions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10158.64px;left:0px;white-space:nowrap">trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10158.64px;left:600.38px;white-space:nowrap">via </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10158.64px;left:880.49px;white-space:nowrap">Bond </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10158.64px;left:1350.88px;white-space:nowrap">Connect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10158.64px;left:2071.32px;white-space:nowrap">could </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10158.64px;left:2551.64px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10158.64px;left:2801.87px;white-space:nowrap">disrupted. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10158.64px;left:3642.36px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10158.64px;left:3842.49px;white-space:nowrap">addition, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10408.64px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10408.64px;left:300.23px;white-space:nowrap">Bond </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10408.64px;left:770.63px;white-space:nowrap">Connect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10408.64px;left:1491.06px;white-space:nowrap">program </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10408.64px;left:2211.33px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10408.64px;left:2601.39px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10408.64px;left:2851.61px;white-space:nowrap">subject </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10408.64px;left:3471.94px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10408.64px;left:3672.07px;white-space:nowrap">further </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10658.64px;left:0px;white-space:nowrap">interpretation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10658.64px;left:1100.65px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10658.64px;left:1450.99px;white-space:nowrap">guidance. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10658.64px;left:2278.39px;white-space:nowrap">There </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10658.64px;left:2798.61px;white-space:nowrap">can </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10658.64px;left:3138.84px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10658.64px;left:3389.06px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10658.64px;left:3639.29px;white-space:nowrap">assurance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10908.64px;left:0px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10908.64px;left:240.12px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10908.64px;left:440.24px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10908.64px;left:740.48px;letter-spacing:-0.33px;white-space:nowrap">program&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10908.64px;left:1587.48px;white-space:nowrap">continued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10908.64px;left:2418.13px;white-space:nowrap">existence </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10908.64px;left:3228.57px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10908.64px;left:3438.63px;white-space:nowrap">whether </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10908.64px;left:4129.01px;white-space:nowrap">future </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11158.64px;left:0px;white-space:nowrap">developments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11158.64px;left:1170.7px;white-space:nowrap">regarding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11158.64px;left:1981.23px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11158.64px;left:2281.46px;white-space:nowrap">program </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11158.64px;left:3001.73px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11158.64px;left:3391.79px;white-space:nowrap">restrict </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11158.64px;left:3981.8px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11408.64px;left:0px;white-space:nowrap">adversely </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11408.64px;left:820.37px;text-rendering:optimizeLegibility;white-space:nowrap">affect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11408.64px;left:1306.76px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11408.64px;left:1606.99px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11408.64px;left:2194.01px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11408.64px;left:3204.4px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11408.64px;left:3414.46px;white-space:nowrap">returns. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11408.64px;left:4074.7px;letter-spacing:-1.48px;white-space:nowrap">Finally, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5220px;white-space:nowrap">uncertainties </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6290.6px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6480.7px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7001.02px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7291.14px;white-space:nowrap">rules </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7731.3px;white-space:nowrap">governing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8571.88px;white-space:nowrap">taxation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9252.33px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9452.46px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5570.33px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6050.65px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6460.66px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7471.05px;white-space:nowrap">via </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7751.16px;white-space:nowrap">Bond </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8221.55px;white-space:nowrap">Connect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8941.99px;white-space:nowrap">could </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9422.31px;white-space:nowrap">result </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9912.48px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5220px;white-space:nowrap">unexpected </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6200.77px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6490.9px;white-space:nowrap">liabilities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7221.18px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7481.25px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7631.37px;white-space:nowrap">Fund.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:5580.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:6040.46px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:6220.46px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:6370.58px;text-rendering:optimizeLegibility;white-space:nowrap">&#8220;non-diversified&#8221; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:7711.08px;white-space:nowrap">fund, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:8161.44px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:8671.64px;white-space:nowrap">means </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:9261.91px;white-space:nowrap">it </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:5220px;white-space:nowrap">generally </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:6000.47px;white-space:nowrap">invests </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:6610.69px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:6760.81px;white-space:nowrap">greater </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:7381.14px;white-space:nowrap">portion </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:7981.52px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:8181.65px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:8411.66px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:8981.89px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:9172px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:5220px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:6030.26px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:6230.39px;white-space:nowrap">one </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:6580.72px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:6790.78px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:7250.89px;white-space:nowrap">issuers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:7871.04px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:8221.38px;white-space:nowrap">invests </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:8831.6px;white-space:nowrap">overall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:9411.86px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:9601.96px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:5220px;white-space:nowrap">smaller </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:5850.09px;white-space:nowrap">number </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:6510.41px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:6710.54px;white-space:nowrap">issuers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:7330.69px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:7731.04px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:7881.15px;text-rendering:optimizeLegibility;white-space:nowrap">diversified </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:8741.51px;white-space:nowrap">fund.</div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;font-weight:bold;position:absolute;top:2054.64px;left:5220px;white-space:nowrap">Principal </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;font-weight:bold;position:absolute;top:2054.64px;left:6030.26px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;font-weight:bold;position:absolute;top:2054.64px;left:7030.55px;white-space:nowrap">Risks</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2464.64px;left:5220px;letter-spacing:-4.13px;white-space:nowrap">You </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2464.64px;left:5573.76px;white-space:nowrap">could </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2464.64px;left:6054.08px;white-space:nowrap">lose </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2464.64px;left:6434.3px;white-space:nowrap">money </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2464.64px;left:7024.57px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2464.64px;left:7264.69px;white-space:nowrap">investing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2464.64px;left:8025.12px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2464.64px;left:8215.22px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2464.64px;left:8515.46px;white-space:nowrap">Fund. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2464.64px;left:9025.75px;white-space:nowrap">Closed-end </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2714.64px;left:5220px;white-space:nowrap">fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2714.64px;left:5620.34px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2714.64px;left:6210.62px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2714.64px;left:6520.78px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2714.64px;left:6821.02px;white-space:nowrap">deposits </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2714.64px;left:7541.46px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2714.64px;left:7751.51px;white-space:nowrap">obligations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2714.64px;left:8662.15px;white-space:nowrap">of, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2714.64px;left:8912.29px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2714.64px;left:9122.34px;white-space:nowrap">guaranteed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2964.64px;left:5220px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2964.64px;left:5430.06px;white-space:nowrap">endorsed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2964.64px;left:6230.65px;letter-spacing:-3.34px;white-space:nowrap">by, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2964.64px;left:6507.42px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2964.64px;left:6847.65px;white-space:nowrap">bank, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2964.64px;left:7337.99px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2964.64px;left:7688.32px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2964.64px;left:7998.49px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2964.64px;left:8298.72px;white-space:nowrap">insured </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2964.64px;left:8939.09px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2964.64px;left:9179.21px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3214.64px;left:5220px;white-space:nowrap">Federal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3214.64px;left:5880.32px;white-space:nowrap">Deposit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3214.64px;left:6540.64px;white-space:nowrap">Insurance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3214.64px;left:7381.14px;white-space:nowrap">Corporation, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3214.64px;left:8421.68px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3214.64px;left:8721.91px;white-space:nowrap">Federal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3214.64px;left:9382.24px;white-space:nowrap">Reserve </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3464.64px;left:5220px;white-space:nowrap">Board, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3464.64px;left:5800.34px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3464.64px;left:6010.4px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3464.64px;left:6350.63px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3464.64px;left:6810.91px;white-space:nowrap">agency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3464.64px;left:7441.35px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3464.64px;left:7641.47px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3464.64px;left:7941.71px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3464.64px;left:8341.79px;white-space:nowrap">government.</div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;font-weight:bold;position:absolute;top:3860.64px;left:5220px;white-space:nowrap">Currency </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;font-weight:bold;position:absolute;top:3860.64px;left:6060.32px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;font-weight:bold;position:absolute;top:3860.64px;left:7210.55px;white-space:nowrap">Strategies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4270.64px;left:5220px;white-space:nowrap">Currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4270.64px;left:6000.21px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4270.64px;left:7100.86px;white-space:nowrap">strategies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4270.64px;left:7931.25px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4270.64px;left:8321.31px;white-space:nowrap">substantially </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4270.64px;left:9361.85px;white-space:nowrap">change </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4520.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4520.64px;left:5520.23px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4520.64px;left:6107.26px;white-space:nowrap">exposure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4520.64px;left:6897.74px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4520.64px;left:7097.87px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4520.64px;left:7838.09px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4520.64px;left:8668.74px;white-space:nowrap">rates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4520.64px;left:9118.92px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4520.64px;left:9469.25px;white-space:nowrap">could </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4770.64px;left:5220px;white-space:nowrap">result </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4770.64px;left:5710.17px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4770.64px;left:5900.27px;white-space:nowrap">losses </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4770.64px;left:6460.49px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4770.64px;left:6660.62px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4770.64px;left:6960.85px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4770.64px;left:7421.13px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4770.64px;left:7561.14px;white-space:nowrap">currencies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4770.64px;left:8441.46px;white-space:nowrap">do </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4770.64px;left:8691.68px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4770.64px;left:8991.91px;white-space:nowrap">perform </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5020.64px;left:5220px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5020.64px;left:5460.12px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5020.64px;left:5760.35px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5020.64px;left:6680.74px;white-space:nowrap">manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5020.64px;left:7441.17px;white-space:nowrap">expects. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5020.64px;left:8161.52px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5020.64px;left:8361.65px;white-space:nowrap">addition, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5020.64px;left:9092.2px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5270.64px;left:5220px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5270.64px;left:6320.65px;white-space:nowrap">strategies, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5270.64px;left:7201.05px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5270.64px;left:7401.18px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5270.64px;left:7701.42px;white-space:nowrap">extent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5270.64px;left:8241.77px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5270.64px;left:8592.01px;white-space:nowrap">they </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5270.64px;left:8982.25px;white-space:nowrap">reduce </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5270.64px;left:9582.63px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5520.64px;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:5520.64px;left:5807.02px;white-space:nowrap">exposure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5520.64px;left:6597.51px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5520.64px;left:6797.64px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5520.64px;left:7537.85px;white-space:nowrap">risks, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5520.64px;left:8007.8px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5520.64px;left:8397.86px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5520.64px;left:8778.08px;white-space:nowrap">reduce </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5520.64px;left:9378.46px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5770.64px;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:5770.64px;left:5807.02px;white-space:nowrap">ability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5770.64px;left:6317.23px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5770.64px;left:6517.35px;text-rendering:optimizeLegibility;white-space:nowrap">benefit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5770.64px;left:7107.8px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5770.64px;left:7517.81px;white-space:nowrap">favorable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5770.64px;left:8308.3px;white-space:nowrap">changes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5770.64px;left:9038.85px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5770.64px;left:9228.96px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6020.64px;left:5220px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6020.64px;left:6050.65px;white-space:nowrap">rates. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6020.64px;left:6550.84px;white-space:nowrap">Using </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6020.64px;left:7061.04px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6020.64px;left:7801.26px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6020.64px;left:8901.91px;white-space:nowrap">strategies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6020.64px;left:9732.3px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6270.64px;left:5220px;white-space:nowrap">purposes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6270.64px;left:6010.49px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6270.64px;left:6470.77px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6270.64px;left:6871.11px;white-space:nowrap">hedging </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6270.64px;left:7561.76px;white-space:nowrap">further </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6270.64px;left:8131.99px;white-space:nowrap">increases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6270.64px;left:8952.36px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6270.64px;left:9252.6px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6520.64px;left:5220px;white-space:nowrap">exposure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6520.64px;left:6010.49px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6520.64px;left:6210.62px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6520.64px;left:6811px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6520.64px;left:7731.39px;white-space:nowrap">losses. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6520.64px;left:8341.61px;white-space:nowrap">Currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6520.64px;left:9121.82px;white-space:nowrap">markets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6770.64px;left:5220px;white-space:nowrap">generally </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6770.64px;left:6000.47px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6770.64px;left:6310.63px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6770.64px;left:6610.87px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6770.64px;left:6850.99px;white-space:nowrap">regulated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6770.64px;left:7651.58px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6770.64px;left:7891.7px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6770.64px;left:8701.96px;white-space:nowrap">markets. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6770.64px;left:9442.09px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7020.64px;left:5220px;white-space:nowrap">addition, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7020.64px;left:5950.55px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7020.64px;left:6690.76px;white-space:nowrap">rates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7020.64px;left:7140.94px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7020.64px;left:7531px;text-rendering:optimizeLegibility;white-space:nowrap">fluctuate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7020.64px;left:8261.46px;text-rendering:optimizeLegibility;white-space:nowrap">significantly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7020.64px;left:9241.88px;white-space:nowrap">over </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7020.64px;left:9642.04px;white-space:nowrap">short </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7270.64px;left:5220px;white-space:nowrap">periods </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7270.64px;left:5860.37px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7270.64px;left:6060.5px;white-space:nowrap">time, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7270.64px;left:6500.57px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7270.64px;left:6850.9px;white-space:nowrap">can </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7270.64px;left:7191.12px;white-space:nowrap">reduce </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7270.64px;left:7791.5px;white-space:nowrap">returns.</div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;font-weight:bold;position:absolute;top:7666.64px;left:5220px;white-space:nowrap">Foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;font-weight:bold;position:absolute;top:7666.64px;left:5929.98px;white-space:nowrap">Securities </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;font-weight:bold;position:absolute;top:7666.64px;left:6840.44px;white-space:nowrap">(non-U.S.)	</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8076.64px;left:5220px;white-space:nowrap">Investing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8076.64px;left:5990.45px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8076.64px;left:6180.56px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8076.64px;left:6780.94px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8076.64px;left:7591.2px;white-space:nowrap">typically </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8076.64px;left:8281.41px;white-space:nowrap">involves </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8076.64px;left:8981.72px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8326.64px;left:5220px;white-space:nowrap">risks </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8326.64px;left:5639.94px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8326.64px;left:6040.28px;white-space:nowrap">investing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8326.64px;left:6800.71px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8326.64px;left:6990.82px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8326.64px;left:7390.9px;white-space:nowrap">securities, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8326.64px;left:8251.17px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8326.64px;left:8601.5px;white-space:nowrap">includes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8326.64px;left:9311.92px;white-space:nowrap">risks </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8576.64px;left:5220px;white-space:nowrap">associated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8576.64px;left:6130.55px;white-space:nowrap">with: </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8576.64px;left:6550.66px;white-space:nowrap">(i) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8576.64px;left:6760.55px;white-space:nowrap">internal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8576.64px;left:7400.92px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8576.64px;left:7751.25px;white-space:nowrap">external </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8576.64px;left:8441.63px;white-space:nowrap">political </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8576.64px;left:9091.93px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8826.64px;left:5220px;white-space:nowrap">economic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8826.64px;left:6040.37px;white-space:nowrap">developments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8826.64px;left:7211.07px;white-space:nowrap">&#8211; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8826.64px;left:7361.19px;white-space:nowrap">e.g., </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8826.64px;left:7761.45px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8826.64px;left:8061.68px;white-space:nowrap">political, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8826.64px;left:8761.99px;white-space:nowrap">economic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8826.64px;left:9582.36px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9076.64px;left:5220px;white-space:nowrap">social </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9076.64px;left:5730.21px;white-space:nowrap">policies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9076.64px;left:6380.51px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9076.64px;left:6730.84px;white-space:nowrap">structures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9076.64px;left:7571.07px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9076.64px;left:7771.2px;white-space:nowrap">some </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9076.64px;left:8261.37px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9076.64px;left:8861.75px;white-space:nowrap">countries </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9326.64px;left:5220px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9326.64px;left:5610.06px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9326.64px;left:5860.28px;white-space:nowrap">less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9326.64px;left:6230.39px;white-space:nowrap">stable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9326.64px;left:6760.72px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9326.64px;left:7111.05px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9326.64px;left:7571.16px;white-space:nowrap">volatile </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9326.64px;left:8181.47px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9326.64px;left:8581.82px;white-space:nowrap">those </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9326.64px;left:9072.16px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9326.64px;left:9262.27px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9326.64px;left:9562.5px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9576.64px;left:5220px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9576.64px;left:5430.06px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9576.64px;left:5580.18px;white-space:nowrap">country </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9576.64px;left:6220.46px;white-space:nowrap">(including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9576.64px;left:7040.92px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9576.64px;left:7341.15px;white-space:nowrap">U.S.) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9576.64px;left:7801.17px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9576.64px;left:8191.23px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9576.64px;left:8441.46px;white-space:nowrap">subject </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9576.64px;left:9061.79px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9576.64px;left:9261.91px;white-space:nowrap">trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9826.64px;left:5220px;white-space:nowrap">restrictions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9826.64px;left:6140.21px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9826.64px;left:6350.27px;white-space:nowrap">economic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9826.64px;left:7170.64px;white-space:nowrap">sanctions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9826.64px;left:7981.08px;white-space:nowrap">imposed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9826.64px;left:8711.46px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9826.64px;left:8951.57px;white-space:nowrap">another </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10076.64px;left:5220px;white-space:nowrap">company; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10076.64px;left:6050.39px;white-space:nowrap">(ii) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10076.64px;left:6300.26px;white-space:nowrap">trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10076.64px;left:6900.64px;white-space:nowrap">practices </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10076.64px;left:7670.92px;white-space:nowrap">&#8211; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10076.64px;left:7821.04px;white-space:nowrap">e.g., </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10076.64px;left:8221.29px;white-space:nowrap">there </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10076.64px;left:8681.57px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10076.64px;left:9071.63px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10076.64px;left:9321.86px;white-space:nowrap">less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10326.64px;left:5220px;white-space:nowrap">government </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10326.64px;left:6220.55px;white-space:nowrap">supervision </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10326.64px;left:7181.02px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10326.64px;left:7531.35px;white-space:nowrap">regulation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10326.64px;left:8371.93px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10326.64px;left:8572.06px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10326.64px;left:9172.44px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10576.64px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10576.64px;left:5570.33px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10576.64px;left:6310.55px;white-space:nowrap">markets, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10576.64px;left:7050.67px;white-space:nowrap">trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10576.64px;left:7651.05px;white-space:nowrap">systems </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10576.64px;left:8361.12px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10576.64px;left:8711.46px;white-space:nowrap">brokers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10576.64px;left:9361.67px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10576.64px;left:9762.01px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10826.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10826.64px;left:5520.23px;white-space:nowrap">U.S.; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10826.64px;left:5970.32px;white-space:nowrap">(iii) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10826.64px;left:6260.19px;white-space:nowrap">availability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10826.64px;left:7140.59px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10826.64px;left:7340.71px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10826.64px;left:8281.14px;white-space:nowrap">&#8211; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10826.64px;left:8431.26px;white-space:nowrap">e.g., </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10826.64px;left:8831.51px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10826.64px;left:9431.89px;white-space:nowrap">issuers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11076.64px;left:5220px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11076.64px;left:5610.06px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11076.64px;left:5910.29px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11076.64px;left:6160.52px;white-space:nowrap">subject </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11076.64px;left:6780.85px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11076.64px;left:6980.98px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11076.64px;left:7281.21px;white-space:nowrap">same </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11076.64px;left:7771.38px;white-space:nowrap">disclosure, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11076.64px;left:8681.75px;white-space:nowrap">accounting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11076.64px;left:9602.4px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11326.64px;left:5220px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11326.64px;left:5930.42px;white-space:nowrap">reporting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11326.64px;left:6690.85px;white-space:nowrap">standards </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11326.64px;left:7531.35px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11326.64px;left:7881.68px;white-space:nowrap">practices </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11326.64px;left:8651.95px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11326.64px;left:8892.07px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11326.64px;left:9292.15px;white-space:nowrap">issuers; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11576.64px;left:5220px;white-space:nowrap">(iv) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11576.64px;left:5519.88px;white-space:nowrap">limited </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11576.64px;left:6090.03px;white-space:nowrap">markets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11576.64px;left:6780.15px;white-space:nowrap">&#8211; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11576.64px;left:6930.26px;white-space:nowrap">e.g., </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11576.64px;left:7330.52px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11576.64px;left:7630.75px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11576.64px;left:8441.02px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11576.64px;left:8641.14px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11576.64px;left:9231.42px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11826.64px;left:5220px;white-space:nowrap">issuers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11826.64px;left:5840.16px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11826.64px;left:6230.21px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11826.64px;left:6480.44px;white-space:nowrap">less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11826.64px;left:6850.55px;white-space:nowrap">liquid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11826.64px;left:7320.85px;white-space:nowrap">(harder </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11826.64px;left:7951.11px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11826.64px;left:8151.24px;white-space:nowrap">sell) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11826.64px;left:8531.28px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11826.64px;left:8881.61px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11826.64px;left:9341.72px;white-space:nowrap">volatile; </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">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:350.33px;white-space:nowrap">(v) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:610.22px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1350.44px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2181.09px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2541.27px;text-rendering:optimizeLegibility;white-space:nowrap">fluctuations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3501.83px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3852.16px;white-space:nowrap">policies. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4549.22px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">risks </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:419.94px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:620.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1220.45px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2230.84px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2620.9px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2871.12px;white-space:nowrap">greater </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3491.46px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3681.56px;white-space:nowrap">developing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4602.3px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">emerging </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:800.42px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1400.54px;white-space:nowrap">countries. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:0px;white-space:nowrap">There </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:519.96px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:829.86px;white-space:nowrap">special </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:1439.91px;white-space:nowrap">risks </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:1859.59px;white-space:nowrap">associated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:2769.87px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:3139.72px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:4149.84px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:4339.69px;white-space:nowrap">China, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:0px;white-space:nowrap">Hong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:480.32px;white-space:nowrap">Kong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:950.71px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:1297.79px;letter-spacing:-2.49px;white-space:nowrap">Taiwan, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:1958.12px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:2718.63px;white-space:nowrap">exposure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:3509.12px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:3709.25px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">fluctuations, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:1010.57px;white-space:nowrap">less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:1380.67px;letter-spacing:-1.21px;white-space:nowrap">liquidity, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:2067.63px;white-space:nowrap">expropriation, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:3208.27px;text-rendering:optimizeLegibility;white-space:nowrap">confiscatory </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:0px;white-space:nowrap">taxation, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:730.46px;white-space:nowrap">nationalization </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:1931.31px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:2281.64px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:3112.29px;white-space:nowrap">control </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:3702.57px;white-space:nowrap">regulations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:0px;white-space:nowrap">(including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:820.46px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:1560.67px;white-space:nowrap">blockage). </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:2441.16px;text-rendering:optimizeLegibility;white-space:nowrap">Inflation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:3121.61px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:3471.94px;white-space:nowrap">rapid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:3922.21px;text-rendering:optimizeLegibility;white-space:nowrap">fluctuations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:190.11px;text-rendering:optimizeLegibility;white-space:nowrap">inflation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:860.54px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:1210.87px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:1851.15px;white-space:nowrap">rates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:2301.33px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:2741.66px;white-space:nowrap">had, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:3142px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:3492.33px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:3882.39px;white-space:nowrap">continue </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:0px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:200.13px;white-space:nowrap">have, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:690.47px;white-space:nowrap">negative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:1421.02px;text-rendering:optimizeLegibility;white-space:nowrap">effects </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:1997.4px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:2247.63px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:2547.86px;white-space:nowrap">economy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:3328.24px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:3678.57px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:0px;white-space:nowrap">markets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:690.12px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:890.24px;white-space:nowrap">China, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:1460.57px;white-space:nowrap">Hong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:1940.89px;white-space:nowrap">Kong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:2411.28px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:2758.36px;letter-spacing:-2.49px;white-space:nowrap">Taiwan. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:3418.68px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:3618.81px;white-space:nowrap">addition, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:0px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:1010.39px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:1197.25px;letter-spacing:-2.85px;white-space:nowrap">Taiwan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:1807.56px;white-space:nowrap">could </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:2287.88px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:2538.11px;white-space:nowrap">adversely </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:3358.48px;text-rendering:optimizeLegibility;white-space:nowrap">affected </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:4045.08px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:4285.2px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:0px;white-space:nowrap">political </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:650.3px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:1000.63px;white-space:nowrap">economic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:1821.01px;white-space:nowrap">relationship </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:2791.58px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:3161.69px;white-space:nowrap">China. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:3732.01px;white-space:nowrap">China, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:4302.33px;white-space:nowrap">Hong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:0px;white-space:nowrap">Kong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:470.39px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:817.47px;letter-spacing:-2.85px;white-space:nowrap">Taiwan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:1427.78px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:1737.95px;white-space:nowrap">deemed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:2438.44px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:2678.55px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:2978.79px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:3899.18px;white-space:nowrap">manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:4659.61px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:0px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:250.22px;white-space:nowrap">emerging </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:1050.64px;white-space:nowrap">markets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:1740.76px;white-space:nowrap">countries, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:2571.15px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:3081.36px;white-space:nowrap">means </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:3671.63px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:3921.86px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:190.11px;white-space:nowrap">these </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:680.45px;white-space:nowrap">countries </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:1460.83px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:1801.05px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:2261.16px;white-space:nowrap">heightened </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:3202.03px;white-space:nowrap">risks </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:3621.97px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:4022.31px;white-space:nowrap">general </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:0px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:600.38px;white-space:nowrap">investing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:1360.81px;white-space:nowrap">due </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:1711.14px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:1911.27px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:2061.39px;white-space:nowrap">lack </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:2431.49px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:2631.62px;white-space:nowrap">established </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:3592.27px;white-space:nowrap">legal, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:4072.59px;white-space:nowrap">political, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:0px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:760.43px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:1110.76px;white-space:nowrap">social </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:1620.97px;white-space:nowrap">frameworks </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:2601.12px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:2791.23px;white-space:nowrap">these </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:3281.57px;white-space:nowrap">countries </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:4061.95px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:0px;white-space:nowrap">support </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:650.39px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:1460.65px;white-space:nowrap">markets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:2150.77px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:2390.89px;white-space:nowrap">well </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:2750.98px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:2991.09px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:3291.33px;white-space:nowrap">possibility </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:4121.63px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:4381.7px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:0px;white-space:nowrap">widespread </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:970.58px;white-space:nowrap">corruption </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:1821.01px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:2171.34px;white-space:nowrap">fraud. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:2681.63px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:2881.76px;white-space:nowrap">addition, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:3612.3px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:3912.54px;white-space:nowrap">standards </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:0px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:260.07px;white-space:nowrap">environmental, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:1490.71px;white-space:nowrap">social </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:2000.92px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:2351.25px;white-space:nowrap">corporate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:3161.69px;white-space:nowrap">governance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:4152.39px;white-space:nowrap">matters </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:190.11px;white-space:nowrap">China, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:760.43px;white-space:nowrap">Hong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:1240.75px;white-space:nowrap">Kong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:1711.14px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:2058.22px;letter-spacing:-2.85px;white-space:nowrap">Taiwan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:2668.54px;white-space:nowrap">tend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:3068.88px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:3269px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:3519.23px;white-space:nowrap">lower </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:3999.38px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:4399.72px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:0px;white-space:nowrap">standards </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:840.5px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:1030.61px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:1490.71px;white-space:nowrap">developed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:2371.46px;white-space:nowrap">economies. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:0px;letter-spacing:-1.11px;white-space:nowrap">Trade </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:513.54px;white-space:nowrap">disputes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:1233.98px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:1584.32px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:1884.55px;white-space:nowrap">imposition </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:2744.91px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:2945.04px;text-rendering:optimizeLegibility;white-space:nowrap">tariffs </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:3431.25px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:3681.47px;white-space:nowrap">goods </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:4221.91px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:0px;white-space:nowrap">services </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:710.16px;white-space:nowrap">can </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:1050.38px;text-rendering:optimizeLegibility;white-space:nowrap">affect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:1536.77px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:1837px;white-space:nowrap">economies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:2757.48px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:2957.61px;white-space:nowrap">countries </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:3737.99px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:3928.1px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:4438.3px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:460.28px;white-space:nowrap">invests, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:1120.52px;white-space:nowrap">particularly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:2040.82px;white-space:nowrap">those </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:2531.16px;white-space:nowrap">countries </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:3311.54px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:3681.65px;white-space:nowrap">large </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:4131.91px;white-space:nowrap">export </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:0px;white-space:nowrap">sectors, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:680.19px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:920.3px;white-space:nowrap">well </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:1280.39px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:1520.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:1820.74px;white-space:nowrap">global </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:2351.16px;letter-spacing:-1.48px;white-space:nowrap">economy. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:3164.94px;letter-spacing:-1.11px;white-space:nowrap">Trade </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:3678.49px;white-space:nowrap">disputes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:0px;white-space:nowrap">can </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:340.22px;white-space:nowrap">result </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:830.39px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:1020.5px;white-space:nowrap">increased </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:1850.98px;white-space:nowrap">costs </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:2321.1px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:2521.23px;white-space:nowrap">production </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:3411.83px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:3762.16px;white-space:nowrap">reduced </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">profitability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:910.37px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:1170.44px;white-space:nowrap">non-export-dependent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:2991.8px;white-space:nowrap">companies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:3912.28px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:4262.52px;white-space:nowrap">rely </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:0px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:250.22px;white-space:nowrap">imports </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:890.33px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:1090.46px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:1390.69px;white-space:nowrap">extent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:1931.04px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:2081.16px;white-space:nowrap">country </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:2721.45px;white-space:nowrap">engages </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:3462.1px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:3652.21px;white-space:nowrap">retaliatory </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">tariffs. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:532.97px;letter-spacing:-1.11px;white-space:nowrap">Trade </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:1046.51px;white-space:nowrap">disputes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:1766.95px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:2157.01px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:2537.23px;white-space:nowrap">lead </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:2927.55px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:3127.68px;white-space:nowrap">increased </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:3958.15px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:0px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:830.65px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:1190.83px;letter-spacing:-1.11px;white-space:nowrap">volatility. </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;font-weight:bold;position:absolute;top:8484.64px;left:0px;white-space:nowrap">Emerging </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;font-weight:bold;position:absolute;top:8484.64px;left:880.14px;white-space:nowrap">Market </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;font-weight:bold;position:absolute;top:8484.64px;left:1510.4px;white-space:nowrap">Countries	</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8894.64px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8894.64px;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:8894.64px;left:947.2px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8894.64px;left:1957.59px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8894.64px;left:2147.7px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8894.64px;left:2957.96px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8894.64px;left:3158.09px;white-space:nowrap">issuers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8894.64px;left:3778.24px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8894.64px;left:3968.35px;white-space:nowrap">emerging </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9144.64px;left:0px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9144.64px;left:600.12px;white-space:nowrap">countries </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9144.64px;left:1380.5px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9144.64px;left:1690.66px;white-space:nowrap">subject </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9144.64px;left:2311px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9144.64px;left:2511.12px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9144.64px;left:2741.22px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9144.64px;left:2941.35px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9144.64px;left:3241.58px;white-space:nowrap">risks </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9144.64px;left:3661.52px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9144.64px;left:3861.65px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9394.64px;left:0px;white-space:nowrap">investing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9394.64px;left:760.43px;letter-spacing:-1.21px;white-space:nowrap">generally, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9394.64px;left:1577.55px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9394.64px;left:1927.88px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9394.64px;left:2368.21px;white-space:nowrap">additional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9394.64px;left:3188.85px;white-space:nowrap">heightened </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9394.64px;left:4129.72px;white-space:nowrap">risks </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9394.64px;left:4549.66px;white-space:nowrap">due </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9644.64px;left:0px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9644.64px;left:200.13px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9644.64px;left:350.24px;white-space:nowrap">lack </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9644.64px;left:720.35px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9644.64px;left:920.48px;white-space:nowrap">established </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9644.64px;left:1881.12px;white-space:nowrap">legal, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9644.64px;left:2361.45px;white-space:nowrap">political, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9644.64px;left:3061.76px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9644.64px;left:3822.19px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9644.64px;left:4172.52px;white-space:nowrap">social </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9894.64px;left:0px;white-space:nowrap">frameworks </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9894.64px;left:980.16px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9894.64px;left:1180.28px;white-space:nowrap">support </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9894.64px;left:1830.67px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9894.64px;left:2640.94px;white-space:nowrap">markets, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9894.64px;left:3381.06px;white-space:nowrap">including: </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9894.64px;left:4191.59px;white-space:nowrap">delays </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10144.64px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10144.64px;left:190.11px;white-space:nowrap">settling </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10144.64px;left:810.44px;white-space:nowrap">portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10144.64px;left:1500.82px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10144.64px;left:2311.08px;white-space:nowrap">transactions; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10144.64px;left:3381.59px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10144.64px;left:4121.81px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10394.64px;left:0px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10394.64px;left:570.32px;white-space:nowrap">controls; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10394.64px;left:1300.61px;white-space:nowrap">greater </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10394.64px;left:1920.94px;white-space:nowrap">sensitivity </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10394.64px;left:2751.15px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10394.64px;left:2951.28px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10394.64px;left:3591.56px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10394.64px;left:3951.74px;white-space:nowrap">changes; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10644.64px;left:0px;white-space:nowrap">pervasiveness </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10644.64px;left:1200.59px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10644.64px;left:1400.71px;white-space:nowrap">corruption </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10644.64px;left:2251.14px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10644.64px;left:2601.47px;white-space:nowrap">crime; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10644.64px;left:3141.47px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10644.64px;left:3881.69px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10894.64px;left:0px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10894.64px;left:360.18px;white-space:nowrap">volatility; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10894.64px;left:1100.39px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10894.64px;left:1450.72px;text-rendering:optimizeLegibility;white-space:nowrap">inflation, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10894.64px;left:2171.16px;text-rendering:optimizeLegibility;white-space:nowrap">deflation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10894.64px;left:2901.71px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10894.64px;left:3111.77px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10894.64px;left:3851.98px;white-space:nowrap">devaluation. </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;font-weight:bold;position:absolute;top:-21.36px;left:5220px;white-space:nowrap">Interest </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;font-weight:bold;position:absolute;top:-21.36px;left:5920.22px;white-space:nowrap">Rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:388.64px;left:5220px;white-space:nowrap">When </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:388.64px;left:5740.22px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:388.64px;left:6380.51px;white-space:nowrap">rates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:388.64px;left:6830.68px;white-space:nowrap">rise, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:388.64px;left:7220.74px;white-space:nowrap">debt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:388.64px;left:7621.08px;white-space:nowrap">security </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:388.64px;left:8291.25px;white-space:nowrap">prices </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:388.64px;left:8821.41px;white-space:nowrap">generally </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:388.64px;left:9601.87px;white-space:nowrap">fall. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:638.64px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:638.64px;left:5580.18px;white-space:nowrap">opposite </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:638.64px;left:6310.72px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:638.64px;left:6490.72px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:638.64px;left:6870.94px;white-space:nowrap">generally </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:638.64px;left:7651.41px;white-space:nowrap">true: </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:638.64px;left:8061.59px;white-space:nowrap">debt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:638.64px;left:8461.93px;white-space:nowrap">security </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:638.64px;left:9132.1px;white-space:nowrap">prices </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:638.64px;left:9662.26px;white-space:nowrap">rise </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:888.64px;left:5220px;white-space:nowrap">when </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:888.64px;left:5700.32px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:888.64px;left:6340.61px;white-space:nowrap">rates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:888.64px;left:6790.78px;white-space:nowrap">fall. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:888.64px;left:7120.9px;white-space:nowrap">Interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:888.64px;left:7771.2px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:888.64px;left:8131.38px;white-space:nowrap">changes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:888.64px;left:8861.92px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:888.64px;left:9172.09px;text-rendering:optimizeLegibility;white-space:nowrap">influenced </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1138.64px;left:5220px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1138.64px;left:5460.12px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1138.64px;left:5610.23px;white-space:nowrap">number </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1138.64px;left:6270.56px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1138.64px;left:6470.68px;white-space:nowrap">factors, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1138.64px;left:7110.88px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1138.64px;left:7871.4px;white-space:nowrap">government </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1138.64px;left:8871.94px;letter-spacing:-1.67px;white-space:nowrap">policy, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1388.64px;left:5220px;white-space:nowrap">monetary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1388.64px;left:6020.33px;letter-spacing:-1.67px;white-space:nowrap">policy, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1388.64px;left:6567.19px;text-rendering:optimizeLegibility;white-space:nowrap">inflation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1388.64px;left:7237.62px;white-space:nowrap">expectations, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1388.64px;left:8348.29px;white-space:nowrap">perceptions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1388.64px;left:9328.89px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1388.64px;left:9529.01px;white-space:nowrap">risk, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1638.64px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1638.64px;left:5570.33px;white-space:nowrap">supply </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1638.64px;left:6140.65px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1638.64px;left:6340.78px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1638.64px;left:6691.11px;white-space:nowrap">demand </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1638.64px;left:7391.6px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1638.64px;left:7651.67px;white-space:nowrap">bonds. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1638.64px;left:8242.12px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1638.64px;left:8442.25px;white-space:nowrap">general, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1638.64px;left:9142.73px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1888.64px;left:5220px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1888.64px;left:5590.11px;white-space:nowrap">longer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1888.64px;left:6140.48px;white-space:nowrap">maturities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1888.64px;left:6970.69px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1888.64px;left:7180.75px;white-space:nowrap">durations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1888.64px;left:7971.24px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1888.64px;left:8281.41px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1888.64px;left:8741.51px;white-space:nowrap">sensitive </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1888.64px;left:9491.84px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2138.64px;left:5220px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2138.64px;left:5860.28px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2138.64px;left:6220.46px;white-space:nowrap">changes.</div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;font-weight:bold;position:absolute;top:2534.64px;left:5220px;white-space:nowrap">Market	</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2944.64px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2944.64px;left:5580.18px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2944.64px;left:6180.29px;white-space:nowrap">values </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2944.64px;left:6750.62px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2944.64px;left:6950.74px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2944.64px;left:7761.01px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2944.64px;left:7971.06px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2944.64px;left:8431.35px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3194.64px;left:5220px;white-space:nowrap">owned </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3194.64px;left:5800.43px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3194.64px;left:6040.55px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3194.64px;left:6340.78px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3194.64px;left:6801.06px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3194.64px;left:7101.04px;white-space:nowrap">go </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3194.64px;left:7351.26px;white-space:nowrap">up </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3194.64px;left:7601.48px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3194.64px;left:7811.54px;white-space:nowrap">down, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3194.64px;left:8341.87px;white-space:nowrap">sometimes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3194.64px;left:9262.09px;white-space:nowrap">rapidly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3444.64px;left:5220px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3444.64px;left:5430.06px;letter-spacing:-0.89px;white-space:nowrap">unpredictably. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3444.64px;left:6584.15px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3444.64px;left:6944.33px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3444.64px;left:7544.44px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3444.64px;left:8024.77px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3444.64px;left:8224.89px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3444.64px;left:8375.01px;white-space:nowrap">security </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3444.64px;left:9045.18px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3444.64px;left:9255.23px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3694.64px;left:5220px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3694.64px;left:6140.39px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3694.64px;left:6530.45px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3694.64px;left:6780.67px;white-space:nowrap">reduced </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3694.64px;left:7481.16px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3694.64px;left:7721.28px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3694.64px;left:8321.4px;white-space:nowrap">activity </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3694.64px;left:8921.51px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3694.64px;left:9131.57px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3944.64px;left:5220px;white-space:nowrap">results </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3944.64px;left:5800.17px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3944.64px;left:6000.29px;white-space:nowrap">supply </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3944.64px;left:6570.62px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3944.64px;left:6920.95px;white-space:nowrap">demand </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3944.64px;left:7621.44px;white-space:nowrap">unrelated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3944.64px;left:8422.03px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3944.64px;left:8622.16px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3944.64px;left:8922.39px;letter-spacing:-1.24px;white-space:nowrap">issuer. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3944.64px;left:9489.37px;white-space:nowrap">This </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3944.64px;left:9879.43px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4194.64px;left:5220px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4194.64px;left:5370.12px;white-space:nowrap">basic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4194.64px;left:5840.33px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4194.64px;left:6170.27px;white-space:nowrap">associated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4194.64px;left:7080.82px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4194.64px;left:7450.93px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4194.64px;left:7681.03px;white-space:nowrap">investments. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4194.64px;left:8741.43px;white-space:nowrap">When </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4194.64px;left:9261.65px;white-space:nowrap">there </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4194.64px;left:9721.93px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4444.64px;left:5220px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4444.64px;left:5680.11px;white-space:nowrap">sellers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4444.64px;left:6250.25px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4444.64px;left:6650.6px;white-space:nowrap">buyers, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4444.64px;left:7290.88px;white-space:nowrap">prices </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4444.64px;left:7821.04px;white-space:nowrap">tend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4444.64px;left:8221.38px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4444.64px;left:8421.5px;white-space:nowrap">fall. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4444.64px;left:8751.62px;white-space:nowrap">Likewise, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4444.64px;left:9541.93px;white-space:nowrap">when </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4694.64px;left:5220px;white-space:nowrap">there </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4694.64px;left:5680.28px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4694.64px;left:5990.45px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4694.64px;left:6450.56px;white-space:nowrap">buyers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4694.64px;left:7040.83px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4694.64px;left:7441.17px;white-space:nowrap">sellers, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4694.64px;left:8061.33px;white-space:nowrap">prices </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4694.64px;left:8591.48px;white-space:nowrap">tend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4694.64px;left:8991.83px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4694.64px;left:9191.95px;white-space:nowrap">rise.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5124.64px;left:5220px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5124.64px;left:5720.19px;white-space:nowrap">prices </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5124.64px;left:6250.34px;white-space:nowrap">tend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5124.64px;left:6650.68px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5124.64px;left:6850.81px;white-space:nowrap">go </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5124.64px;left:7101.04px;white-space:nowrap">up </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5124.64px;left:7351.26px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5124.64px;left:7701.59px;white-space:nowrap">down </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5124.64px;left:8181.91px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5124.64px;left:8642.02px;white-space:nowrap">dramatically </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5124.64px;left:9652.32px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5374.64px;left:5220px;white-space:nowrap">those </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5374.64px;left:5710.34px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5374.64px;left:5910.47px;white-space:nowrap">debt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5374.64px;left:6310.81px;white-space:nowrap">securities. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5374.64px;left:7161.15px;letter-spacing:-4.97px;white-space:nowrap">A </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5374.64px;left:7321.29px;white-space:nowrap">slower-growth </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5374.64px;left:8491.64px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5374.64px;left:8701.7px;white-space:nowrap">recessionary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5624.64px;left:5220px;white-space:nowrap">economic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5624.64px;left:6040.37px;white-space:nowrap">environment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5624.64px;left:7080.91px;white-space:nowrap">could </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5624.64px;left:7561.23px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5624.64px;left:8001.56px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5624.64px;left:8251.79px;white-space:nowrap">adverse </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5624.64px;left:8942.17px;text-rendering:optimizeLegibility;white-space:nowrap">effect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5624.64px;left:9428.55px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5624.64px;left:9678.78px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5874.64px;left:5220px;white-space:nowrap">prices </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5874.64px;left:5750.16px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5874.64px;left:5950.28px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5874.64px;left:6250.52px;white-space:nowrap">various </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5874.64px;left:6880.78px;white-space:nowrap">stocks </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5874.64px;left:7440.91px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5874.64px;left:7831.23px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5874.64px;left:8071.35px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5874.64px;left:8371.58px;white-space:nowrap">Fund.</div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;font-weight:bold;position:absolute;top:6270.64px;left:5220px;white-space:nowrap">Credit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6680.64px;left:5220px;white-space:nowrap">An </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6680.64px;left:5490.18px;white-space:nowrap">issuer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6680.64px;left:6020.33px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6680.64px;left:6220.46px;white-space:nowrap">debt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6680.64px;left:6620.8px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6680.64px;left:7431.06px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6680.64px;left:7821.12px;white-space:nowrap">fail </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6680.64px;left:8101.23px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6680.64px;left:8301.36px;white-space:nowrap">make </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6680.64px;left:8791.52px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6930.64px;left:5220px;white-space:nowrap">payments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6930.64px;left:6050.39px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6930.64px;left:6260.45px;white-space:nowrap">repay </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6930.64px;left:6760.72px;white-space:nowrap">principal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6930.64px;left:7481.07px;white-space:nowrap">when </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6930.64px;left:7961.4px;white-space:nowrap">due, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6930.64px;left:8361.74px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6930.64px;left:8551.85px;white-space:nowrap">whole </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6930.64px;left:9072.16px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6930.64px;left:9282.22px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6930.64px;left:9472.32px;white-space:nowrap">part. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7180.64px;left:5220px;white-space:nowrap">Changes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7180.64px;left:5990.54px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7180.64px;left:6180.64px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7180.64px;left:6430.87px;letter-spacing:0.38px;white-space:nowrap">issuer&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7180.64px;left:7094.44px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7180.64px;left:7804.86px;white-space:nowrap">strength </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7180.64px;left:8505.26px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7180.64px;left:8715.32px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7180.64px;left:8905.43px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7180.64px;left:9055.55px;letter-spacing:-0.3px;white-space:nowrap">security&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7180.64px;left:9852.45px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7430.64px;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:7430.64px;left:6347.29px;white-space:nowrap">credit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7430.64px;left:6837.45px;white-space:nowrap">rating </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7430.64px;left:7337.72px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7430.64px;left:7727.78px;text-rendering:optimizeLegibility;white-space:nowrap">affect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7430.64px;left:8214.17px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7430.64px;left:8364.29px;letter-spacing:-0.3px;white-space:nowrap">security&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7430.64px;left:9161.19px;white-space:nowrap">value.</div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;font-weight:bold;position:absolute;top:7826.64px;left:5220px;white-space:nowrap">Derivative </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;font-weight:bold;position:absolute;top:7826.64px;left:6130.55px;white-space:nowrap">Instruments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8236.64px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8236.64px;left:5580.18px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8236.64px;left:6640.66px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8236.64px;left:6840.79px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8236.64px;left:7661.16px;white-space:nowrap">instruments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8236.64px;left:8641.49px;white-space:nowrap">depends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8486.64px;left:5220px;white-space:nowrap">largely </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8486.64px;left:5800.25px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8486.64px;left:6050.48px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8486.64px;left:6350.71px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8486.64px;left:7411.2px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8486.64px;left:7611.33px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8486.64px;left:7861.55px;white-space:nowrap">underlying </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8486.64px;left:8742.13px;white-space:nowrap">instrument, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8736.64px;left:5220px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8736.64px;left:5650.22px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8736.64px;left:5890.34px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8736.64px;left:6040.46px;letter-spacing:-1.34px;white-space:nowrap">currency, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8736.64px;left:6817.32px;letter-spacing:-1.34px;white-space:nowrap">security, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8736.64px;left:7524.14px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8736.64px;left:8164.42px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8736.64px;left:8524.6px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8736.64px;left:8734.66px;white-space:nowrap">index, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8736.64px;left:9264.99px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8986.64px;left:5220px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8986.64px;left:5650.22px;white-space:nowrap">instruments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8986.64px;left:6630.56px;white-space:nowrap">often </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8986.64px;left:7080.91px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8986.64px;left:7521.24px;white-space:nowrap">risks </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8986.64px;left:7941.18px;white-space:nowrap">similar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8986.64px;left:8511.15px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8986.64px;left:8711.28px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8986.64px;left:9011.51px;white-space:nowrap">underlying </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9236.64px;left:5220px;white-space:nowrap">instrument, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9236.64px;left:6160.34px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9236.64px;left:6350.45px;white-space:nowrap">addition </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9236.64px;left:7030.99px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9236.64px;left:7231.11px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9236.64px;left:7691.4px;white-space:nowrap">risks. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9236.64px;left:8161.35px;white-space:nowrap">Derivatives </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9236.64px;left:9101.6px;white-space:nowrap">involve </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9486.64px;left:5220px;white-space:nowrap">costs </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9486.64px;left:5690.13px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9486.64px;left:6040.46px;white-space:nowrap">can </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9486.64px;left:6380.68px;white-space:nowrap">create </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9486.64px;left:6930.97px;white-space:nowrap">economic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9486.64px;left:7751.34px;white-space:nowrap">leverage </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9486.64px;left:8491.82px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9486.64px;left:8681.92px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9486.64px;left:8982.16px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9736.64px;left:5220px;white-space:nowrap">portfolio, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9736.64px;left:5960.39px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9736.64px;left:6470.6px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9736.64px;left:6860.65px;white-space:nowrap">result </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9736.64px;left:7350.82px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9736.64px;left:7540.93px;text-rendering:optimizeLegibility;white-space:nowrap">significant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9736.64px;left:8391.36px;white-space:nowrap">volatility </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9736.64px;left:9081.56px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9986.64px;left:5220px;white-space:nowrap">cause </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9986.64px;left:5750.33px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9986.64px;left:6050.57px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9986.64px;left:6510.85px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9986.64px;left:6710.98px;white-space:nowrap">participate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9986.64px;left:7591.46px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9986.64px;left:7781.57px;white-space:nowrap">losses </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9986.64px;left:8341.79px;white-space:nowrap">(as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9986.64px;left:8641.85px;white-space:nowrap">well </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9986.64px;left:9001.93px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9986.64px;left:9242.05px;white-space:nowrap">gains) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10236.64px;left:5220px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10236.64px;left:5410.11px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10236.64px;left:5660.33px;white-space:nowrap">amount </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10236.64px;left:6310.72px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10236.64px;left:6660.97px;text-rendering:optimizeLegibility;white-space:nowrap">significantly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10236.64px;left:7641.39px;white-space:nowrap">exceeds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10236.64px;left:8361.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10236.64px;left:8662.06px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10236.64px;left:9249.08px;white-space:nowrap">initial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10486.64px;left:5220px;white-space:nowrap">investment. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10486.64px;left:6190.4px;white-space:nowrap">Certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10486.64px;left:6820.66px;white-space:nowrap">derivatives </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10486.64px;left:7731.04px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10486.64px;left:8171.37px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10486.64px;left:8471.6px;white-space:nowrap">potential </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10486.64px;left:9202.15px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10736.64px;left:5220px;white-space:nowrap">unlimited </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10736.64px;left:5990.36px;white-space:nowrap">loss, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10736.64px;left:6410.48px;white-space:nowrap">regardless </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10736.64px;left:7300.9px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10736.64px;left:7501.03px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10736.64px;left:7801.26px;white-space:nowrap">size </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10736.64px;left:8171.37px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10736.64px;left:8371.49px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10736.64px;left:8671.73px;white-space:nowrap">initial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10736.64px;left:9131.92px;white-space:nowrap">investment. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10986.64px;left:5220px;white-space:nowrap">Other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10986.64px;left:5720.19px;white-space:nowrap">risks </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10986.64px;left:6140.13px;white-space:nowrap">include </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10986.64px;left:6760.55px;letter-spacing:-1.03px;white-space:nowrap">illiquidity, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10986.64px;left:7527.48px;white-space:nowrap">mispricing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10986.64px;left:8387.67px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10986.64px;left:8597.72px;white-space:nowrap">improper </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10986.64px;left:9357.98px;white-space:nowrap">valuation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11236.64px;left:5220px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11236.64px;left:5420.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11236.64px;left:5720.36px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11236.64px;left:6540.73px;white-space:nowrap">instrument, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11236.64px;left:7481.07px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11236.64px;left:7831.41px;white-space:nowrap">imperfect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11236.64px;left:8621.63px;white-space:nowrap">correlation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11486.64px;left:5220px;white-space:nowrap">between </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11486.64px;left:5950.55px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11486.64px;left:6250.78px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11486.64px;left:6731.1px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11486.64px;left:6931.23px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11486.64px;left:7231.46px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11486.64px;left:8051.84px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11486.64px;left:8402.17px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11486.64px;left:8702.4px;white-space:nowrap">underlying </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11736.64px;left:5220px;white-space:nowrap">instrument </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11736.64px;left:6110.33px;white-space:nowrap">so </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11736.64px;left:6350.45px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11736.64px;left:6700.69px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11736.64px;left:7000.93px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11736.64px;left:7461.21px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11736.64px;left:7851.27px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11736.64px;left:8151.5px;white-space:nowrap">realize </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11736.64px;left:8731.76px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11736.64px;left:9031.99px;white-space:nowrap">intended </div></div>
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			<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">benefits. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:727.21px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1087.38px;white-space:nowrap">successful </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1977.71px;white-space:nowrap">use </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2317.94px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2518.07px;white-space:nowrap">derivatives </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3428.44px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3728.41px;white-space:nowrap">usually </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">depend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:650.65px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:900.88px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1201.11px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2121.5px;letter-spacing:0.34px;white-space:nowrap">manager&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3015.35px;white-space:nowrap">ability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3525.56px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3725.68px;white-space:nowrap">accurately </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">forecast </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:690.29px;white-space:nowrap">movements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1670.63px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1860.73px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2160.97px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2761.08px;white-space:nowrap">relating </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3401.46px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3601.58px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3901.82px;white-space:nowrap">underlying </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">instrument. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:940.34px;white-space:nowrap">Should </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1550.83px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1700.95px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2301.06px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2511.12px;white-space:nowrap">markets, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3251.25px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3461.31px;white-space:nowrap">prices </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3991.46px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:0px;white-space:nowrap">particular </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:790.31px;white-space:nowrap">classes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1440.53px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1640.65px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2651.04px;white-space:nowrap">move </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3141.21px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3331.32px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3581.54px;white-space:nowrap">unexpected </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:0px;letter-spacing:-1.24px;white-space:nowrap">manner, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:700.4px;white-space:nowrap">especially </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1540.81px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1730.92px;white-space:nowrap">unusual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2411.46px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2621.51px;white-space:nowrap">extreme </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:3321.74px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:3921.86px;white-space:nowrap">conditions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:300.23px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:760.52px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1150.58px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1450.81px;white-space:nowrap">achieve </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:2121.24px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:2421.47px;white-space:nowrap">anticipated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:3342.13px;text-rendering:optimizeLegibility;white-space:nowrap">benefits </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:4022.58px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:4222.71px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:0px;white-space:nowrap">transaction, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:980.51px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:1330.84px;white-space:nowrap">it </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:1470.85px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:1860.91px;white-space:nowrap">realize </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:2441.16px;white-space:nowrap">losses, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:3051.39px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:3561.59px;white-space:nowrap">could </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:4041.91px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">significant. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:900.44px;white-space:nowrap">If </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:1050.47px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:1350.7px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:2271.09px;white-space:nowrap">manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:3031.52px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:3211.52px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:3511.76px;white-space:nowrap">successful </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:4402.09px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:0px;white-space:nowrap">using </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:480.32px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:910.55px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:1730.92px;white-space:nowrap">instruments, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:2761.26px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:3061.49px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:3648.52px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:0px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:390.06px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:640.28px;white-space:nowrap">worse </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:1170.44px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:1570.78px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:1710.79px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:2011.03px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:2931.42px;white-space:nowrap">manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:3691.85px;white-space:nowrap">did </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:3982.06px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:4282.29px;white-space:nowrap">use </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:0px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:430.22px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:1250.6px;white-space:nowrap">instruments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:2230.93px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:2431.05px;white-space:nowrap">all. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:2711.16px;white-space:nowrap">When </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:3231.39px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:3381.5px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:4201.88px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:4381.88px;white-space:nowrap">used </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:0px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:260.07px;white-space:nowrap">hedging, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:1000.72px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:1300.96px;white-space:nowrap">change </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:1941.5px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:2131.61px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:2611.93px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:2812.06px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:3112.29px;white-space:nowrap">derivative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:3932.67px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:4322.72px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:0px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:300.23px;white-space:nowrap">correlate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:1050.56px;text-rendering:optimizeLegibility;white-space:nowrap">specifically </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:1970.86px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:2340.97px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:2641.2px;letter-spacing:-1.34px;white-space:nowrap">currency, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:3418.07px;letter-spacing:-1.34px;white-space:nowrap">security, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:4124.88px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:0px;white-space:nowrap">rate, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:410.19px;white-space:nowrap">index </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:890.51px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:1100.57px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:1560.85px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:1890.79px;white-space:nowrap">being </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:2381.22px;white-space:nowrap">hedged. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:3081.88px;white-space:nowrap">Derivatives </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:4022.14px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:4402.35px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:0px;white-space:nowrap">present </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:650.39px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:950.63px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:1280.57px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:1630.81px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:1931.04px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:2391.33px;white-space:nowrap">party </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:2841.5px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:3041.63px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:3341.87px;white-space:nowrap">transaction </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:4272.36px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:4572.33px;white-space:nowrap">fail </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:0px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:200.13px;white-space:nowrap">perform. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:917.05px;white-space:nowrap">There </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:1437.28px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:1617.28px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:1997.49px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:2297.72px;white-space:nowrap">risk, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:2677.68px;white-space:nowrap">especially </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:3518.09px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:4028.47px;white-space:nowrap">extreme </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:0px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:600.12px;white-space:nowrap">conditions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:1510.66px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:1860.91px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:2111.13px;white-space:nowrap">instrument, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:3051.47px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:3561.68px;white-space:nowrap">usually </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:4171.99px;white-space:nowrap">would </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:0px;white-space:nowrap">operate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:660.5px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:900.62px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:1050.73px;white-space:nowrap">hedge, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:1651.29px;white-space:nowrap">provides </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:2381.66px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:2631.88px;white-space:nowrap">hedging </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:3322.53px;text-rendering:optimizeLegibility;white-space:nowrap">benefits </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:4002.98px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:4203.11px;white-space:nowrap">all.</div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;font-weight:bold;position:absolute;top:4874.64px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Non-Diversification	</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5284.64px;left:0px;white-space:nowrap">Because </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5284.64px;left:750.5px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5284.64px;left:1050.73px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5284.64px;left:1511.02px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5284.64px;left:1691.02px;text-rendering:optimizeLegibility;white-space:nowrap">non-diversified, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5284.64px;left:2961.65px;white-space:nowrap">it </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5284.64px;left:3101.66px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5284.64px;left:3491.72px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5284.64px;left:3741.94px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5534.64px;left:0px;white-space:nowrap">sensitive </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5534.64px;left:750.32px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5534.64px;left:950.45px;white-space:nowrap">economic, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5534.64px;left:1820.83px;white-space:nowrap">business, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5534.64px;left:2631.27px;white-space:nowrap">political </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5534.64px;left:3281.57px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5534.64px;left:3491.63px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5534.64px;left:3951.91px;white-space:nowrap">changes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5784.64px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">affecting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5784.64px;left:726.59px;white-space:nowrap">individual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5784.64px;left:1527.1px;white-space:nowrap">issuers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5784.64px;left:2147.26px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5784.64px;left:2357.31px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5784.64px;left:3367.71px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5784.64px;left:3768.05px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5784.64px;left:3918.16px;text-rendering:optimizeLegibility;white-space:nowrap">diversified </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6034.64px;left:0px;white-space:nowrap">fund, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6034.64px;left:450.35px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6034.64px;left:960.56px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6034.64px;left:1350.62px;white-space:nowrap">result </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6034.64px;left:1840.78px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6034.64px;left:2030.89px;white-space:nowrap">greater </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6034.64px;left:2651.22px;text-rendering:optimizeLegibility;white-space:nowrap">fluctuation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6034.64px;left:3521.78px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6034.64px;left:3711.88px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6034.64px;left:4012.12px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6034.64px;left:4492.44px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6284.64px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6284.64px;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:6284.64px;left:887.26px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6284.64px;left:1477.53px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6284.64px;left:1827.86px;white-space:nowrap">greater </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6284.64px;left:2448.19px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6284.64px;left:2778.13px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6284.64px;left:2978.26px;white-space:nowrap">loss.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6714.64px;left:0px;white-space:nowrap">Please </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6714.64px;left:600.38px;white-space:nowrap">see </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6714.64px;left:940.61px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6714.64px;left:1240.84px;white-space:nowrap">Performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6714.64px;left:2321.28px;white-space:nowrap">Summary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6714.64px;left:3141.39px;white-space:nowrap">section </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6714.64px;left:3761.72px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6714.64px;left:3961.85px;white-space:nowrap">this </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6714.64px;left:4291.96px;white-space:nowrap">report </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6964.64px;left:0px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6964.64px;left:260.07px;white-space:nowrap">additional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6964.64px;left:1080.7px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6964.64px;left:1410.64px;white-space:nowrap">disclosure.</div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7394.64px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7394.64px;left:370.02px;white-space:nowrap">following </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7394.64px;left:1209.81px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7394.64px;left:2249.74px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7394.64px;left:2449.86px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7394.64px;left:2599.98px;white-space:nowrap">summary </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7394.64px;left:3450.41px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7394.64px;left:3670.31px;white-space:nowrap">material </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7644.64px;left:0px;white-space:nowrap">changes </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7644.64px;left:780.29px;white-space:nowrap">since </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7644.64px;left:1290.59px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7644.64px;left:1610.6px;white-space:nowrap">last </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7644.64px;left:1970.77px;text-rendering:optimizeLegibility;white-space:nowrap">fiscal </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7644.64px;left:2481.06px;letter-spacing:-1.66px;white-space:nowrap">year. </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7644.64px;left:2941.52px;white-space:nowrap">This </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7644.64px;left:3361.55px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7644.64px;left:4401.47px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7894.64px;left:0px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7894.64px;left:329.85px;text-rendering:optimizeLegibility;white-space:nowrap">reflect </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7894.64px;left:920.13px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7894.64px;left:1170.26px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7894.64px;left:1390.17px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7894.64px;left:1710.18px;white-space:nowrap">changes </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7894.64px;left:2490.47px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7894.64px;left:2870.42px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7894.64px;left:3330.7px;white-space:nowrap">o</div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7894.64px;left:3440.65px;white-space:nowrap">ccurred </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7894.64px;left:4150.99px;white-space:nowrap">since </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:8144.64px;left:0px;white-space:nowrap">you </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:8144.64px;left:370.02px;white-space:nowrap">purchased </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:8144.64px;left:1330.31px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:8144.64px;left:1650.32px;white-space:nowrap">Fund</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:8162.04px;left:2090.13px;white-space:nowrap">.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8574.64px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8574.64px;left:360.18px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8574.64px;left:1280.57px;white-space:nowrap">manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8574.64px;left:2041px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8574.64px;left:2431.05px;white-space:nowrap">manage </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8574.64px;left:3131.54px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8574.64px;left:3561.77px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8574.64px;left:4021.88px;white-space:nowrap">closely </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8574.64px;left:4622.08px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8824.64px;left:0px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8824.64px;left:150.12px;white-space:nowrap">result </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8824.64px;left:640.28px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8824.64px;left:840.41px;white-space:nowrap">current </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8824.64px;left:1450.63px;white-space:nowrap">economic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8824.64px;left:2271.01px;white-space:nowrap">conditions.</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:3172.06px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3472.29px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3932.58px;white-space:nowrap">was </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4302.69px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4693.01px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4943.23px;white-space:nowrap">June </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5383.56px;white-space:nowrap">6, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5583.69px;white-space:nowrap">2022 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6034.13px;white-space:nowrap">(the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6394.31px;white-space:nowrap">&#8220;Annual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7064.74px;white-space:nowrap">Meeting&#8221;). </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7975.02px;white-space:nowrap">Shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9095.71px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9535.87px;white-space:nowrap">asked </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:200.13px;white-space:nowrap">vote </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:590.36px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:840.59px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1140.82px;white-space:nowrap">following </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1891.23px;white-space:nowrap">proposals: </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2771.72px;white-space:nowrap">(1) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3041.72px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3341.95px;white-space:nowrap">election </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4012.38px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4212.51px;white-space:nowrap">four </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4569.43px;letter-spacing:-0.74px;white-space:nowrap">Trustees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5312.99px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5573.06px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5723.17px;white-space:nowrap">three-year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6593.55px;white-space:nowrap">term; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7053.57px;white-space:nowrap">(2) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7323.57px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7623.81px;text-rendering:optimizeLegibility;white-space:nowrap">ratification </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8494.19px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8694.32px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8994.55px;white-space:nowrap">selection </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:200.13px;white-space:nowrap">PricewaterhouseCoopers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2271.18px;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:2638.21px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2878.33px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3178.56px;white-space:nowrap">independent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4219.54px;white-space:nowrap">registered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5069.97px;white-space:nowrap">public </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5590.28px;white-space:nowrap">accounting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6510.94px;text-rendering:optimizeLegibility;white-space:nowrap">firm </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6860.83px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7120.9px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7421.13px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7881.42px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8141.48px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8441.72px;text-rendering:optimizeLegibility;white-space:nowrap">fiscal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8901.83px;white-space:nowrap">year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9301.99px;white-space:nowrap">ending </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:880.31px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1180.55px;white-space:nowrap">2022; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1681px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2031.33px;white-space:nowrap">(3) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2301.33px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2451.45px;white-space:nowrap">shareholder </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3452.08px;white-space:nowrap">proposal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4192.56px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4602.57px;white-space:nowrap">Saba </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5072.96px;white-space:nowrap">Capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5683.27px;white-space:nowrap">Management, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6833.94px;letter-spacing:-4.64px;white-space:nowrap">L.P. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7180.93px;white-space:nowrap">(&#8220;Saba&#8221;) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7891.08px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8091.21px;white-space:nowrap">terminate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8891.54px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:9191.78px;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:0px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:930.41px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2021.13px;white-space:nowrap">Agreement.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:0px;white-space:nowrap">Shortly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:610.22px;white-space:nowrap">after </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:1020.41px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:1310.71px;white-space:nowrap">Annual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:1921.2px;white-space:nowrap">Meeting, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:2661.59px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:2961.83px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:3422.11px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:3772.44px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:3922.56px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:4382.84px;white-space:nowrap">shareholder </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:5383.48px;text-rendering:optimizeLegibility;white-space:nowrap">filed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:5763.69px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:5913.81px;white-space:nowrap">complaint </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:6734.18px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:7084.51px;white-space:nowrap">temporary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:7944.79px;white-space:nowrap">restraining </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:8835.21px;white-space:nowrap">order </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:9305.42px;white-space:nowrap">request </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:190.11px;white-space:nowrap">United </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:760.43px;white-space:nowrap">States </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:1320.73px;white-space:nowrap">District </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:1920.67px;white-space:nowrap">Court </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:2410.84px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:2600.95px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:2901.18px;white-space:nowrap">Southern </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:3681.74px;white-space:nowrap">District </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:4281.68px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:4481.81px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:4888.65px;letter-spacing:-3.3px;white-space:nowrap">York </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:5292.25px;white-space:nowrap">(the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:5652.42px;white-space:nowrap">&#8220;Court&#8221;) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:6322.41px;white-space:nowrap">seeking </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:6992.84px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:7192.97px;white-space:nowrap">prevent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:7843.36px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:8143.59px;text-rendering:optimizeLegibility;white-space:nowrap">certification </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:9103.97px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:9304.1px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:0px;white-space:nowrap">results </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:580.17px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:780.29px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:1070.6px;white-space:nowrap">Annual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:1681.08px;white-space:nowrap">Meeting.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:0px;letter-spacing:-1.34px;white-space:nowrap">Recently, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:786.97px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:1087.21px;white-space:nowrap">District </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:1687.15px;white-space:nowrap">Court </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:2177.31px;white-space:nowrap">denied </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:2767.85px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:3068.09px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:3655.11px;white-space:nowrap">requests, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:4445.51px;white-space:nowrap">enabling </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:5176.14px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:5476.38px;white-space:nowrap">vote </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:5866.61px;text-rendering:optimizeLegibility;white-space:nowrap">certification </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:6826.99px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:7027.12px;white-space:nowrap">proceed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:7727.61px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:8077.94px;letter-spacing:-0.46px;white-space:nowrap">Saba&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:8675.07px;white-space:nowrap">nominees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:9505.55px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:9705.67px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:0px;white-space:nowrap">seated. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:640.46px;white-space:nowrap">On </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:930.59px;white-space:nowrap">February </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:1700.86px;white-space:nowrap">1, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:1900.99px;white-space:nowrap">2023, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:2401.44px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:2701.67px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:3101.75px;white-space:nowrap">Court </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:3591.91px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:3782.11px;white-space:nowrap">Appeals </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:4482.6px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:4742.67px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:5042.9px;white-space:nowrap">Second </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:5703.4px;white-space:nowrap">Circuit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:6263.44px;white-space:nowrap">granted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:6923.94px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:7224.17px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:7811.19px;white-space:nowrap">motion </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:8401.46px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:8661.53px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:8911.76px;white-space:nowrap">emergency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:0px;white-space:nowrap">administrative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:1160.42px;white-space:nowrap">stay </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:1540.55px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:1740.67px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:2040.91px;white-space:nowrap">District </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:2640.85px;letter-spacing:-0.41px;white-space:nowrap">Court&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:3257.75px;white-space:nowrap">orders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:3817.97px;white-space:nowrap">pending </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:4508.61px;white-space:nowrap">further </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:5078.85px;white-space:nowrap">appeal. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:5719.39px;white-space:nowrap">On </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:6009.52px;white-space:nowrap">February </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:6779.79px;white-space:nowrap">13, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:7080.03px;white-space:nowrap">2023, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:7580.48px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:7880.71px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:8341px;white-space:nowrap">announced </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:9281.87px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:9632.11px;white-space:nowrap">it </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:0px;white-space:nowrap">had </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:350.33px;white-space:nowrap">taken </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:840.67px;white-space:nowrap">action </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:1371.01px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:1571.13px;white-space:nowrap">discontinue </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:2531.78px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:2832.01px;white-space:nowrap">litigation. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:3582.51px;white-space:nowrap">As </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:3842.58px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:3992.7px;white-space:nowrap">result </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:4482.86px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:4682.99px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:5113.21px;white-space:nowrap">withdrawal, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:6063.57px;white-space:nowrap">upon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:6514.01px;text-rendering:optimizeLegibility;white-space:nowrap">certification </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:7474.39px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:7674.52px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:7964.82px;white-space:nowrap">Annual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:8575.31px;white-space:nowrap">Meeting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:9265.69px;white-space:nowrap">results, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:0px;letter-spacing:-0.46px;white-space:nowrap">Saba&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:597.13px;white-space:nowrap">nominees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:1427.61px;white-space:nowrap">would </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:1947.92px;white-space:nowrap">represent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:2758.36px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:2908.48px;white-space:nowrap">majority </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:3588.57px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:3788.7px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:4088.94px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:4675.96px;white-space:nowrap">trustees.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:0px;white-space:nowrap">On </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:290.13px;white-space:nowrap">February </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:1060.4px;white-space:nowrap">15, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:1360.63px;white-space:nowrap">2023, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:1861.08px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:2161.32px;white-space:nowrap">results </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:2741.48px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:2941.61px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:3231.91px;white-space:nowrap">Annual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:3842.4px;white-space:nowrap">Meeting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:4532.78px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:4972.94px;text-rendering:optimizeLegibility;white-space:nowrap">certified. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:5693.29px;letter-spacing:-1.03px;white-space:nowrap">Accordingly, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:6710.36px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:7010.6px;white-space:nowrap">following </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:7761.01px;white-space:nowrap">persons </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:8451.39px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:8891.54px;white-space:nowrap">elected </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:9521.98px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:9762.1px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4018.64px;left:0px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4018.64px;left:1090.63px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4018.64px;left:1290.76px;white-space:nowrap">serve </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4018.64px;left:1780.93px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4018.64px;left:2017.79px;letter-spacing:-0.74px;white-space:nowrap">Trustees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4018.64px;left:2761.35px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4018.64px;left:2961.47px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4018.64px;left:3261.71px;white-space:nowrap">Fund: </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4018.64px;left:3772px;white-space:nowrap">Karen </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4018.64px;left:4302.33px;white-space:nowrap">Caldwell, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4018.64px;left:5082.63px;white-space:nowrap">Ketu </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4018.64px;left:5502.92px;white-space:nowrap">Desai, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4018.64px;left:6063.13px;white-space:nowrap">Mark </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4018.64px;left:6513.13px;white-space:nowrap">Hammitt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4018.64px;left:7233.13px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4018.64px;left:7573.54px;white-space:nowrap">Anatoly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4018.64px;left:8223.93px;white-space:nowrap">Nakum.* </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4018.64px;left:8964.14px;white-space:nowrap">Shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:0px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:380.21px;text-rendering:optimizeLegibility;white-space:nowrap">ratified </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:970.49px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:1270.72px;white-space:nowrap">selection </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:2031.15px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:2231.28px;white-space:nowrap">PricewaterhouseCoopers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4268.64px;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:4268.64px;left:4669.37px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:4909.48px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:5209.72px;white-space:nowrap">independent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:6250.69px;white-space:nowrap">registered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:7101.12px;white-space:nowrap">public </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:7621.44px;white-space:nowrap">accounting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:8542.09px;text-rendering:optimizeLegibility;white-space:nowrap">firm </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:8891.98px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:9152.05px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:9452.29px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:0px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:260.07px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:560.3px;text-rendering:optimizeLegibility;white-space:nowrap">fiscal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:1020.41px;white-space:nowrap">year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:1420.58px;white-space:nowrap">ended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:1971.12px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:2851.44px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:3151.67px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:3652.12px;white-space:nowrap">but </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:3952.35px;white-space:nowrap">did </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:4242.57px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:4542.8px;white-space:nowrap">approve </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:5243.29px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:5543.53px;white-space:nowrap">termination </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:6483.96px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:6684.08px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:6984.32px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:7914.73px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:9005.45px;white-space:nowrap">Agreement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:0px;white-space:nowrap">between </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:730.55px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:1030.78px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:1491.06px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:1841.4px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:2521.67px;white-space:nowrap">Advisers, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:3311.89px;white-space:nowrap">Inc. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:3652.03px;white-space:nowrap">No </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:3932.14px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:4392.42px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:5152.85px;white-space:nowrap">was </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:5522.96px;white-space:nowrap">transacted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:6413.47px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:6613.59px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:6903.9px;white-space:nowrap">Annual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:7514.38px;white-space:nowrap">Meeting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:8204.77px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:8574.87px;white-space:nowrap">respect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:9215.16px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:9415.28px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5018.64px;left:0px;white-space:nowrap">Fund.</div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5448.64px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5448.64px;left:370.02px;white-space:nowrap">results </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5448.64px;left:1010.3px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5448.64px;left:1230.21px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5448.64px;left:1550.21px;white-space:nowrap">voting </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5448.64px;left:2140.14px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5448.64px;left:2350.2px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5448.64px;left:2663.53px;white-space:nowrap">Annual </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5448.64px;left:3323.5px;white-space:nowrap">Meeting </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5448.64px;left:4053.52px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5448.64px;left:4373.79px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5448.64px;left:4624.01px;white-space:nowrap">follows:</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:0px;white-space:nowrap">1. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:200.13px;white-space:nowrap">Election </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:890.51px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:1090.63px;white-space:nowrap">four </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:1447.56px;letter-spacing:-0.74px;white-space:nowrap">Trustees:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8966.71px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8966.71px;left:277.81px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8966.71px;left:639.69px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8966.71px;left:775.16px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8966.71px;left:1033.36px;letter-spacing:-0.83px;white-space:nowrap">aware </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8966.71px;left:1467.58px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8966.71px;left:1636.95px;letter-spacing:-1.1px;white-space:nowrap">broker </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8966.71px;left:2097.73px;letter-spacing:-0.32px;white-space:nowrap">non-votes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8966.71px;left:2783.2px;letter-spacing:-0.41px;white-space:nowrap">received </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8966.71px;left:3371.02px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8966.71px;left:3695.94px;letter-spacing:-0.26px;white-space:nowrap">respect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8966.71px;left:4212.89px;letter-spacing:-0.52px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8966.71px;left:4385.47px;white-space:nowrap">this </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8966.71px;left:4658.59px;letter-spacing:-0.34px;white-space:nowrap">item.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9434.3px;left:0px;white-space:nowrap">2. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9434.3px;left:196.88px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9434.3px;left:557.05px;text-rendering:optimizeLegibility;white-space:nowrap">ratification </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9434.3px;left:1427.43px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9434.3px;left:1627.56px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9434.3px;left:1927.79px;white-space:nowrap">selection </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9434.3px;left:2688.22px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9434.3px;left:2888.35px;white-space:nowrap">PricewaterhouseCoopers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9434.3px;left:4959.4px;letter-spacing:-0.81px;white-space:nowrap">LLP </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9434.3px;left:5326.44px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9434.3px;left:5566.55px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9434.3px;left:5866.79px;white-space:nowrap">independent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9434.3px;left:6907.76px;white-space:nowrap">registered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9434.3px;left:7758.19px;white-space:nowrap">public </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9434.3px;left:8278.51px;white-space:nowrap">accounting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9434.3px;left:9199.16px;text-rendering:optimizeLegibility;white-space:nowrap">firm </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9434.3px;left:9549.05px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9434.3px;left:9809.12px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9684.3px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9684.3px;left:460.28px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9684.3px;left:720.35px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9684.3px;left:1020.59px;text-rendering:optimizeLegibility;white-space:nowrap">fiscal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9684.3px;left:1480.69px;white-space:nowrap">year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9684.3px;left:1880.86px;white-space:nowrap">ending </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9684.3px;left:2471.4px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9684.3px;left:3351.71px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9684.3px;left:3651.94px;white-space:nowrap">2022, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9684.3px;left:4152.39px;white-space:nowrap">was </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9684.3px;left:4522.5px;white-space:nowrap">approved </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9684.3px;left:5323.1px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9684.3px;left:5563.21px;white-space:nowrap">shareholders:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10741.92px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10741.92px;left:277.81px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10741.92px;left:639.69px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10741.92px;left:775.16px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10741.92px;left:1033.36px;letter-spacing:-0.83px;white-space:nowrap">aware </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10741.92px;left:1467.58px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10741.92px;left:1636.95px;letter-spacing:-1.1px;white-space:nowrap">broker </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10741.92px;left:2097.73px;letter-spacing:-0.32px;white-space:nowrap">non-votes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10741.92px;left:2783.2px;letter-spacing:-0.41px;white-space:nowrap">received </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10741.92px;left:3371.02px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10741.92px;left:3695.94px;letter-spacing:-0.26px;white-space:nowrap">respect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10741.92px;left:4212.89px;letter-spacing:-0.52px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10741.92px;left:4385.47px;white-space:nowrap">this </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10741.92px;left:4658.59px;letter-spacing:-0.34px;white-space:nowrap">item.</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6312.31px;left:10px;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:6312.31px;left:539.79px;white-space:nowrap">Expiring </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6312.31px;left:1395.45px;white-space:nowrap">2025</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6312.31px;left:3611px;white-space:nowrap">For</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6312.31px;left:5517px;letter-spacing:-0.22px;white-space:nowrap">Withhold</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6537.92px;left:10px;white-space:nowrap">Elected </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6537.92px;left:776.99px;letter-spacing:-1.38px;white-space:nowrap">Trustees</div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:6763.53px;left:10px;white-space:nowrap">Karen </div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:6763.53px;left:599.26px;white-space:nowrap">Caldwell</div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:6763.53px;left:3611px;white-space:nowrap">35,640,325</div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:6763.53px;left:5517px;white-space:nowrap">210,358</div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:6989.13px;left:10px;white-space:nowrap">Ketu </div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:6989.13px;left:476.99px;white-space:nowrap">Desai</div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:6989.13px;left:3611px;white-space:nowrap">35,629,304</div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:6989.13px;left:5517px;white-space:nowrap">221,380</div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:7214.74px;left:10px;white-space:nowrap">Mark </div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:7214.74px;left:510px;white-space:nowrap">Hammitt</div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:7214.74px;left:3611px;white-space:nowrap">35,628,246</div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:7214.74px;left:5517px;white-space:nowrap">222,437</div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:7440.34px;left:10px;white-space:nowrap">Anatoly </div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:7440.34px;left:732.66px;white-space:nowrap">Nakum</div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:7440.34px;left:3611px;white-space:nowrap">35,626,153</div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:7440.34px;left:5517px;white-space:nowrap">224,530</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7665.95px;left:10px;white-space:nowrap">Other </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7665.95px;left:598.96px;letter-spacing:-1.38px;white-space:nowrap">Trustee </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7665.95px;left:1365.96px;white-space:nowrap">Nominees</div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:7891.55px;left:10px;white-space:nowrap">Mary </div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:7891.55px;left:510px;white-space:nowrap">C. </div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:7891.55px;left:765.57px;white-space:nowrap">Choksi</div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:7891.55px;left:3611px;white-space:nowrap">34,237,078</div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:7891.55px;left:5517px;white-space:nowrap">539,893</div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:8117.16px;left:10px;white-space:nowrap">Larry </div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:8117.16px;left:521.23px;white-space:nowrap">D. </div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:8117.16px;left:773.18px;white-space:nowrap">Thompson</div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:8117.16px;left:3611px;white-space:nowrap">34,147,988</div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:8117.16px;left:5517px;white-space:nowrap">628,983</div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:8342.76px;left:10px;white-space:nowrap">Rupert </div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:8342.76px;left:665.86px;white-space:nowrap">H. </div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:8342.76px;left:921.43px;white-space:nowrap">Johnson, </div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:8342.76px;left:1788.71px;letter-spacing:-3.68px;white-space:nowrap">Jr.</div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:8342.76px;left:3611px;white-space:nowrap">34,130,300</div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:8342.76px;left:5517px;white-space:nowrap">646,671</div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:8568.37px;left:10px;white-space:nowrap">Gregory </div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:8568.37px;left:788.03px;white-space:nowrap">E. </div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:8568.37px;left:1032.56px;white-space:nowrap">Johnson</div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:8568.37px;left:3611px;white-space:nowrap">34,149,541</div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:8568.37px;left:5517px;white-space:nowrap">627,429</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10117.97px;left:85px;white-space:nowrap">For</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10117.97px;left:2605px;white-space:nowrap">Against</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10117.97px;left:5125px;white-space:nowrap">Abstain</div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:10343.58px;left:85px;white-space:nowrap">69,183,172 </div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:10343.58px;left:2605px;white-space:nowrap">1,088,592 </div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:10343.58px;left:5125px;white-space:nowrap">355,873</div></div>
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			<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">3. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:196.88px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:557.05px;white-space:nowrap">shareholder </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1557.69px;white-space:nowrap">proposal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2298.16px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2498.29px;white-space:nowrap">terminate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3298.62px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3598.86px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4519.25px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5619.9px;white-space:nowrap">did </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5910.12px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6210.35px;white-space:nowrap">receive </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6840.62px;text-rendering:optimizeLegibility;white-space:nowrap">sufficient </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7596.47px;white-space:nowrap">votes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8076.71px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8276.84px;white-space:nowrap">pass:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1786.26px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1786.26px;left:277.81px;letter-spacing:-0.18px;white-space:nowrap">shareholder </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1786.26px;left:1095.16px;letter-spacing:-0.29px;white-space:nowrap">proposal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1786.26px;left:1697.34px;letter-spacing:-0.47px;white-space:nowrap">required </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1786.26px;left:2288.98px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1786.26px;left:2542.42px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">affirmative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1786.26px;left:3281.72px;letter-spacing:-0.64px;white-space:nowrap">vote </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1786.26px;left:3604.53px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1786.26px;left:3773.91px;white-space:nowrap">(</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1786.26px;left:3822.42px;white-space:nowrap">i</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1786.26px;left:3859.14px;white-space:nowrap">) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1786.26px;left:3943.83px;letter-spacing:-0.45px;white-space:nowrap">sixty-seven </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1786.26px;left:4696.33px;letter-spacing:-0.48px;white-space:nowrap">percent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1786.26px;left:5233.05px;white-space:nowrap">(67%) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1786.26px;left:5642.81px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1786.26px;left:5819.14px;letter-spacing:-0.42px;white-space:nowrap">more </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1786.26px;left:6200.78px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1786.26px;left:6370.16px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1786.26px;left:6623.59px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">voting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1786.26px;left:7063.44px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1786.26px;left:7717.34px;letter-spacing:-0.45px;white-space:nowrap">present </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1786.26px;left:8249.22px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1786.26px;left:8406.17px;letter-spacing:-0.39px;white-space:nowrap">person </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1786.26px;left:8890.08px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1786.26px;left:9066.41px;letter-spacing:-0.62px;white-space:nowrap">represented </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1786.26px;left:9893.52px;letter-spacing:-0.26px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1978.26px;left:0px;letter-spacing:-0.95px;white-space:nowrap">proxy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1978.26px;left:396.41px;letter-spacing:-0.49px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1978.26px;left:561.33px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1978.26px;left:814.77px;text-rendering:optimizeLegibility;letter-spacing:0.1px;white-space:nowrap">Meeting, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1978.26px;left:1436.33px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1978.26px;left:1558.05px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1978.26px;left:1811.48px;letter-spacing:-0.34px;white-space:nowrap">holders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1978.26px;left:2332.11px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1978.26px;left:2501.48px;letter-spacing:-0.42px;white-space:nowrap">more </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1978.26px;left:2883.13px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1978.26px;left:3217.66px;text-rendering:optimizeLegibility;white-space:nowrap">fifty </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1978.26px;left:3509.45px;letter-spacing:-0.48px;white-space:nowrap">percent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1978.26px;left:4046.17px;white-space:nowrap">(50%) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1978.26px;left:4455.94px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1978.26px;left:4625.31px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1978.26px;left:4878.75px;letter-spacing:-0.31px;white-space:nowrap">outstanding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1978.26px;left:5690.23px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">voting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1978.26px;left:6130.08px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1978.26px;left:6783.98px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1978.26px;left:6953.36px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1978.26px;left:7206.8px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1978.26px;left:7568.67px;letter-spacing:-0.53px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1978.26px;left:7814.77px;letter-spacing:-0.45px;white-space:nowrap">present </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1978.26px;left:8346.64px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1978.26px;left:8522.97px;letter-spacing:-0.62px;white-space:nowrap">represented </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1978.26px;left:9350.08px;letter-spacing:-0.26px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1978.26px;left:9541.95px;letter-spacing:-0.81px;white-space:nowrap">proxy; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.26px;left:0px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.26px;left:176.33px;white-space:nowrap">(ii) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.26px;left:382.97px;letter-spacing:-0.42px;white-space:nowrap">more </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.26px;left:764.61px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.26px;left:1099.14px;text-rendering:optimizeLegibility;white-space:nowrap">fifty </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.26px;left:1390.94px;letter-spacing:-0.48px;white-space:nowrap">percent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.26px;left:1927.66px;white-space:nowrap">(50%) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.26px;left:2337.42px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.26px;left:2506.8px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.26px;left:2760.23px;letter-spacing:-0.31px;white-space:nowrap">outstanding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.26px;left:3571.72px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">voting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.26px;left:4011.56px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.26px;left:4665.47px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.26px;left:4834.84px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.26px;left:5088.28px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.26px;left:5490.08px;letter-spacing:-0.23px;white-space:nowrap">whichever </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.26px;left:6198.05px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.26px;left:6333.52px;white-space:nowrap">less. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.26px;left:6651.56px;white-space:nowrap">As </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.26px;left:6842.89px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.26px;left:7012.27px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.26px;left:7265.7px;letter-spacing:-0.9px;white-space:nowrap">Record </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.26px;left:7753.91px;letter-spacing:-0.64px;white-space:nowrap">Date </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.26px;left:8095.16px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.26px;left:8264.53px;white-space:nowrap">April </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.26px;left:8606.56px;white-space:nowrap">1, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.26px;left:8763.75px;white-space:nowrap">2022, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.26px;left:9164.22px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.26px;left:9417.66px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.26px;left:9779.53px;white-space:nowrap">had </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2362.26px;left:0px;white-space:nowrap">102,721,927 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2362.26px;left:845.86px;letter-spacing:-0.3px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2362.26px;left:1301.17px;letter-spacing:-0.29px;white-space:nowrap">outstanding. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2362.26px;left:2153.05px;text-rendering:optimizeLegibility;letter-spacing:-0.81px;white-space:nowrap">Additionally, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2362.26px;left:2995.23px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2362.26px;left:3248.67px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2362.26px;left:3610.55px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2362.26px;left:3746.02px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2362.26px;left:4004.22px;letter-spacing:-0.83px;white-space:nowrap">aware </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2362.26px;left:4438.44px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2362.26px;left:4607.81px;letter-spacing:-1.1px;white-space:nowrap">broker </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2362.26px;left:5068.59px;letter-spacing:-0.32px;white-space:nowrap">non-votes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2362.26px;left:5754.06px;letter-spacing:-0.41px;white-space:nowrap">received </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2362.26px;left:6341.88px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2362.26px;left:6666.8px;letter-spacing:-0.26px;white-space:nowrap">respect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2362.26px;left:7183.75px;letter-spacing:-0.52px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2362.26px;left:7356.33px;white-space:nowrap">this </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2362.26px;left:7629.45px;letter-spacing:-0.34px;white-space:nowrap">item.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2829.85px;left:0px;white-space:nowrap">*Aditya </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2829.85px;left:620.33px;white-space:nowrap">Bindal, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2829.85px;left:1220.71px;white-space:nowrap">Frederic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2829.85px;left:1930.87px;letter-spacing:-7.73px;white-space:nowrap">P. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2829.85px;left:2127.74px;white-space:nowrap">Gabriel, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2829.85px;left:2808.02px;white-space:nowrap">Paul </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2829.85px;left:3218.29px;white-space:nowrap">C. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2829.85px;left:3448.3px;white-space:nowrap">Kazarian, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2829.85px;left:4258.74px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2829.85px;left:4609.07px;white-space:nowrap">Pierre </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2829.85px;left:5139.23px;letter-spacing:-0.33px;white-space:nowrap">Weinstein </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2829.85px;left:5976.3px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2829.85px;left:6286.46px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2829.85px;left:6586.7px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2829.85px;left:7046.98px;white-space:nowrap">current </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2829.85px;left:7653.96px;letter-spacing:-0.74px;white-space:nowrap">Trustees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2829.85px;left:8397.51px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2829.85px;left:8597.64px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2829.85px;left:8897.87px;white-space:nowrap">Fund. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3079.85px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Effective </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3079.85px;left:736.44px;white-space:nowrap">February </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3079.85px;left:1506.71px;white-space:nowrap">15, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3079.85px;left:1806.94px;white-space:nowrap">2023, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3079.85px;left:2307.39px;white-space:nowrap">Edith </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3079.85px;left:2767.68px;white-space:nowrap">E. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3079.85px;left:2987.75px;letter-spacing:-1.48px;white-space:nowrap">Holiday, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3079.85px;left:3674.71px;white-space:nowrap">J. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3079.85px;left:3864.73px;white-space:nowrap">Michael </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3079.85px;left:4534.98px;white-space:nowrap">Luttig, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3079.85px;left:5075.33px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3079.85px;left:5425.66px;white-space:nowrap">Constantine </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3079.85px;left:6436.32px;white-space:nowrap">D. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3079.85px;left:6663.08px;letter-spacing:-1.11px;white-space:nowrap">Tseretopoulos </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3079.85px;left:7833.78px;white-space:nowrap">resigned </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3079.85px;left:8574.26px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3079.85px;left:8811.12px;letter-spacing:-0.74px;white-space:nowrap">Trustees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3079.85px;left:9554.68px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3079.85px;left:9754.8px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3329.85px;left:0px;white-space:nowrap">Fund.</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1162.31px;left:85px;white-space:nowrap">For</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1162.31px;left:2605px;white-space:nowrap">Against</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1162.31px;left:5125px;white-space:nowrap">Abstain</div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:1387.92px;left:85px;white-space:nowrap">37,066,363</div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:1387.92px;left:2605px;white-space:nowrap">32,630,656</div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:1387.92px;left:5125px;white-space:nowrap">930,609</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;text-rendering:optimizeLegibility;white-space:nowrap">offers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1316.78px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1466.89px;white-space:nowrap">Dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2217.3px;white-space:nowrap">Reinvestment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3367.79px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3718.13px;white-space:nowrap">Cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4188.34px;white-space:nowrap">Purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4998.78px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5409.05px;white-space:nowrap">(the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5769.23px;white-space:nowrap">&#8220;Plan&#8221;) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6359.33px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6729.43px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7029.67px;white-space:nowrap">following </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7780.08px;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">Shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:1120.69px;white-space:nowrap">must </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:1560.76px;text-rendering:optimizeLegibility;white-space:nowrap">affirmatively </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:2566.49px;white-space:nowrap">elect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:2996.72px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:3196.85px;white-space:nowrap">participate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:4077.33px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:4267.44px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:4567.68px;white-space:nowrap">Plan. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:5027.96px;white-space:nowrap">If </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:5177.99px;white-space:nowrap">you </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:5518.21px;white-space:nowrap">decide </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:6098.64px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:6298.77px;white-space:nowrap">use </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:6638.99px;white-space:nowrap">this </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:6969.11px;white-space:nowrap">service, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:7639.28px;white-space:nowrap">dividends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:8449.8px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:8800.14px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:9370.46px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:0px;white-space:nowrap">distributions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:1010.48px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:1310.45px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:1560.67px;white-space:nowrap">reinvested </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:2441.16px;white-space:nowrap">automatically </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:3541.64px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:3731.75px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:4322.02px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:4522.15px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:4822.38px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:5282.67px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:5542.73px;white-space:nowrap">your </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:5942.9px;white-space:nowrap">account.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1088.64px;left:0px;white-space:nowrap">Whenever </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1088.64px;left:870.38px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1088.64px;left:1170.62px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1088.64px;left:1630.9px;white-space:nowrap">declares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1088.64px;left:2361.27px;white-space:nowrap">dividends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1088.64px;left:3171.8px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1088.64px;left:3361.9px;white-space:nowrap">either </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1088.64px;left:3862.18px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1088.64px;left:4292.4px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1088.64px;left:4502.46px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1088.64px;left:5092.73px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1088.64px;left:5292.86px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1088.64px;left:5593.1px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1088.64px;left:6103.39px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1088.64px;left:6243.4px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1088.64px;left:6543.63px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1088.64px;left:7143.75px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1088.64px;left:7583.91px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1088.64px;left:7763.91px;white-space:nowrap">equal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1088.64px;left:8254.34px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1088.64px;left:8454.46px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1088.64px;left:8664.52px;white-space:nowrap">exceeds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1088.64px;left:9384.96px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1338.64px;left:0px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1338.64px;left:480.23px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1338.64px;left:960.56px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1338.64px;left:1160.68px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1338.64px;left:1460.92px;white-space:nowrap">valuation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1338.64px;left:2231.46px;white-space:nowrap">date, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1338.64px;left:2681.81px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1338.64px;left:2982.04px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1338.64px;left:3862.53px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1338.64px;left:4162.5px;white-space:nowrap">receive </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1338.64px;left:4792.76px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1338.64px;left:5093px;white-space:nowrap">dividends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1338.64px;left:5903.53px;white-space:nowrap">entirely </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1338.64px;left:6533.79px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1338.64px;left:6723.9px;white-space:nowrap">new </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1338.64px;left:7104.11px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1338.64px;left:7694.38px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1338.64px;left:7894.51px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1338.64px;left:8044.63px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1338.64px;left:8484.79px;white-space:nowrap">equal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1338.64px;left:8975.21px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1338.64px;left:9175.34px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1338.64px;left:9475.58px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:0px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:480.23px;white-space:nowrap">value, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:1010.57px;white-space:nowrap">but </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:1310.8px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:1611.04px;white-space:nowrap">less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:1981.14px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:2381.48px;white-space:nowrap">95% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:2791.76px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:2991.88px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:3292.12px;white-space:nowrap">then </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:3692.46px;white-space:nowrap">current </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:4302.69px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:4902.8px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:5342.96px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:5543.09px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;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:1588.64px;left:6430.34px;white-space:nowrap">shares. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:7070.63px;white-space:nowrap">If </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:7220.65px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:7520.89px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:8121.01px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:8561.16px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:8741.16px;white-space:nowrap">lower </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:9221.31px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:0px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:300.23px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:780.47px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:1260.79px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:1470.85px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:1610.86px;white-space:nowrap">dividends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:2421.39px;white-space:nowrap">and/or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:2981.78px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:3552.1px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:4032.42px;white-space:nowrap">distributions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:5042.9px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:5353.07px;white-space:nowrap">payable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:6033.6px;white-space:nowrap">only </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:6413.82px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:6603.93px;white-space:nowrap">cash, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:7084.16px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:7384.39px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:8264.88px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:8564.85px;white-space:nowrap">receive </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:9195.12px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:0px;white-space:nowrap">purchased </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:890.6px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:1140.82px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:1441.05px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;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:2088.64px;left:2251.49px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:2751.68px;white-space:nowrap">Exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:3602.29px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:3812.34px;white-space:nowrap">otherwise </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:4632.71px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:4882.94px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:5183.17px;white-space:nowrap">open </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:5633.61px;white-space:nowrap">market.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:0px;letter-spacing:-4.97px;white-space:nowrap">A </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:160.14px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:1040.63px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:1380.85px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:1681.08px;white-space:nowrap">option </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:2221.52px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:2421.65px;white-space:nowrap">submitting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:3292.03px;white-space:nowrap">additional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:4112.67px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:4542.89px;white-space:nowrap">payments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:5373.28px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:5573.41px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:5873.64px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;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:2518.64px;left:7424.38px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:7614.49px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:7954.72px;white-space:nowrap">amounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:8695.11px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:8895.23px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:9095.36px;white-space:nowrap">least </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:9525.59px;white-space:nowrap">$100, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:0px;white-space:nowrap">up </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:250.22px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:450.35px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:600.47px;white-space:nowrap">maximum </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:1430.51px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:1630.63px;white-space:nowrap">$5,000 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:2231.19px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:2541.36px;white-space:nowrap">month, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:3141.65px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:3401.72px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:3701.95px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:4492.44px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:4692.57px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:5152.85px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:5743.13px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:6003.19px;white-space:nowrap">his </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:6283.3px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:6493.36px;white-space:nowrap">her </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:6803.53px;white-space:nowrap">account. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:7530.73px;white-space:nowrap">These </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:8081.02px;white-space:nowrap">payments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:8911.41px;white-space:nowrap">can </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:9251.63px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:9501.86px;white-space:nowrap">made </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:0px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:240.12px;white-space:nowrap">check </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:760.34px;white-space:nowrap">payable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:1440.88px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:1631.07px;white-space:nowrap">American </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:2441.34px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:2938.27px;letter-spacing:-0.74px;white-space:nowrap">Transfer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:3651.77px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:3998.85px;letter-spacing:-1.11px;white-space:nowrap">Trust </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:4452.19px;white-space:nowrap">Company </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:5272.56px;white-space:nowrap">LLC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:5652.77px;white-space:nowrap">(the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:6012.95px;white-space:nowrap">&#8220;Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:6473.23px;white-space:nowrap">Administrator&#8221;) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:7703.44px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:8053.77px;white-space:nowrap">sent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:8444px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:8634.2px;white-space:nowrap">American </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:9444.46px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:0px;letter-spacing:-0.74px;white-space:nowrap">Transfer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:713.5px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;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:3268.64px;left:1513.92px;white-space:nowrap">Company </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:2334.29px;white-space:nowrap">LLC, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:2764.51px;letter-spacing:-4.64px;white-space:nowrap">P.O. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:3151.41px;white-space:nowrap">Box </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:3511.58px;white-space:nowrap">922, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:3911.92px;letter-spacing:-1.34px;white-space:nowrap">Wall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:4305.23px;white-space:nowrap">Street </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:4835.48px;white-space:nowrap">Station, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:5495.89px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:5902.73px;letter-spacing:-2.75px;white-space:nowrap">York, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:6356.34px;letter-spacing:-1.08px;white-space:nowrap">NY </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:6653.14px;white-space:nowrap">10269-0560, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:7704.14px;white-space:nowrap">Attention: </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:8511.42px;letter-spacing:-2px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:9391.9px;white-space:nowrap">Global </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:0px;white-space:nowrap">Income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:640.28px;white-space:nowrap">Fund. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:1147.32px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:1507.5px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:1907.84px;white-space:nowrap">Administrator </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:3018.16px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:3318.13px;white-space:nowrap">apply </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:3798.46px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:4228.68px;white-space:nowrap">payments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:5059.07px;white-space:nowrap">(less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:5489.12px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:5639.24px;white-space:nowrap">$5.00 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:6139.69px;white-space:nowrap">service </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:6759.84px;white-space:nowrap">charge </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:7360.22px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:7710.56px;white-space:nowrap">less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:8080.66px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:8230.78px;white-space:nowrap">pro </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:8540.95px;white-space:nowrap">rata </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:8901.12px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:9401.4px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:0px;white-space:nowrap">trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:600.38px;white-space:nowrap">fees) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:1050.56px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:1250.68px;white-space:nowrap">purchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:2131.17px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:2331.3px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:2791.58px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:3381.86px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:3632.08px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:3932.31px;white-space:nowrap">open </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:4382.75px;white-space:nowrap">market.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:360.18px;white-space:nowrap">automatic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:1190.57px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:2271.01px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:2471.13px;white-space:nowrap">dividends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:3281.66px;white-space:nowrap">and/or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:3842.05px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:4412.37px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:4892.7px;white-space:nowrap">does </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:5333.03px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:5633.26px;white-space:nowrap">relieve </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:6213.52px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:6513.75px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:7394.24px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:7594.37px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:7934.59px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:8564.85px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:8854.98px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:9205.22px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:9595.28px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:0px;white-space:nowrap">payable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:680.54px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:930.76px;white-space:nowrap">dividends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:1741.29px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:1951.35px;white-space:nowrap">distributions.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:0px;white-space:nowrap">Whenever </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:870.38px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:1460.65px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:1770.82px;white-space:nowrap">purchased </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:2661.42px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:2911.64px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:3211.88px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;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:4878.64px;left:4022.31px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:4522.5px;white-space:nowrap">Exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:5373.11px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:5583.16px;white-space:nowrap">otherwise </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:6403.54px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:6653.76px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:6953.99px;white-space:nowrap">open </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:7404.43px;white-space:nowrap">market, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:8054.56px;white-space:nowrap">each </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:8494.89px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:9375.38px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:9675.35px;white-space:nowrap">pay </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:0px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:150.12px;white-space:nowrap">pro </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:460.28px;white-space:nowrap">rata </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:820.46px;white-space:nowrap">portion </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:1420.84px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:1620.97px;white-space:nowrap">trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:2221.35px;white-space:nowrap">fees. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;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:5128.64px;left:3311.98px;white-space:nowrap">fees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:3702.22px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:4002.19px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:4252.41px;white-space:nowrap">deducted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:5043.08px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:5453.09px;white-space:nowrap">amounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:6193.48px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:6393.6px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:6643.83px;white-space:nowrap">invested. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:7411.03px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:7771.2px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;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:5128.64px;left:9415.28px;white-space:nowrap">fee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:9715.52px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:9975.59px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:0px;white-space:nowrap">sale </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:380.21px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:580.34px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:1170.62px;white-space:nowrap">through </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:1831.11px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:2131.35px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:2541.62px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:2721.62px;white-space:nowrap">$15.00 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:3322.18px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:3632.34px;white-space:nowrap">transaction </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:4562.84px;white-space:nowrap">plus </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:4943.06px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:5093.17px;white-space:nowrap">$0.12 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:5593.62px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:5903.79px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:6404.06px;white-space:nowrap">trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:7004.44px;white-space:nowrap">fee.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5808.64px;left:0px;letter-spacing:-4.97px;white-space:nowrap">A </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5808.64px;left:160.14px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5808.64px;left:1040.63px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5808.64px;left:1430.68px;white-space:nowrap">withdraw </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5808.64px;left:2190.94px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5808.64px;left:2600.95px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5808.64px;left:2901.18px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5808.64px;left:3311.46px;white-space:nowrap">without </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5808.64px;left:3931.79px;white-space:nowrap">penalty </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5808.64px;left:4562.23px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5808.64px;left:4762.35px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5808.64px;left:5102.58px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5808.64px;left:5492.64px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5808.64px;left:5732.75px;white-space:nowrap">written </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5808.64px;left:6312.92px;white-space:nowrap">notice </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5808.64px;left:6843.25px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5808.64px;left:7043.38px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5808.64px;left:7343.61px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5808.64px;left:7743.96px;white-space:nowrap">Administrator </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5808.64px;left:8854.28px;white-space:nowrap">sent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5808.64px;left:9244.51px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6058.64px;left:0px;white-space:nowrap">American </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6058.64px;left:810.26px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6058.64px;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:6058.64px;left:2020.69px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6058.64px;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:6058.64px;left:2821.11px;white-space:nowrap">Company </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6058.64px;left:3641.48px;white-space:nowrap">LLC, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6058.64px;left:4071.71px;letter-spacing:-4.64px;white-space:nowrap">P.O. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6058.64px;left:4458.6px;white-space:nowrap">Box </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6058.64px;left:4818.78px;white-space:nowrap">922, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6058.64px;left:5219.12px;letter-spacing:-1.34px;white-space:nowrap">Wall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6058.64px;left:5612.43px;white-space:nowrap">Street </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6058.64px;left:6142.68px;white-space:nowrap">Station, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6058.64px;left:6803.09px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6058.64px;left:7209.93px;letter-spacing:-2.75px;white-space:nowrap">York, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6058.64px;left:7663.54px;letter-spacing:-1.08px;white-space:nowrap">NY </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6058.64px;left:7960.34px;white-space:nowrap">10269-0560. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6058.64px;left:9021.27px;white-space:nowrap">Upon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6308.64px;left:0px;white-space:nowrap">withdrawal, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6308.64px;left:950.36px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6308.64px;left:1250.6px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6308.64px;left:2131.08px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6308.64px;left:2431.05px;white-space:nowrap">receive, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6308.64px;left:3111.33px;white-space:nowrap">without </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6308.64px;left:3731.66px;white-space:nowrap">charge, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6308.64px;left:4382.05px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6308.64px;left:4882.32px;text-rendering:optimizeLegibility;white-space:nowrap">certificates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6308.64px;left:5792.61px;white-space:nowrap">issued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6308.64px;left:6362.93px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6308.64px;left:6553.04px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6308.64px;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:6308.64px;left:7860.5px;white-space:nowrap">name </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6308.64px;left:8360.77px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6308.64px;left:8620.84px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6308.64px;left:8850.94px;white-space:nowrap">full </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6308.64px;left:9131.04px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6308.64px;left:9721.32px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6558.64px;left:0px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6558.64px;left:240.12px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6558.64px;left:540.35px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6558.64px;left:940.69px;white-space:nowrap">Administrator; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6558.64px;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:6558.64px;left:2351.16px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6558.64px;left:2491.17px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6558.64px;left:2791.41px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6558.64px;left:3671.89px;white-space:nowrap">wishes, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6558.64px;left:4322.11px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6558.64px;left:4622.34px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6558.64px;left:5022.69px;white-space:nowrap">Administrator </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6558.64px;left:6133.01px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6558.64px;left:6432.98px;white-space:nowrap">sell </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6558.64px;left:6753.08px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6558.64px;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:6558.64px;left:8060.54px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6558.64px;left:8650.81px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6558.64px;left:9001.14px;white-space:nowrap">send </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6558.64px;left:9441.47px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:0px;white-space:nowrap">proceeds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:790.49px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:990.62px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:1290.85px;white-space:nowrap">participant, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:2221.35px;white-space:nowrap">less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:2591.46px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:2741.57px;white-space:nowrap">service </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:3361.73px;white-space:nowrap">charge </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:3962.11px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:4162.24px;white-space:nowrap">$15.00 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:4762.79px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:5113.13px;white-space:nowrap">less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:5483.23px;white-space:nowrap">trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:6083.61px;white-space:nowrap">fees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:6473.85px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:6673.97px;white-space:nowrap">$0.12 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:7174.42px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:7484.59px;white-space:nowrap">share. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:8031.62px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:8391.8px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:8792.14px;white-space:nowrap">Administrator </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7058.64px;left:0px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7058.64px;left:299.97px;white-space:nowrap">convert </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7058.64px;left:940.25px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7058.64px;left:1280.48px;white-space:nowrap">fractional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7058.64px;left:2060.86px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7058.64px;left:2651.13px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7058.64px;left:3041.46px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7058.64px;left:3241.58px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7058.64px;left:3541.82px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7058.64px;left:3931.88px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7058.64px;left:4132px;white-space:nowrap">withdrawal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7058.64px;left:5032.35px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7058.64px;left:5232.48px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7058.64px;left:5662.71px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7058.64px;left:5862.83px;white-space:nowrap">current </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7058.64px;left:6473.06px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7058.64px;left:7073.17px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7058.64px;left:7513.33px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7058.64px;left:7863.66px;white-space:nowrap">send </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7058.64px;left:8303.99px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7058.64px;left:8454.11px;white-space:nowrap">check </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7058.64px;left:8974.34px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7058.64px;left:9174.46px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7308.64px;left:0px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7308.64px;left:880.49px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7308.64px;left:1140.56px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7308.64px;left:1440.79px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7308.64px;left:1741.03px;white-space:nowrap">proceeds.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:0px;white-space:nowrap">For </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:320.01px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:780.12px;white-space:nowrap">information, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:1770.56px;white-space:nowrap">please </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:2350.99px;white-space:nowrap">see </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:2691.21px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:2991.45px;letter-spacing:-0.46px;white-space:nowrap">Plan&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:3525.21px;letter-spacing:-3.33px;white-space:nowrap">Terms </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:4065.21px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:4415.54px;white-space:nowrap">Conditions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:5316.06px;white-space:nowrap">located </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:5946.5px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:6146.63px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:6446.87px;white-space:nowrap">back </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:6877.09px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:7077.22px;white-space:nowrap">this </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;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 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:1540.72px;white-space:nowrap">Street </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:2070.97px;white-space:nowrap">Station,</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:0px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:406.85px;letter-spacing:-2.75px;white-space:nowrap">York, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:860.45px;letter-spacing:-1.08px;white-space:nowrap">NY </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:1157.26px;white-space:nowrap">10269-056</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1338.64px;left:0px;white-space:nowrap">(800) </div><div 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">Global </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:2268.02px;white-space:nowrap">Income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:2908.3px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:3368.58px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:3678.75px;white-space:nowrap">traded </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:4239.14px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:4489.37px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:4789.6px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:5196.45px;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:5600.04px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:6100.22px;white-space:nowrap">Exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:6950.83px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:7461.21px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:7761.45px;white-space:nowrap">symbol </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:8381.6px;white-space:nowrap">&#8220;GIM.&#8221; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:8941.46px;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:7168.64px;left:0px;white-space:nowrap">access </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:610.22px;white-space:nowrap">their </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:1010.39px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:1470.67px;white-space:nowrap">account </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:2151.12px;white-space:nowrap">on-line. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:2791.49px;white-space:nowrap">For </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:3111.5px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:4051.93px;white-space:nowrap">go </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:4302.16px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:4492.35px;white-space:nowrap">American </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:5302.62px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:5799.55px;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:6513.05px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:6860.13px;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:7313.47px;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:8170.49px;white-space:nowrap">LLC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:8550.7px;white-space:nowrap">website </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:9211.03px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:9411.15px;letter-spacing:-2.48px;white-space:nowrap">www.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7418.64px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">astfinancial.com </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7418.64px;left:1340.6px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7418.64px;left:1690.93px;white-space:nowrap">follow </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7418.64px;left:2201.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7418.64px;left:2501.37px;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:8778.64px;left:9855.44px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:0px;white-space:nowrap">custodian </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:820.55px;white-space:nowrap">can </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:1160.77px;white-space:nowrap">request </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:1811.16px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:2161.41px;white-space:nowrap">they </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:2551.64px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:2801.87px;white-space:nowrap">added </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:3352.41px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:3552.54px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:3852.77px;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:4439.79px;white-space:nowrap">mailing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:5060.04px;white-space:nowrap">list, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:5380.05px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:5620.17px;white-space:nowrap">writing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:6187.06px;letter-spacing:-2px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:7067.55px;white-space:nowrap">Global </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:7637.87px;white-space:nowrap">Income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:8278.15px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:8788.45px;white-space:nowrap">100 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:9138.78px;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: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">name, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:910.46px;white-space:nowrap">year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1310.63px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1510.75px;white-space:nowrap">birth </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1910.92px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2261.25px;white-space:nowrap">address </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2951.63px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3151.76px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3451.99px;text-rendering:optimizeLegibility;white-space:nowrap">officers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4077.69px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4428.02px;white-space:nowrap">board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4938.4px;white-space:nowrap">members, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5788.56px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6028.68px;white-space:nowrap">well </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6388.77px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6628.89px;white-space:nowrap">their </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7029.05px;text-rendering:optimizeLegibility;white-space:nowrap">affiliations, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7925.01px;white-space:nowrap">positions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8685.44px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9075.76px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9445.87px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;letter-spacing:-0.95px;white-space:nowrap">Trust, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:503.35px;white-space:nowrap">principal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1223.7px;white-space:nowrap">occupations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2234.36px;white-space:nowrap">during </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2784.73px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2984.85px;white-space:nowrap">least </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3415.08px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3715.31px;white-space:nowrap">past </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4105.55px;text-rendering:optimizeLegibility;white-space:nowrap">five </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4435.66px;white-space:nowrap">years </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4925.83px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5276.16px;white-space:nowrap">number </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5936.48px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6136.61px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6536.69px;white-space:nowrap">registered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7387.12px;white-space:nowrap">portfolios </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8167.5px;white-space:nowrap">overseen </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8957.99px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9148.1px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:686.95px;letter-spacing:-1.33px;white-space:nowrap">Templeton/Legg </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2017.88px;white-space:nowrap">Mason </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2608.15px;white-space:nowrap">fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3008.5px;white-space:nowrap">complex, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3778.77px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4088.94px;white-space:nowrap">shown </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4659.26px;letter-spacing:-1.42px;white-space:nowrap">below. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5219.65px;letter-spacing:-1.21px;white-space:nowrap">Generally, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6076.67px;white-space:nowrap">each </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6517px;white-space:nowrap">board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7027.38px;white-space:nowrap">member </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7737.54px;white-space:nowrap">serves </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8317.71px;white-space:nowrap">until </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8697.92px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9048.16px;letter-spacing:-0.36px;white-space:nowrap">person&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">successor </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:860.27px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1040.27px;white-space:nowrap">elected </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1670.71px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2021.04px;text-rendering:optimizeLegibility;white-space:nowrap">qualified.</div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:1304.91px;left:0px;white-space:nowrap">Independent </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:1304.91px;left:1518.11px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:1304.91px;left:2284.14px;white-space:nowrap">Members</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1868.06px;left:0px;white-space:nowrap">Name, </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1868.06px;left:521.8px;letter-spacing:-1.77px;white-space:nowrap">Year </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1868.06px;left:904.38px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1868.06px;left:1099.84px;white-space:nowrap">Birth </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2060.06px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2060.06px;left:322.97px;white-space:nowrap">Address</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2060.06px;left:2316px;white-space:nowrap">Position</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1868.06px;left:3632px;white-space:nowrap">Length </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1868.06px;left:4209.66px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2060.06px;left:3632px;letter-spacing:-0.58px;white-space:nowrap">Time </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2060.06px;left:4047px;white-space:nowrap">Served</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1676.06px;left:5348px;white-space:nowrap">Number </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1676.06px;left:5996.98px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1676.06px;left:6192.45px;white-space:nowrap">Portfolios </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1676.06px;left:6983.55px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1868.06px;left:5348px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1868.06px;left:5783.39px;white-space:nowrap">Complex </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1868.06px;left:6503.55px;white-space:nowrap">Overseen </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2060.06px;left:5348px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2060.06px;left:5579.17px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2060.06px;left:6085.89px;white-space:nowrap">Member</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1868.06px;left:7514px;white-space:nowrap">Other </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1868.06px;left:7985.17px;white-space:nowrap">Directorships </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1868.06px;left:9061.03px;white-space:nowrap">Held </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2060.06px;left:7514px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2060.06px;left:8073.92px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2060.06px;left:8260.64px;white-space:nowrap">Least </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2060.06px;left:8723.06px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2060.06px;left:9007.52px;white-space:nowrap">Past </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2060.06px;left:9389.94px;white-space:nowrap">5 </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2060.06px;left:9520.48px;letter-spacing:-1.77px;white-space:nowrap">Years</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2356.54px;left:0px;white-space:nowrap">Aditya </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2356.54px;left:533.44px;white-space:nowrap">Bindal </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2356.54px;left:1066.8px;white-space:nowrap">(1976)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2356.54px;left:2316px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2356.54px;left:3632px;white-space:nowrap">Since </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2356.54px;left:4076.69px;white-space:nowrap">2021</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2356.54px;left:5348px;white-space:nowrap">1</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2356.54px;left:7514px;letter-spacing:-1.77px;white-space:nowrap">Voya </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2356.54px;left:7914.31px;white-space:nowrap">Prime </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2356.54px;left:8376.58px;white-space:nowrap">Rate </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2356.54px;left:8756.11px;letter-spacing:-0.99px;white-space:nowrap">Trust </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2356.54px;left:9159.08px;white-space:nowrap">(closed-end </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2548.54px;left:7514px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2548.54px;left:8492.36px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2548.54px;left:9310.48px;white-space:nowrap">company) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2740.54px;left:7514px;white-space:nowrap">(2020-present).</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2563.03px;left:0px;white-space:nowrap">405 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2563.03px;left:311.41px;white-space:nowrap">Lexington </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2563.03px;left:1040.94px;letter-spacing:-0.36px;white-space:nowrap">Avenue, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2563.03px;left:1669.61px;white-space:nowrap">58th </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2563.03px;left:2025.47px;white-space:nowrap">Fl. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2755.03px;left:0px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2755.03px;left:361.64px;letter-spacing:-2.45px;white-space:nowrap">York, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2755.03px;left:764.84px;letter-spacing:-0.96px;white-space:nowrap">NY </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2755.03px;left:1028.67px;white-space:nowrap">10174</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3051.51px;left:0px;white-space:nowrap">Principal </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3051.51px;left:720.23px;white-space:nowrap">Occupation </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3051.51px;left:1644.77px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3051.51px;left:2204.69px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3051.51px;left:2391.41px;white-space:nowrap">Least </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3051.51px;left:2853.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3051.51px;left:3138.28px;white-space:nowrap">Past </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3051.51px;left:3520.7px;white-space:nowrap">5 </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3051.51px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3258px;left:0px;white-space:nowrap">Chief </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3258px;left:417.97px;white-space:nowrap">Risk </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3258px;left:773.52px;text-rendering:optimizeLegibility;letter-spacing:-0.98px;white-space:nowrap">Officer, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3258px;left:1320.78px;white-space:nowrap">Saba </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3258px;left:1738.91px;white-space:nowrap">Capital </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3258px;left:2281.41px;white-space:nowrap">Management, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3258px;left:3304.22px;letter-spacing:-4.12px;white-space:nowrap">L.P. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3258px;left:3612.66px;white-space:nowrap">(hedge </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3258px;left:4155.31px;white-space:nowrap">fund) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3258px;left:4564.45px;white-space:nowrap">(2018-present); </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3258px;left:5702.81px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3258px;left:6014.22px;white-space:nowrap">formerly</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3258px;left:6654.45px;white-space:nowrap">, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3258px;left:6743.36px;white-space:nowrap">Chief </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3258px;left:7161.33px;white-space:nowrap">Risk </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3258px;left:7516.88px;text-rendering:optimizeLegibility;letter-spacing:-0.98px;white-space:nowrap">Officer, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3258px;left:8064.14px;letter-spacing:-0.99px;white-space:nowrap">Water </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3258px;left:8529.38px;white-space:nowrap">Island </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3258px;left:9000.78px;white-space:nowrap">Capital, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3258px;left:9587.73px;white-space:nowrap">LLC </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3450px;left:0px;white-space:nowrap">(hedge </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3450px;left:542.66px;white-space:nowrap">fund) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3450px;left:951.8px;white-space:nowrap">(2015-2018).</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3921.48px;left:0px;white-space:nowrap">Karen </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3921.48px;left:497.97px;white-space:nowrap">Caldwell </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3921.48px;left:1191.48px;white-space:nowrap">(1961)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3921.48px;left:2316px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3921.48px;left:3632px;white-space:nowrap">Since </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3921.48px;left:4076.69px;white-space:nowrap">February </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3921.48px;left:4761.38px;white-space:nowrap">2023</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3921.48px;left:5348px;white-space:nowrap">1</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3921.48px;left:7514px;white-space:nowrap">None</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4127.97px;left:0px;white-space:nowrap">c/o </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4127.97px;left:257.89px;white-space:nowrap">Schulte </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4127.97px;left:836.02px;white-space:nowrap">Roth </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4127.97px;left:1218.44px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4127.97px;left:1369.61px;white-space:nowrap">Zabel </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4127.97px;left:1814.3px;letter-spacing:-0.96px;white-space:nowrap">LLP</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4319.97px;left:0px;white-space:nowrap">919 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4319.97px;left:308.52px;white-space:nowrap">Third </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4319.97px;left:708.67px;letter-spacing:-0.48px;white-space:nowrap">Avenue</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4511.97px;left:0px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4511.97px;left:361.64px;letter-spacing:-2.45px;white-space:nowrap">York, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4511.97px;left:764.84px;letter-spacing:-0.96px;white-space:nowrap">NY </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4511.97px;left:1028.67px;white-space:nowrap">10022</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4808.45px;left:0px;white-space:nowrap">Principal </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4808.45px;left:720.23px;white-space:nowrap">Occupation </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4808.45px;left:1644.77px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4808.45px;left:2204.69px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4808.45px;left:2391.41px;white-space:nowrap">Least </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4808.45px;left:2853.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4808.45px;left:3138.28px;white-space:nowrap">Past </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4808.45px;left:3520.7px;white-space:nowrap">5 </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4808.45px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5014.94px;left:0px;white-space:nowrap">Chief </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5014.94px;left:417.97px;white-space:nowrap">Financial </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5014.94px;left:1102.73px;text-rendering:optimizeLegibility;white-space:nowrap">Officer </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5014.94px;left:1614.38px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5014.94px;left:1792.27px;white-space:nowrap">Reform </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5014.94px;left:2352.42px;white-space:nowrap">Alliance </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5014.94px;left:2957.19px;text-rendering:optimizeLegibility;white-space:nowrap">(non-profit </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5014.94px;left:3730.86px;white-space:nowrap">organization) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5014.94px;left:4700.31px;white-space:nowrap">(2019-present); </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5014.94px;left:5838.67px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5014.94px;left:6150.08px;white-space:nowrap">formerly</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5014.94px;left:6790.31px;white-space:nowrap">, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5014.94px;left:6879.22px;white-space:nowrap">Chief </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5014.94px;left:7297.19px;white-space:nowrap">Financial </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5014.94px;left:7981.95px;text-rendering:optimizeLegibility;white-space:nowrap">Officer </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5014.94px;left:8493.59px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5014.94px;left:8802.11px;letter-spacing:-1.34px;white-space:nowrap">Treasurer, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5014.94px;left:9569.77px;letter-spacing:-0.72px;white-space:nowrap">NHP </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5206.94px;left:0px;white-space:nowrap">Foundation </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5206.94px;left:845.08px;text-rendering:optimizeLegibility;white-space:nowrap">(non-profit </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5206.94px;left:1618.75px;white-space:nowrap">organization) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5206.94px;left:2588.2px;white-space:nowrap">(2018-2019); </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5206.94px;left:3548.83px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5206.94px;left:3860.23px;white-space:nowrap">Chief </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5206.94px;left:4278.2px;white-space:nowrap">Financial </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5206.94px;left:4962.97px;text-rendering:optimizeLegibility;white-space:nowrap">Officer </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5206.94px;left:5474.61px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5206.94px;left:5786.02px;white-space:nowrap">Executive </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5206.94px;left:6524.14px;letter-spacing:-0.58px;white-space:nowrap">Vice </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5206.94px;left:6876.95px;white-space:nowrap">President </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5206.94px;left:7597.34px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5206.94px;left:7958.98px;letter-spacing:-2.94px;white-space:nowrap">York </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5206.94px;left:8317.73px;white-space:nowrap">City </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5206.94px;left:8637.73px;white-space:nowrap">Housing </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5206.94px;left:9260.39px;white-space:nowrap">Authority </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5398.94px;left:0px;white-space:nowrap">(2016-2018).</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5870.42px;left:0px;white-space:nowrap">Ketu </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5870.42px;left:400px;white-space:nowrap">Desai </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5870.42px;left:871.41px;white-space:nowrap">(1983)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5870.42px;left:2316px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5870.42px;left:3632px;white-space:nowrap">Since </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5870.42px;left:4076.69px;white-space:nowrap">February </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5870.42px;left:4761.38px;white-space:nowrap">2023</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5870.42px;left:5348px;white-space:nowrap">1</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5870.42px;left:7514px;white-space:nowrap">None</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6076.9px;left:0px;white-space:nowrap">c/o </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6076.9px;left:257.89px;white-space:nowrap">Schulte </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6076.9px;left:836.02px;white-space:nowrap">Roth </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6076.9px;left:1218.44px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6076.9px;left:1369.61px;white-space:nowrap">Zabel </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6076.9px;left:1814.3px;letter-spacing:-0.96px;white-space:nowrap">LLP</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6268.9px;left:0px;white-space:nowrap">919 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6268.9px;left:308.52px;white-space:nowrap">Third </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6268.9px;left:708.67px;letter-spacing:-0.48px;white-space:nowrap">Avenue</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6460.9px;left:0px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6460.9px;left:361.64px;letter-spacing:-2.45px;white-space:nowrap">York, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6460.9px;left:764.84px;letter-spacing:-0.96px;white-space:nowrap">NY </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6460.9px;left:1028.67px;white-space:nowrap">10022</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6757.39px;left:0px;white-space:nowrap">Principal </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6757.39px;left:720.23px;white-space:nowrap">Occupation </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6757.39px;left:1644.77px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6757.39px;left:2204.69px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6757.39px;left:2391.41px;white-space:nowrap">Least </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6757.39px;left:2853.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6757.39px;left:3138.28px;white-space:nowrap">Past </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6757.39px;left:3520.7px;white-space:nowrap">5 </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6757.39px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6963.87px;left:0px;white-space:nowrap">Chief </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6963.87px;left:417.97px;white-space:nowrap">Compliance </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6963.87px;left:1307.27px;text-rendering:optimizeLegibility;letter-spacing:-0.98px;white-space:nowrap">Officer, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6963.87px;left:1854.53px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6963.87px;left:2672.73px;white-space:nowrap">Advisor </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6963.87px;left:3250.7px;white-space:nowrap">Representative </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6963.87px;left:4371.33px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6963.87px;left:4682.73px;white-space:nowrap">Independent </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6963.87px;left:5616.95px;white-space:nowrap">Registered </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6963.87px;left:6435.16px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6963.87px;left:7253.36px;letter-spacing:-0.98px;white-space:nowrap">Advisor, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6963.87px;left:7866.95px;white-space:nowrap">i-squared </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6963.87px;left:8578.44px;letter-spacing:-0.41px;white-space:nowrap">Wealth </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7155.87px;left:0px;white-space:nowrap">Management, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7155.87px;left:1022.81px;white-space:nowrap">Inc. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7155.87px;left:1325.16px;white-space:nowrap">(2016-present).</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7627.36px;left:0px;white-space:nowrap">Frederic </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7627.36px;left:675.86px;letter-spacing:-6.87px;white-space:nowrap">P. </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7627.36px;left:850.86px;white-space:nowrap">Gabriel </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7627.36px;left:1446.64px;white-space:nowrap">(1974)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7627.36px;left:2316px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7627.36px;left:3632px;white-space:nowrap">Since </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7627.36px;left:4076.69px;white-space:nowrap">2021</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7627.36px;left:5348px;white-space:nowrap">1</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7627.36px;left:7514px;white-space:nowrap">None</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7833.84px;left:0px;white-space:nowrap">464 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7833.84px;left:311.41px;white-space:nowrap">Hudson </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7833.84px;left:907.34px;white-space:nowrap">Street, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7833.84px;left:1423.13px;white-space:nowrap">#259</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8025.84px;left:0px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8025.84px;left:361.64px;letter-spacing:-2.45px;white-space:nowrap">York, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8025.84px;left:764.84px;letter-spacing:-0.96px;white-space:nowrap">NY </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8025.84px;left:1028.67px;white-space:nowrap">10014</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8322.33px;left:0px;white-space:nowrap">Principal </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8322.33px;left:720.23px;white-space:nowrap">Occupation </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8322.33px;left:1644.77px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8322.33px;left:2204.69px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8322.33px;left:2391.41px;white-space:nowrap">Least </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8322.33px;left:2853.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8322.33px;left:3138.28px;white-space:nowrap">Past </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8322.33px;left:3520.7px;white-space:nowrap">5 </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8322.33px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8528.81px;left:0px;white-space:nowrap">Founder </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8528.81px;left:640.39px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8528.81px;left:951.8px;white-space:nowrap">Chief </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8528.81px;left:1369.77px;white-space:nowrap">Executive </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8528.81px;left:2107.89px;text-rendering:optimizeLegibility;letter-spacing:-0.98px;white-space:nowrap">Officer, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8528.81px;left:2655.16px;white-space:nowrap">Orion </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8528.81px;left:3090.86px;white-space:nowrap">Realty </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8528.81px;left:3588.83px;white-space:nowrap">NYC </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8528.81px;left:3971.09px;white-space:nowrap">LLC </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8528.81px;left:4309.06px;white-space:nowrap">(real </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8528.81px;left:4673.59px;white-space:nowrap">estate) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8528.81px;left:5207.19px;white-space:nowrap">(2014-present).</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9000.29px;left:0px;white-space:nowrap">Mark </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9000.29px;left:417.97px;white-space:nowrap">Hammitt </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9000.29px;left:1102.5px;white-space:nowrap">(1986)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9000.29px;left:2316px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9000.29px;left:3632px;white-space:nowrap">Since </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9000.29px;left:4076.69px;white-space:nowrap">February </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9000.29px;left:4761.38px;white-space:nowrap">2023</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9000.29px;left:5348px;white-space:nowrap">1</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9000.29px;left:7514px;white-space:nowrap">None</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9206.78px;left:0px;white-space:nowrap">c/o </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9206.78px;left:257.89px;white-space:nowrap">Schulte </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9206.78px;left:836.02px;white-space:nowrap">Roth </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9206.78px;left:1218.44px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9206.78px;left:1369.61px;white-space:nowrap">Zabel </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9206.78px;left:1814.3px;letter-spacing:-0.96px;white-space:nowrap">LLP</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9398.78px;left:0px;white-space:nowrap">919 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9398.78px;left:308.52px;white-space:nowrap">Third </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9398.78px;left:708.67px;letter-spacing:-0.48px;white-space:nowrap">Avenue</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9590.78px;left:0px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9590.78px;left:361.64px;letter-spacing:-2.45px;white-space:nowrap">York, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9590.78px;left:764.84px;letter-spacing:-0.96px;white-space:nowrap">NY </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9590.78px;left:1028.67px;white-space:nowrap">10022</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9887.26px;left:0px;white-space:nowrap">Principal </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9887.26px;left:720.23px;white-space:nowrap">Occupation </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9887.26px;left:1644.77px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9887.26px;left:2204.69px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9887.26px;left:2391.41px;white-space:nowrap">Least </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9887.26px;left:2853.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9887.26px;left:3138.28px;white-space:nowrap">Past </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9887.26px;left:3520.7px;white-space:nowrap">5 </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9887.26px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10093.75px;left:0px;white-space:nowrap">Co-Founder </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10093.75px;left:898.2px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10093.75px;left:1209.61px;white-space:nowrap">Chief </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10093.75px;left:1627.58px;white-space:nowrap">Financial </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10093.75px;left:2312.34px;text-rendering:optimizeLegibility;letter-spacing:-0.98px;white-space:nowrap">Officer, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10093.75px;left:2859.61px;white-space:nowrap">Revere </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10093.75px;left:3419.84px;white-space:nowrap">CRE, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10093.75px;left:3846.56px;white-space:nowrap">Inc. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10093.75px;left:4148.91px;white-space:nowrap">(real </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10093.75px;left:4513.44px;white-space:nowrap">estate </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10093.75px;left:4993.75px;white-space:nowrap">network </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10093.75px;left:5598.44px;white-space:nowrap">platform) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10093.75px;left:6274.14px;white-space:nowrap">(2020-present); </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10093.75px;left:7412.5px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10093.75px;left:7723.91px;white-space:nowrap">formerly</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10093.75px;left:8364.14px;white-space:nowrap">, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10093.75px;left:8453.05px;white-space:nowrap">portfolio </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10093.75px;left:9066.72px;letter-spacing:-0.98px;white-space:nowrap">manager, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10285.75px;left:0px;letter-spacing:-0.48px;white-space:nowrap">Weiss </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10285.75px;left:477.11px;white-space:nowrap">Multi-Strategy </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10285.75px;left:1499.69px;white-space:nowrap">Advisers, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10285.75px;left:2202.11px;white-space:nowrap">LLC </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10285.75px;left:2540.08px;white-space:nowrap">(investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10285.75px;left:3411.48px;white-space:nowrap">management) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10285.75px;left:4443.13px;white-space:nowrap">(2017-2020).</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10757.23px;left:0px;white-space:nowrap">Paul </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10757.23px;left:382.34px;white-space:nowrap">C. </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10757.23px;left:586.8px;white-space:nowrap">Kazarian </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10757.23px;left:1298.2px;white-space:nowrap">(1984)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10757.23px;left:2316px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10757.23px;left:3632px;white-space:nowrap">Since </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10757.23px;left:4076.69px;white-space:nowrap">2021</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10757.23px;left:5348px;white-space:nowrap">1</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10757.23px;left:7514px;white-space:nowrap">None</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10963.72px;left:0px;white-space:nowrap">405 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10963.72px;left:311.41px;white-space:nowrap">Lexington </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10963.72px;left:1040.94px;letter-spacing:-0.36px;white-space:nowrap">Avenue, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10963.72px;left:1669.61px;white-space:nowrap">58th </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10963.72px;left:2025.47px;white-space:nowrap">Fl.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11155.72px;left:0px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11155.72px;left:361.64px;letter-spacing:-2.45px;white-space:nowrap">York, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11155.72px;left:764.84px;letter-spacing:-0.96px;white-space:nowrap">NY </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11155.72px;left:1028.67px;white-space:nowrap">10174</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:11452.2px;left:0px;white-space:nowrap">Principal </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:11452.2px;left:720.23px;white-space:nowrap">Occupation </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:11452.2px;left:1644.77px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:11452.2px;left:2204.69px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:11452.2px;left:2391.41px;white-space:nowrap">Least </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:11452.2px;left:2853.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:11452.2px;left:3138.28px;white-space:nowrap">Past </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:11452.2px;left:3520.7px;white-space:nowrap">5 </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:11452.2px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.69px;left:0px;white-space:nowrap">Managing </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.69px;left:747.19px;letter-spacing:-0.88px;white-space:nowrap">Director, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.69px;left:1387.34px;white-space:nowrap">Saba </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.69px;left:1805.47px;white-space:nowrap">Capital </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.69px;left:2347.97px;white-space:nowrap">Management, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.69px;left:3370.78px;letter-spacing:-4.12px;white-space:nowrap">L.P. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.69px;left:3679.22px;white-space:nowrap">(hedge </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.69px;left:4221.88px;white-space:nowrap">fund) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.69px;left:4631.02px;white-space:nowrap">(2013-present).</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:47.41px;left:0px;position:absolute;top:0px;transform:translate(35.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:850.91px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) 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:9.6px;white-space:nowrap">Global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:1596.97px;letter-spacing:10.29px;white-space:nowrap">Income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:2242.22px;letter-spacing:9px;white-space:nowrap">Fund</div></div>
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			<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:4163.51px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Officers</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:532.3px;left:0px;white-space:nowrap">Name, </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:532.3px;left:521.8px;letter-spacing:-1.77px;white-space:nowrap">Year </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:532.3px;left:904.38px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:532.3px;left:1099.84px;white-space:nowrap">Birth </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:724.3px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:724.3px;left:322.97px;white-space:nowrap">Address</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:724.3px;left:2316px;white-space:nowrap">Position</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:532.3px;left:3632px;white-space:nowrap">Length </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:532.3px;left:4209.66px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:724.3px;left:3632px;letter-spacing:-0.58px;white-space:nowrap">Time </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:724.3px;left:4047px;white-space:nowrap">Served</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:340.3px;left:5348px;white-space:nowrap">Number </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:340.3px;left:5996.98px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:340.3px;left:6192.45px;white-space:nowrap">Portfolios </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:340.3px;left:6983.55px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:532.3px;left:5348px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:532.3px;left:5783.39px;white-space:nowrap">Complex </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:532.3px;left:6503.55px;white-space:nowrap">Overseen </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:724.3px;left:5348px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:724.3px;left:5579.17px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:724.3px;left:6085.89px;white-space:nowrap">Member</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:532.3px;left:7514px;white-space:nowrap">Other </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:532.3px;left:7985.17px;white-space:nowrap">Directorships </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:532.3px;left:9061.03px;white-space:nowrap">Held </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:724.3px;left:7514px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:724.3px;left:8073.92px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:724.3px;left:8260.64px;white-space:nowrap">Least </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:724.3px;left:8723.06px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:724.3px;left:9007.52px;white-space:nowrap">Past </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:724.3px;left:9389.94px;white-space:nowrap">5 </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:724.3px;left:9520.48px;letter-spacing:-1.77px;white-space:nowrap">Years</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1020.79px;left:0px;white-space:nowrap">Anatoly </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1020.79px;left:631.17px;white-space:nowrap">Nakum </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1020.79px;left:1209.14px;white-space:nowrap">(1975)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:2316px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:3632px;white-space:nowrap">Since </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:4076.69px;white-space:nowrap">February </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:4761.38px;white-space:nowrap">2023</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:5348px;white-space:nowrap">1</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:7514px;white-space:nowrap">None</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1227.27px;left:0px;white-space:nowrap">c/o </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1227.27px;left:257.89px;white-space:nowrap">Schulte </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1227.27px;left:836.02px;white-space:nowrap">Roth </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1227.27px;left:1218.44px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1227.27px;left:1369.61px;white-space:nowrap">Zabel </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1227.27px;left:1814.3px;letter-spacing:-0.96px;white-space:nowrap">LLP</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1419.27px;left:0px;white-space:nowrap">919 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1419.27px;left:308.52px;white-space:nowrap">Third </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1419.27px;left:708.67px;letter-spacing:-0.48px;white-space:nowrap">Avenue</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1611.27px;left:0px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1611.27px;left:361.64px;letter-spacing:-2.45px;white-space:nowrap">York, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1611.27px;left:764.84px;letter-spacing:-0.96px;white-space:nowrap">NY </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1611.27px;left:1028.67px;white-space:nowrap">10022</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1907.76px;left:0px;white-space:nowrap">Principal </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1907.76px;left:720.23px;white-space:nowrap">Occupation </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1907.76px;left:1644.77px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1907.76px;left:2204.69px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1907.76px;left:2391.41px;white-space:nowrap">Least </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1907.76px;left:2853.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1907.76px;left:3138.28px;white-space:nowrap">Past </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1907.76px;left:3520.7px;white-space:nowrap">5 </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1907.76px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2114.24px;left:0px;white-space:nowrap">Head </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2114.24px;left:426.95px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2114.24px;left:604.84px;white-space:nowrap">Capital </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2114.24px;left:1147.34px;white-space:nowrap">Markets, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2114.24px;left:1805.23px;white-space:nowrap">ESG </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2114.24px;left:2187.58px;white-space:nowrap">Financial </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2114.24px;left:2872.34px;letter-spacing:-1.04px;white-space:nowrap">(FinTech </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2114.24px;left:3530.31px;white-space:nowrap">Company) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2114.24px;left:4312.81px;white-space:nowrap">(2021-present); </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2114.24px;left:5451.17px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2114.24px;left:5762.58px;white-space:nowrap">formerly</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2114.24px;left:6402.81px;white-space:nowrap">, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2114.24px;left:6491.72px;white-space:nowrap">Head </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2114.24px;left:6918.67px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2114.24px;left:7096.56px;white-space:nowrap">Credit </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2114.24px;left:7564.92px;letter-spacing:-0.66px;white-space:nowrap">Trading, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2114.24px;left:8181.56px;white-space:nowrap">Americas, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2114.24px;left:8937.27px;white-space:nowrap">Credit </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2114.24px;left:9399.69px;white-space:nowrap">Agricole </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2306.24px;left:0px;white-space:nowrap">(banking) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2306.24px;left:711.48px;white-space:nowrap">(2018-2020); </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2306.24px;left:1672.11px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2306.24px;left:1983.52px;letter-spacing:-0.74px;white-space:nowrap">Co-Founder, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2306.24px;left:2917.34px;white-space:nowrap">Chief </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2306.24px;left:3335.31px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2306.24px;left:4162.34px;text-rendering:optimizeLegibility;letter-spacing:-0.98px;white-space:nowrap">Officer, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2306.24px;left:4709.61px;white-space:nowrap">Certa </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2306.24px;left:5145.31px;white-space:nowrap">Group </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2306.24px;left:5634.45px;text-rendering:optimizeLegibility;white-space:nowrap">(financial </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2306.24px;left:6319.22px;white-space:nowrap">services) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2306.24px;left:7003.75px;white-space:nowrap">(2016-2018).</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2777.72px;left:0px;white-space:nowrap">Pierre </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2777.72px;left:498.13px;letter-spacing:-0.29px;white-space:nowrap">Weinstein </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2777.72px;left:1295.31px;white-space:nowrap">(1974)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2777.72px;left:2316px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2777.72px;left:3632px;white-space:nowrap">Since </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2777.72px;left:4076.69px;white-space:nowrap">2021</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2777.72px;left:5348px;white-space:nowrap">1</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2777.72px;left:7514px;white-space:nowrap">None</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2984.21px;left:0px;white-space:nowrap">405 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2984.21px;left:311.41px;white-space:nowrap">Lexington </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2984.21px;left:1040.94px;letter-spacing:-0.36px;white-space:nowrap">Avenue, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2984.21px;left:1669.61px;white-space:nowrap">58th </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2984.21px;left:2025.47px;white-space:nowrap">Fl.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3176.21px;left:0px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3176.21px;left:361.64px;letter-spacing:-2.45px;white-space:nowrap">York, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3176.21px;left:764.84px;letter-spacing:-0.96px;white-space:nowrap">NY </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3176.21px;left:1028.67px;white-space:nowrap">10174</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3472.69px;left:0px;white-space:nowrap">Principal </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3472.69px;left:720.23px;white-space:nowrap">Occupation </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3472.69px;left:1644.77px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3472.69px;left:2204.69px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3472.69px;left:2391.41px;white-space:nowrap">Least </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3472.69px;left:2853.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3472.69px;left:3138.28px;white-space:nowrap">Past </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3472.69px;left:3520.7px;white-space:nowrap">5 </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3472.69px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3679.18px;left:0px;letter-spacing:-0.98px;white-space:nowrap">Partner, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3679.18px;left:604.77px;white-space:nowrap">Saba </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3679.18px;left:1022.89px;white-space:nowrap">Capital </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3679.18px;left:1565.39px;white-space:nowrap">Management, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3679.18px;left:2588.2px;letter-spacing:-4.12px;white-space:nowrap">L.P. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3679.18px;left:2896.64px;white-space:nowrap">(hedge </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3679.18px;left:3439.3px;white-space:nowrap">fund) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3679.18px;left:3848.44px;white-space:nowrap">(2009-present).</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4726.66px;left:0px;white-space:nowrap">Name, </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4726.66px;left:521.8px;letter-spacing:-1.77px;white-space:nowrap">Year </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4726.66px;left:904.38px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4726.66px;left:1099.84px;white-space:nowrap">Birth</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4918.66px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4918.66px;left:322.97px;white-space:nowrap">Address</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4918.66px;left:2316px;white-space:nowrap">Position</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4726.66px;left:3632px;white-space:nowrap">Length </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4726.66px;left:4209.66px;white-space:nowrap">of</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4918.66px;left:3632px;letter-spacing:-0.58px;white-space:nowrap">Time </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4918.66px;left:4047px;white-space:nowrap">Served</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4534.66px;left:5348px;white-space:nowrap">Number </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4534.66px;left:5996.98px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4534.66px;left:6192.45px;white-space:nowrap">Portfolios </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4534.66px;left:6983.55px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4726.66px;left:5348px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4726.66px;left:5783.39px;white-space:nowrap">Complex </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4726.66px;left:6503.55px;white-space:nowrap">Overseen </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4918.66px;left:5348px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4918.66px;left:5579.17px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4918.66px;left:6085.89px;white-space:nowrap">Member</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4726.66px;left:7514px;white-space:nowrap">Other </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4726.66px;left:7985.17px;white-space:nowrap">Directorships </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4726.66px;left:9061.03px;white-space:nowrap">Held </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4918.66px;left:7514px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4918.66px;left:8073.92px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4918.66px;left:8260.64px;white-space:nowrap">Least </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4918.66px;left:8723.06px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4918.66px;left:9007.52px;white-space:nowrap">Past </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4918.66px;left:9389.94px;white-space:nowrap">5 </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4918.66px;left:9520.48px;letter-spacing:-1.77px;white-space:nowrap">Years</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5215.15px;left:0px;white-space:nowrap">Alison </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5215.15px;left:533.36px;white-space:nowrap">E. </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5215.15px;left:728.98px;white-space:nowrap">Baur </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5215.15px;left:1137.97px;white-space:nowrap">(1964)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5215.15px;left:2316px;letter-spacing:-0.58px;white-space:nowrap">Vice </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5215.15px;left:2668.81px;white-space:nowrap">President</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5215.15px;left:3632px;white-space:nowrap">Since </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5215.15px;left:4076.69px;white-space:nowrap">2012</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5215.15px;left:5348px;white-space:nowrap">Not </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5215.15px;left:5632.61px;white-space:nowrap">Applicable</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5215.15px;left:7514px;white-space:nowrap">Not </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5215.15px;left:7798.61px;white-space:nowrap">Applicable</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5421.63px;left:0px;white-space:nowrap">One </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5421.63px;left:346.88px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5421.63px;left:960.39px;white-space:nowrap">Parkway</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5613.63px;left:0px;white-space:nowrap">San </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5613.63px;left:329.14px;white-space:nowrap">Mateo, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5613.63px;left:862.73px;letter-spacing:-2.94px;white-space:nowrap">CA </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5613.63px;left:1120.63px;white-space:nowrap">94403-1906</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5910.12px;left:0px;white-space:nowrap">Principal </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5910.12px;left:720.23px;white-space:nowrap">Occupation </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5910.12px;left:1644.77px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5910.12px;left:2204.69px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5910.12px;left:2391.41px;white-space:nowrap">Least </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5910.12px;left:2853.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5910.12px;left:3138.28px;white-space:nowrap">Past </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5910.12px;left:3520.7px;white-space:nowrap">5 </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5910.12px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6116.6px;left:0px;white-space:nowrap">Deputy </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6116.6px;left:551.41px;white-space:nowrap">General </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6116.6px;left:1165.08px;white-space:nowrap">Counsel, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6116.6px;left:1841.02px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6116.6px;left:2451.64px;letter-spacing:-1.61px;white-space:nowrap">Templeton; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6116.6px;left:3278.75px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6116.6px;left:3590.16px;text-rendering:optimizeLegibility;white-space:nowrap">officer </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6116.6px;left:4066.33px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6116.6px;left:4244.22px;white-space:nowrap">some </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6116.6px;left:4679.92px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6116.6px;left:4857.81px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6116.6px;left:5124.69px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6116.6px;left:5533.83px;white-space:nowrap">subsidiaries </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6116.6px;left:6423.13px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6116.6px;left:6601.02px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6116.6px;left:7214.53px;white-space:nowrap">Resources, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6116.6px;left:8068.2px;white-space:nowrap">Inc. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6116.6px;left:8370.55px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6116.6px;left:8681.95px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6116.6px;left:8859.84px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6116.6px;left:9384.53px;white-space:nowrap">funds </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6116.6px;left:9820.39px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6308.6px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6308.6px;left:266.88px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6308.6px;left:877.5px;letter-spacing:-1.18px;white-space:nowrap">Templeton/Legg </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6308.6px;left:2060.55px;white-space:nowrap">Mason </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6308.6px;left:2585.23px;white-space:nowrap">fund </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6308.6px;left:2941.09px;white-space:nowrap">complex.</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6780.08px;left:0px;white-space:nowrap">Breda </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6780.08px;left:497.97px;white-space:nowrap">M. </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6780.08px;left:720.16px;white-space:nowrap">Beckerle </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6780.08px;left:1431.8px;white-space:nowrap">(1958)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6780.08px;left:2316px;white-space:nowrap">Chief</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6972.08px;left:2316px;white-space:nowrap">Compliance</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7164.08px;left:2316px;text-rendering:optimizeLegibility;white-space:nowrap">Officer</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6780.08px;left:3632px;white-space:nowrap">Since </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6780.08px;left:4076.69px;white-space:nowrap">2020</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6780.08px;left:5348px;white-space:nowrap">Not </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6780.08px;left:5632.61px;white-space:nowrap">Applicable</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6780.08px;left:7514px;white-space:nowrap">Not </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6780.08px;left:7798.61px;white-space:nowrap">Applicable</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6986.57px;left:0px;white-space:nowrap">280 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6986.57px;left:311.41px;white-space:nowrap">Park </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6986.57px;left:676.02px;letter-spacing:-0.41px;white-space:nowrap">Avenue </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7178.57px;left:0px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7178.57px;left:361.64px;letter-spacing:-2.45px;white-space:nowrap">York, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7178.57px;left:764.84px;letter-spacing:-0.96px;white-space:nowrap">NY </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7178.57px;left:1028.67px;white-space:nowrap">10017</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7475.05px;left:0px;white-space:nowrap">Principal </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7475.05px;left:720.23px;white-space:nowrap">Occupation </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7475.05px;left:1644.77px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7475.05px;left:2204.69px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7475.05px;left:2391.41px;white-space:nowrap">Least </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7475.05px;left:2853.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7475.05px;left:3138.28px;white-space:nowrap">Past </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7475.05px;left:3520.7px;white-space:nowrap">5 </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7475.05px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.54px;left:0px;white-space:nowrap">Chief </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.54px;left:417.97px;white-space:nowrap">Compliance </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.54px;left:1307.27px;text-rendering:optimizeLegibility;letter-spacing:-0.98px;white-space:nowrap">Officer, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.54px;left:1854.53px;white-space:nowrap">Fiduciary </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.54px;left:2548.05px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.54px;left:3375.08px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.54px;left:4353.44px;white-space:nowrap">International, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.54px;left:5322.97px;white-space:nowrap">Inc., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.54px;left:5669.77px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.54px;left:6274.45px;white-space:nowrap">Advisers, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.54px;left:6976.88px;white-space:nowrap">Inc., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.54px;left:7323.67px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.54px;left:7937.19px;white-space:nowrap">Mutual </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.54px;left:8453.05px;white-space:nowrap">Advisers, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.54px;left:9155.47px;white-space:nowrap">LLC, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7873.54px;left:0px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7873.54px;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:7873.54px;left:1393.28px;white-space:nowrap">Institutional, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7873.54px;left:2291.56px;white-space:nowrap">LLC; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7873.54px;left:2673.98px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7873.54px;left:2985.39px;text-rendering:optimizeLegibility;white-space:nowrap">officer </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7873.54px;left:3461.56px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7873.54px;left:3639.45px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7873.54px;left:4164.14px;white-space:nowrap">funds </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7873.54px;left:4600px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7873.54px;left:4768.98px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7873.54px;left:5035.86px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7873.54px;left:5646.48px;letter-spacing:-1.18px;white-space:nowrap">Templeton/Legg </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7873.54px;left:6829.53px;white-space:nowrap">Mason </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7873.54px;left:7354.22px;white-space:nowrap">fund </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7873.54px;left:7710.08px;white-space:nowrap">complex.</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8345.02px;left:0px;white-space:nowrap">Steven </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8345.02px;left:569.14px;white-space:nowrap">J. </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8345.02px;left:747.03px;white-space:nowrap">Gray </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8345.02px;left:1156.17px;white-space:nowrap">(1955)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8345.02px;left:2316px;letter-spacing:-0.58px;white-space:nowrap">Vice </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8345.02px;left:2668.81px;white-space:nowrap">President</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8345.02px;left:3632px;white-space:nowrap">Since </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8345.02px;left:4076.69px;white-space:nowrap">2009</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8345.02px;left:5348px;white-space:nowrap">Not </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8345.02px;left:5632.61px;white-space:nowrap">Applicable</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8345.02px;left:7514px;white-space:nowrap">Not </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8345.02px;left:7798.61px;white-space:nowrap">Applicable</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8551.51px;left:0px;white-space:nowrap">One </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8551.51px;left:346.88px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8551.51px;left:960.39px;white-space:nowrap">Parkway</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8743.51px;left:0px;white-space:nowrap">San </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8743.51px;left:329.14px;white-space:nowrap">Mateo, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8743.51px;left:862.73px;letter-spacing:-2.94px;white-space:nowrap">CA </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8743.51px;left:1120.63px;white-space:nowrap">94403-1906</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9039.99px;left:0px;white-space:nowrap">Principal </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9039.99px;left:720.23px;white-space:nowrap">Occupation </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9039.99px;left:1644.77px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9039.99px;left:2204.69px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9039.99px;left:2391.41px;white-space:nowrap">Least </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9039.99px;left:2853.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9039.99px;left:3138.28px;white-space:nowrap">Past </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9039.99px;left:3520.7px;white-space:nowrap">5 </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9039.99px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9246.47px;left:0px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9246.47px;left:498.13px;white-space:nowrap">Associate </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9246.47px;left:1236.25px;white-space:nowrap">General </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9246.47px;left:1849.92px;white-space:nowrap">Counsel, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9246.47px;left:2525.86px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9246.47px;left:3136.48px;letter-spacing:-1.61px;white-space:nowrap">Templeton; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9246.47px;left:3954.77px;white-space:nowrap">Assistant </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9246.47px;left:4648.36px;letter-spacing:-1.08px;white-space:nowrap">Secretary, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9246.47px;left:5410.08px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9246.47px;left:6023.59px;white-space:nowrap">Distributors, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9246.47px;left:6921.56px;white-space:nowrap">LLC; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9246.47px;left:7303.98px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9246.47px;left:7615.39px;text-rendering:optimizeLegibility;white-space:nowrap">officer </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9246.47px;left:8091.56px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9246.47px;left:8269.45px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9246.47px;left:8794.14px;white-space:nowrap">funds </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9246.47px;left:9230px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9246.47px;left:9398.98px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9438.47px;left:0px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9438.47px;left:610.63px;letter-spacing:-1.18px;white-space:nowrap">Templeton/Legg </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9438.47px;left:1793.67px;white-space:nowrap">Mason </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9438.47px;left:2318.36px;white-space:nowrap">fund </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9438.47px;left:2674.22px;white-space:nowrap">complex.</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9909.96px;left:0px;white-space:nowrap">Michael </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9909.96px;left:631.33px;white-space:nowrap">Hasenstab </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9909.96px;left:1485px;white-space:nowrap">Ph.D. </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10101.96px;left:0px;white-space:nowrap">(1973)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9909.96px;left:2316px;white-space:nowrap">President </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9909.96px;left:3036.39px;white-space:nowrap">and</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10101.96px;left:2316px;white-space:nowrap">Chief </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10101.96px;left:2733.97px;white-space:nowrap">Executive</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10293.96px;left:2316px;text-rendering:optimizeLegibility;white-space:nowrap">Officer </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10293.96px;left:2827.64px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10485.96px;left:2316px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10677.96px;left:2316px;white-space:nowrap">Management</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9909.96px;left:3632px;white-space:nowrap">Since </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9909.96px;left:4076.69px;white-space:nowrap">2018</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9909.96px;left:5348px;white-space:nowrap">Not </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9909.96px;left:5632.61px;white-space:nowrap">Applicable</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9909.96px;left:7514px;white-space:nowrap">Not </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9909.96px;left:7798.61px;white-space:nowrap">Applicable</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10308.44px;left:0px;white-space:nowrap">One </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10308.44px;left:346.88px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10308.44px;left:960.39px;white-space:nowrap">Parkway</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10500.44px;left:0px;white-space:nowrap">San </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10500.44px;left:329.14px;white-space:nowrap">Mateo, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10500.44px;left:862.73px;letter-spacing:-2.94px;white-space:nowrap">CA </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10500.44px;left:1120.63px;white-space:nowrap">94403-1906</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10884.44px;left:0px;white-space:nowrap">Principal </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10884.44px;left:720.23px;white-space:nowrap">Occupation </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10884.44px;left:1644.77px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10884.44px;left:2204.69px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10884.44px;left:2391.41px;white-space:nowrap">Least </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10884.44px;left:2853.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10884.44px;left:3138.28px;white-space:nowrap">Past </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10884.44px;left:3520.7px;white-space:nowrap">5 </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10884.44px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.93px;left:0px;white-space:nowrap">Executive </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.93px;left:738.13px;letter-spacing:-0.58px;white-space:nowrap">Vice </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.93px;left:1090.94px;white-space:nowrap">President, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.93px;left:1855.78px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.93px;left:2460.47px;white-space:nowrap">Advisers, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.93px;left:3162.89px;white-space:nowrap">Inc.; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.93px;left:3509.69px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.93px;left:3821.09px;text-rendering:optimizeLegibility;white-space:nowrap">officer </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.93px;left:4297.27px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.93px;left:4475.16px;white-space:nowrap">some </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.93px;left:4910.86px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.93px;left:5088.75px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.93px;left:5355.63px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.93px;left:5764.77px;white-space:nowrap">subsidiaries </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.93px;left:6654.06px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.93px;left:6831.95px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.93px;left:7445.47px;white-space:nowrap">Resources, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.93px;left:8299.14px;white-space:nowrap">Inc. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.93px;left:8601.48px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.93px;left:8912.89px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.93px;left:9090.78px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.93px;left:9615.47px;white-space:nowrap">funds </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11282.93px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11282.93px;left:168.98px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11282.93px;left:435.86px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11282.93px;left:1046.48px;letter-spacing:-1.18px;white-space:nowrap">Templeton/Legg </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11282.93px;left:2229.53px;white-space:nowrap">Mason </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11282.93px;left:2754.22px;white-space:nowrap">fund </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11282.93px;left:3110.08px;white-space:nowrap">complex.</div></div>
		</div>
		<div style="height:23.01px;left:0px;position:absolute;top:0px;transform:translate(35.999px,80.695px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:189.29px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) 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">Independent </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1518.11px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2284.14px;white-space:nowrap">Members </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:53.82px;left:3439.92px;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:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

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			<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) 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">45</div></div>
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		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
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			<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) 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="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual </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:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">
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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:12549.47px;left:0px;white-space:nowrap">Note: </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:12549.47px;left:350.08px;text-rendering:optimizeLegibility;white-space:nowrap">Officer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:12549.47px;left:773.05px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:12549.47px;left:1026.17px;letter-spacing:-0.6px;white-space:nowrap">Trustee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:12549.47px;left:1502.73px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:12549.47px;left:2188.28px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:12549.47px;left:2319.53px;white-space:nowrap">current </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:12549.47px;left:2764.38px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:12549.47px;left:2939.45px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:12549.47px;left:3085.39px;white-space:nowrap">February </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:12549.47px;left:3646.88px;white-space:nowrap">15, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:12549.47px;left:3865.78px;white-space:nowrap">2023. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:12549.47px;left:4230.63px;white-space:nowrap">It </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:12549.47px;left:4340.08px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:12549.47px;left:4471.33px;white-space:nowrap">possible </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:12549.47px;left:4989.22px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:12549.47px;left:5244.61px;white-space:nowrap">after </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:12549.47px;left:5543.67px;white-space:nowrap">this </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:12549.47px;left:5784.38px;white-space:nowrap">date, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:12549.47px;left:6112.73px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:12549.47px;left:6798.28px;white-space:nowrap">about </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:12549.47px;left:7163.13px;text-rendering:optimizeLegibility;white-space:nowrap">Officers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:12549.47px;left:7651.72px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:12549.47px;left:7904.84px;letter-spacing:-0.53px;white-space:nowrap">Trustees </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:12549.47px;left:8447.03px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:12549.47px;left:8731.41px;white-space:nowrap">change.</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:532.3px;left:0px;white-space:nowrap">Name, </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:532.3px;left:521.8px;letter-spacing:-1.77px;white-space:nowrap">Year </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:532.3px;left:904.38px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:532.3px;left:1099.84px;white-space:nowrap">Birth</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:724.3px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:724.3px;left:322.97px;white-space:nowrap">Address</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:724.3px;left:2316px;white-space:nowrap">Position</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:532.3px;left:3632px;white-space:nowrap">Length </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:532.3px;left:4209.66px;white-space:nowrap">of</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:724.3px;left:3632px;letter-spacing:-0.58px;white-space:nowrap">Time </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:724.3px;left:4047px;white-space:nowrap">Served</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:340.3px;left:5348px;white-space:nowrap">Number </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:340.3px;left:5996.98px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:340.3px;left:6192.45px;white-space:nowrap">Portfolios </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:340.3px;left:6983.55px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:532.3px;left:5348px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:532.3px;left:5783.39px;white-space:nowrap">Complex </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:532.3px;left:6503.55px;white-space:nowrap">Overseen </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:724.3px;left:5348px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:724.3px;left:5579.17px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:724.3px;left:6085.89px;white-space:nowrap">Member</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:532.3px;left:7514px;white-space:nowrap">Other </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:532.3px;left:7985.17px;white-space:nowrap">Directorships </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:532.3px;left:9061.03px;white-space:nowrap">Held </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:724.3px;left:7514px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:724.3px;left:8073.92px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:724.3px;left:8260.64px;white-space:nowrap">Least </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:724.3px;left:8723.06px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:724.3px;left:9007.52px;white-space:nowrap">Past </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:724.3px;left:9389.94px;white-space:nowrap">5 </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:724.3px;left:9520.48px;letter-spacing:-1.77px;white-space:nowrap">Years</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1020.79px;left:0px;white-space:nowrap">Matthew </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1020.79px;left:684.45px;letter-spacing:-5.91px;white-space:nowrap">T. </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1020.79px;left:853.36px;white-space:nowrap">Hinkle </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1020.79px;left:1377.97px;white-space:nowrap">(1971)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:2316px;white-space:nowrap">Chief </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:2733.97px;white-space:nowrap">Executive</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1212.79px;left:2316px;text-rendering:optimizeLegibility;white-space:nowrap">Officer </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1212.79px;left:2827.64px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1404.79px;left:2316px;white-space:nowrap">Finance </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1404.79px;left:2929.67px;white-space:nowrap">and</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1596.79px;left:2316px;white-space:nowrap">Administration</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:3632px;white-space:nowrap">Since </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:4076.69px;white-space:nowrap">2017</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:5348px;white-space:nowrap">Not </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:5632.61px;white-space:nowrap">Applicable</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:7514px;white-space:nowrap">Not </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:7798.61px;white-space:nowrap">Applicable</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1227.27px;left:0px;white-space:nowrap">One </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1227.27px;left:346.88px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1227.27px;left:960.39px;white-space:nowrap">Parkway</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1419.27px;left:0px;white-space:nowrap">San </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1419.27px;left:329.14px;white-space:nowrap">Mateo, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1419.27px;left:862.73px;letter-spacing:-2.94px;white-space:nowrap">CA </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1419.27px;left:1120.63px;white-space:nowrap">94403-1906</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1803.27px;left:0px;white-space:nowrap">Principal </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1803.27px;left:720.23px;white-space:nowrap">Occupation </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1803.27px;left:1644.77px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1803.27px;left:2204.69px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1803.27px;left:2391.41px;white-space:nowrap">Least </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1803.27px;left:2853.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1803.27px;left:3138.28px;white-space:nowrap">Past </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1803.27px;left:3520.7px;white-space:nowrap">5 </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:1803.27px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:0px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:506.95px;letter-spacing:-0.58px;white-space:nowrap">Vice </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:859.77px;white-space:nowrap">President, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:1624.61px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:2235.23px;letter-spacing:-1.77px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:3017.89px;white-space:nowrap">Services, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:3720.31px;white-space:nowrap">LLC; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:4102.73px;text-rendering:optimizeLegibility;white-space:nowrap">officer </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:4578.91px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:4756.8px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:5281.48px;white-space:nowrap">funds </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:5717.34px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:5886.33px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:6153.2px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:6763.83px;letter-spacing:-1.18px;white-space:nowrap">Templeton/Legg </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:7946.88px;white-space:nowrap">Mason </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:8471.56px;white-space:nowrap">fund </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:8827.42px;white-space:nowrap">complex; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:9512.11px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2201.76px;left:0px;white-space:nowrap">formerly</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2201.76px;left:640.23px;white-space:nowrap">, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2201.76px;left:729.14px;letter-spacing:-0.58px;white-space:nowrap">Vice </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2201.76px;left:1081.95px;white-space:nowrap">President, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2201.76px;left:1846.8px;white-space:nowrap">Global </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2201.76px;left:2350.86px;letter-spacing:-4.43px;white-space:nowrap">Tax </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2201.76px;left:2644.3px;white-space:nowrap">(2012-April </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2201.76px;left:3471.33px;white-space:nowrap">2017) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2201.76px;left:3925px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2201.76px;left:4233.52px;letter-spacing:-0.3px;white-space:nowrap">Treasurer/Assistant </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2201.76px;left:5656.25px;letter-spacing:-1.34px;white-space:nowrap">Treasurer, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2201.76px;left:6423.91px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2201.76px;left:7034.53px;letter-spacing:-1.77px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2201.76px;left:7817.19px;white-space:nowrap">(2009-2017).</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2673.24px;left:0px;white-space:nowrap">Rupert </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2673.24px;left:560px;white-space:nowrap">H. </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2673.24px;left:764.45px;white-space:nowrap">Johnson, </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2673.24px;left:1520px;letter-spacing:-2.21px;white-space:nowrap">Jr. </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:2865.24px;left:0px;white-space:nowrap">(1940)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2673.24px;left:2316px;letter-spacing:-0.58px;white-space:nowrap">Vice </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2673.24px;left:2668.81px;white-space:nowrap">President</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2673.24px;left:3632px;white-space:nowrap">Since </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2673.24px;left:4076.69px;white-space:nowrap">1996</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2673.24px;left:5348px;white-space:nowrap">Not </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2673.24px;left:5632.61px;white-space:nowrap">Applicable</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2673.24px;left:7514px;white-space:nowrap">Not </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2673.24px;left:7798.61px;white-space:nowrap">Applicable</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3071.72px;left:0px;white-space:nowrap">One </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3071.72px;left:346.88px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3071.72px;left:960.39px;white-space:nowrap">Parkway</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3263.72px;left:0px;white-space:nowrap">San </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3263.72px;left:329.14px;white-space:nowrap">Mateo, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3263.72px;left:862.73px;letter-spacing:-2.94px;white-space:nowrap">CA </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3263.72px;left:1120.63px;white-space:nowrap">94403-1906</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3560.21px;left:0px;white-space:nowrap">Principal </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3560.21px;left:720.23px;white-space:nowrap">Occupation </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3560.21px;left:1644.77px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3560.21px;left:2204.69px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3560.21px;left:2391.41px;white-space:nowrap">Least </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3560.21px;left:2853.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3560.21px;left:3138.28px;white-space:nowrap">Past </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3560.21px;left:3520.7px;white-space:nowrap">5 </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:3560.21px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3766.69px;left:0px;white-space:nowrap">Director </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3766.69px;left:604.53px;letter-spacing:-0.48px;white-space:nowrap">(Vice </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3766.69px;left:1010.63px;white-space:nowrap">Chairman), </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3766.69px;left:1846.41px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3766.69px;left:2459.92px;white-space:nowrap">Resources, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3766.69px;left:3313.59px;white-space:nowrap">Inc.; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3766.69px;left:3660.39px;letter-spacing:-0.88px;white-space:nowrap">Director, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3766.69px;left:4300.55px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3766.69px;left:4905.23px;white-space:nowrap">Advisers, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3766.69px;left:5607.66px;white-space:nowrap">Inc.; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3766.69px;left:5954.45px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3766.69px;left:6265.86px;text-rendering:optimizeLegibility;white-space:nowrap">officer </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3766.69px;left:6742.03px;white-space:nowrap">and/or </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3766.69px;left:7240.16px;white-space:nowrap">director </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3766.69px;left:7818.13px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3766.69px;left:8004.84px;white-space:nowrap">trustee, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3766.69px;left:8582.89px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3766.69px;left:8796.33px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3766.69px;left:9063.2px;white-space:nowrap">case </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3766.69px;left:9445.63px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3766.69px;left:9792.34px;white-space:nowrap">be, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:177.89px;white-space:nowrap">some </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:613.59px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:791.48px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:1058.36px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:1467.5px;white-space:nowrap">subsidiaries </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:2356.8px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:2534.69px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:3148.2px;white-space:nowrap">Resources, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:4001.88px;white-space:nowrap">Inc. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:4304.22px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:4615.63px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:4793.52px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:5318.2px;white-space:nowrap">funds </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:5754.06px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:5923.05px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:6189.92px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:6800.55px;letter-spacing:-1.18px;white-space:nowrap">Templeton/Legg </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:7983.59px;white-space:nowrap">Mason </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:8508.28px;white-space:nowrap">fund </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:8864.14px;white-space:nowrap">complex.</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4430.18px;left:0px;white-space:nowrap">Susan </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4430.18px;left:524.61px;white-space:nowrap">Kerr </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:4430.18px;left:898.13px;white-space:nowrap">(1949)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4430.18px;left:2316px;letter-spacing:-0.58px;white-space:nowrap">Vice </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4430.18px;left:2668.81px;white-space:nowrap">President </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4430.18px;left:3389.2px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4622.18px;left:2316px;letter-spacing:-1.48px;white-space:nowrap">AML </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4622.18px;left:2683.5px;white-space:nowrap">Compliance</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4430.18px;left:3632px;white-space:nowrap">Since </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4430.18px;left:4076.69px;white-space:nowrap">2021</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4430.18px;left:5348px;white-space:nowrap">Not </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4430.18px;left:5632.61px;white-space:nowrap">Applicable</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4430.18px;left:7514px;white-space:nowrap">Not </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4430.18px;left:7798.61px;white-space:nowrap">Applicable</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4636.66px;left:0px;white-space:nowrap">620 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4636.66px;left:311.41px;white-space:nowrap">Eighth </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4636.66px;left:800.7px;letter-spacing:-0.48px;white-space:nowrap">Avenue</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4828.66px;left:0px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4828.66px;left:361.64px;letter-spacing:-2.45px;white-space:nowrap">York, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4828.66px;left:764.84px;letter-spacing:-0.96px;white-space:nowrap">NY </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4828.66px;left:1028.67px;white-space:nowrap">10018</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5125.15px;left:0px;white-space:nowrap">Principal </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5125.15px;left:720.23px;white-space:nowrap">Occupation </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5125.15px;left:1644.77px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5125.15px;left:2204.69px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5125.15px;left:2391.41px;white-space:nowrap">Least </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5125.15px;left:2853.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5125.15px;left:3138.28px;white-space:nowrap">Past </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5125.15px;left:3520.7px;white-space:nowrap">5 </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:5125.15px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5331.63px;left:0px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5331.63px;left:506.95px;white-space:nowrap">Compliance </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5331.63px;left:1387.42px;white-space:nowrap">Analyst, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5331.63px;left:2001.02px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5331.63px;left:2611.64px;letter-spacing:-1.61px;white-space:nowrap">Templeton; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5331.63px;left:3438.75px;white-space:nowrap">Chief </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5331.63px;left:3847.89px;white-space:nowrap">Anti-Money </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5331.63px;left:4701.56px;white-space:nowrap">Laundering </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5331.63px;left:5546.72px;white-space:nowrap">Compliance </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5331.63px;left:6436.02px;text-rendering:optimizeLegibility;letter-spacing:-0.98px;white-space:nowrap">Officer, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5331.63px;left:6983.28px;white-space:nowrap">Legg </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5331.63px;left:7383.67px;white-space:nowrap">Mason </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5331.63px;left:7908.36px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5331.63px;left:8059.53px;white-space:nowrap">Co., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5331.63px;left:8397.42px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5331.63px;left:8584.14px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5331.63px;left:8788.59px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5331.63px;left:9451.64px;white-space:nowrap">Anti </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5523.63px;left:0px;white-space:nowrap">Money </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5523.63px;left:524.69px;white-space:nowrap">Laundering </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5523.63px;left:1369.84px;white-space:nowrap">Compliance </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5523.63px;left:2259.14px;text-rendering:optimizeLegibility;white-space:nowrap">Officer; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5523.63px;left:2815.23px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5523.63px;left:3322.19px;white-space:nowrap">Compliance </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5523.63px;left:4211.48px;text-rendering:optimizeLegibility;letter-spacing:-0.98px;white-space:nowrap">Officer, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5523.63px;left:4758.75px;white-space:nowrap">LMIS; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5523.63px;left:5221.09px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5523.63px;left:5532.5px;text-rendering:optimizeLegibility;white-space:nowrap">officer </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5523.63px;left:6008.67px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5523.63px;left:6186.56px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5523.63px;left:6711.25px;white-space:nowrap">funds </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5523.63px;left:7147.11px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5523.63px;left:7316.09px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5523.63px;left:7582.97px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5523.63px;left:8193.59px;letter-spacing:-1.18px;white-space:nowrap">Templeton/Legg </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5523.63px;left:9376.64px;white-space:nowrap">Mason </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5715.63px;left:0px;white-space:nowrap">fund </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5715.63px;left:355.86px;white-space:nowrap">complex.</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6187.12px;left:0px;white-space:nowrap">Christopher </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6187.12px;left:951.17px;white-space:nowrap">Kings </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:6187.12px;left:1440.08px;white-space:nowrap">(1974)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6187.12px;left:2316px;white-space:nowrap">Chief </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6187.12px;left:2733.97px;white-space:nowrap">Financial</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6379.12px;left:2316px;text-rendering:optimizeLegibility;letter-spacing:-0.98px;white-space:nowrap">Officer, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6379.12px;left:2863.27px;white-space:nowrap">Chief</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6571.12px;left:2316px;white-space:nowrap">Accounting</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6763.12px;left:2316px;text-rendering:optimizeLegibility;white-space:nowrap">Officer </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6763.12px;left:2827.64px;white-space:nowrap">and</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6955.12px;left:2316px;letter-spacing:-0.66px;white-space:nowrap">Treasurer</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6187.12px;left:3632px;white-space:nowrap">Since </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6187.12px;left:4076.69px;white-space:nowrap">January </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6187.12px;left:4690.36px;white-space:nowrap">2022</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6187.12px;left:5348px;white-space:nowrap">Not </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6187.12px;left:5632.61px;white-space:nowrap">Applicable</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6187.12px;left:7514px;white-space:nowrap">Not </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6187.12px;left:7798.61px;white-space:nowrap">Applicable</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6393.6px;left:0px;white-space:nowrap">One </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6393.6px;left:346.88px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6393.6px;left:960.39px;white-space:nowrap">Parkway</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6585.6px;left:0px;white-space:nowrap">San </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6585.6px;left:329.14px;white-space:nowrap">Mateo, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6585.6px;left:862.73px;letter-spacing:-2.94px;white-space:nowrap">CA </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6585.6px;left:1120.63px;white-space:nowrap">94403-1906</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7161.6px;left:0px;white-space:nowrap">Principal </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7161.6px;left:720.23px;white-space:nowrap">Occupation </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7161.6px;left:1644.77px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7161.6px;left:2204.69px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7161.6px;left:2391.41px;white-space:nowrap">Least </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7161.6px;left:2853.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7161.6px;left:3138.28px;white-space:nowrap">Past </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7161.6px;left:3520.7px;white-space:nowrap">5 </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7161.6px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7368.08px;left:0px;letter-spacing:-1.34px;white-space:nowrap">Treasurer, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7368.08px;left:767.66px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7368.08px;left:1123.28px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7368.08px;left:1523.59px;white-space:nowrap">Administration </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7368.08px;left:2581.8px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7368.08px;left:2732.97px;white-space:nowrap">Reporting; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7368.08px;left:3515.63px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7368.08px;left:3827.03px;text-rendering:optimizeLegibility;white-space:nowrap">officer </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7368.08px;left:4303.2px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7368.08px;left:4481.09px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7368.08px;left:5005.78px;white-space:nowrap">funds </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7368.08px;left:5441.64px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7368.08px;left:5610.63px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7368.08px;left:5877.5px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7368.08px;left:6488.13px;letter-spacing:-1.18px;white-space:nowrap">Templeton/Legg </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7368.08px;left:7671.17px;white-space:nowrap">Mason </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7368.08px;left:8195.86px;white-space:nowrap">fund </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7368.08px;left:8551.72px;white-space:nowrap">complex.</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7839.57px;left:0px;white-space:nowrap">Navid </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7839.57px;left:480.16px;white-space:nowrap">J. </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7839.57px;left:658.05px;text-rendering:optimizeLegibility;letter-spacing:-1.08px;white-space:nowrap">Tofigh </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:7839.57px;left:1179.3px;white-space:nowrap">(1972)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7839.57px;left:2316px;letter-spacing:-0.58px;white-space:nowrap">Vice </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7839.57px;left:2668.81px;white-space:nowrap">President</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7839.57px;left:3632px;white-space:nowrap">Since </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7839.57px;left:4076.69px;white-space:nowrap">2015</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7839.57px;left:5348px;white-space:nowrap">Not </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7839.57px;left:5632.61px;white-space:nowrap">Applicable</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7839.57px;left:7514px;white-space:nowrap">Not </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7839.57px;left:7798.61px;white-space:nowrap">Applicable</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8046.05px;left:0px;white-space:nowrap">One </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8046.05px;left:346.88px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8046.05px;left:960.39px;white-space:nowrap">Parkway</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8238.05px;left:0px;white-space:nowrap">San </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8238.05px;left:329.14px;white-space:nowrap">Mateo, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8238.05px;left:862.73px;letter-spacing:-2.94px;white-space:nowrap">CA </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8238.05px;left:1120.63px;white-space:nowrap">94403-1906</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8534.54px;left:0px;white-space:nowrap">Principal </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8534.54px;left:720.23px;white-space:nowrap">Occupation </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8534.54px;left:1644.77px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8534.54px;left:2204.69px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8534.54px;left:2391.41px;white-space:nowrap">Least </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8534.54px;left:2853.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8534.54px;left:3138.28px;white-space:nowrap">Past </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8534.54px;left:3520.7px;white-space:nowrap">5 </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:8534.54px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8741.02px;left:0px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8741.02px;left:498.13px;white-space:nowrap">Associate </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8741.02px;left:1236.25px;white-space:nowrap">General </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8741.02px;left:1849.92px;white-space:nowrap">Counsel, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8741.02px;left:2525.86px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8741.02px;left:3136.48px;letter-spacing:-1.61px;white-space:nowrap">Templeton; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8741.02px;left:3963.59px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8741.02px;left:4275px;text-rendering:optimizeLegibility;white-space:nowrap">officer </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8741.02px;left:4751.17px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8741.02px;left:4929.06px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8741.02px;left:5453.75px;white-space:nowrap">funds </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8741.02px;left:5889.61px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8741.02px;left:6058.59px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8741.02px;left:6325.47px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8741.02px;left:6936.09px;letter-spacing:-1.18px;white-space:nowrap">Templeton/Legg </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8741.02px;left:8119.14px;white-space:nowrap">Mason </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8741.02px;left:8643.83px;white-space:nowrap">fund </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8741.02px;left:8999.69px;white-space:nowrap">complex.</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9212.51px;left:0px;white-space:nowrap">Lori </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9212.51px;left:340.7px;white-space:nowrap">A. </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9212.51px;left:545.16px;letter-spacing:-0.48px;white-space:nowrap">Weber </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9212.51px;left:1075.7px;white-space:nowrap">(1964)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9212.51px;left:2316px;letter-spacing:-0.58px;white-space:nowrap">Vice </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9212.51px;left:2668.81px;white-space:nowrap">President</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9404.51px;left:2316px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9404.51px;left:2627.41px;white-space:nowrap">Secretary</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9212.51px;left:3632px;letter-spacing:-0.58px;white-space:nowrap">Vice </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9212.51px;left:3984.81px;white-space:nowrap">President</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9404.51px;left:3632px;white-space:nowrap">since </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9404.51px;left:4049.97px;letter-spacing:-2.97px;white-space:nowrap">2011</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9596.51px;left:3632px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9596.51px;left:3943.41px;white-space:nowrap">Secretary </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9596.51px;left:4672.55px;white-space:nowrap">since </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9788.51px;left:3632px;white-space:nowrap">2013</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9212.51px;left:5348px;white-space:nowrap">Not </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9212.51px;left:5632.61px;white-space:nowrap">Applicable</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9212.51px;left:7514px;white-space:nowrap">Not </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9212.51px;left:7798.61px;white-space:nowrap">Applicable</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9418.99px;left:0px;white-space:nowrap">300 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9418.99px;left:311.41px;white-space:nowrap">S.E. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9418.99px;left:658.2px;white-space:nowrap">2nd </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9418.99px;left:969.61px;white-space:nowrap">Street</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9610.99px;left:0px;white-space:nowrap">Fort </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9610.99px;left:328.91px;white-space:nowrap">Lauderdale, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9610.99px;left:1218.52px;letter-spacing:-1.98px;white-space:nowrap">FL </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9610.99px;left:1443.75px;white-space:nowrap">33301-</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9802.99px;left:0px;white-space:nowrap">1923</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10099.47px;left:0px;white-space:nowrap">Principal </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10099.47px;left:720.23px;white-space:nowrap">Occupation </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10099.47px;left:1644.77px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10099.47px;left:2204.69px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10099.47px;left:2391.41px;white-space:nowrap">Least </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10099.47px;left:2853.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10099.47px;left:3138.28px;white-space:nowrap">Past </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10099.47px;left:3520.7px;white-space:nowrap">5 </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10099.47px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10305.96px;left:0px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10305.96px;left:498.13px;white-space:nowrap">Associate </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10305.96px;left:1236.25px;white-space:nowrap">General </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10305.96px;left:1849.92px;white-space:nowrap">Counsel, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10305.96px;left:2525.86px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10305.96px;left:3136.48px;letter-spacing:-1.61px;white-space:nowrap">Templeton; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10305.96px;left:3954.77px;white-space:nowrap">Assistant </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10305.96px;left:4648.36px;letter-spacing:-1.08px;white-space:nowrap">Secretary, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10305.96px;left:5410.08px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10305.96px;left:6023.59px;white-space:nowrap">Resources, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10305.96px;left:6877.27px;white-space:nowrap">Inc.; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10305.96px;left:7224.06px;letter-spacing:-0.58px;white-space:nowrap">Vice </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10305.96px;left:7576.88px;white-space:nowrap">President </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10305.96px;left:8297.27px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10305.96px;left:8608.67px;letter-spacing:-1.08px;white-space:nowrap">Secretary, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10497.96px;left:0px;letter-spacing:-1.77px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10497.96px;left:782.66px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10497.96px;left:1609.69px;white-space:nowrap">Counsel, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10497.96px;left:2285.63px;white-space:nowrap">LLC; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10497.96px;left:2668.05px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10497.96px;left:2979.45px;text-rendering:optimizeLegibility;white-space:nowrap">officer </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10497.96px;left:3455.63px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10497.96px;left:3633.52px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10497.96px;left:4158.2px;white-space:nowrap">funds </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10497.96px;left:4594.06px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10497.96px;left:4763.05px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10497.96px;left:5029.92px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10497.96px;left:5640.55px;letter-spacing:-1.18px;white-space:nowrap">Templeton/Legg </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10497.96px;left:6823.59px;white-space:nowrap">Mason </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10497.96px;left:7348.28px;white-space:nowrap">fund </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10497.96px;left:7704.14px;white-space:nowrap">complex.</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10969.44px;left:0px;white-space:nowrap">Christine </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10969.44px;left:737.89px;white-space:nowrap">Zhu </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10969.44px;left:1075.55px;white-space:nowrap">(1975)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10969.44px;left:2316px;letter-spacing:-0.58px;white-space:nowrap">Vice </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10969.44px;left:2668.81px;white-space:nowrap">President</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10969.44px;left:3632px;white-space:nowrap">Since </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10969.44px;left:4076.69px;white-space:nowrap">2018</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10969.44px;left:5348px;white-space:nowrap">Not </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10969.44px;left:5632.61px;white-space:nowrap">Applicable</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10969.44px;left:7514px;white-space:nowrap">Not </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10969.44px;left:7798.61px;white-space:nowrap">Applicable</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11175.93px;left:0px;white-space:nowrap">One </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11175.93px;left:346.88px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11175.93px;left:960.39px;white-space:nowrap">Parkway</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11367.93px;left:0px;white-space:nowrap">San </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11367.93px;left:329.14px;white-space:nowrap">Mateo, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11367.93px;left:862.73px;letter-spacing:-2.94px;white-space:nowrap">CA </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11367.93px;left:1120.63px;white-space:nowrap">94403-1906</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:11664.41px;left:0px;white-space:nowrap">Principal </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:11664.41px;left:720.23px;white-space:nowrap">Occupation </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:11664.41px;left:1644.77px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:11664.41px;left:2204.69px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:11664.41px;left:2391.41px;white-space:nowrap">Least </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:11664.41px;left:2853.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:11664.41px;left:3138.28px;white-space:nowrap">Past </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:11664.41px;left:3520.7px;white-space:nowrap">5 </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:11664.41px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11870.9px;left:0px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11870.9px;left:506.95px;letter-spacing:-0.58px;white-space:nowrap">Vice </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11870.9px;left:859.77px;white-space:nowrap">President, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11870.9px;left:1624.61px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11870.9px;left:2229.3px;white-space:nowrap">Advisers, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11870.9px;left:2931.72px;white-space:nowrap">Inc.; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11870.9px;left:3278.52px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11870.9px;left:3589.92px;text-rendering:optimizeLegibility;white-space:nowrap">officer </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11870.9px;left:4066.09px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11870.9px;left:4243.98px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11870.9px;left:4768.67px;white-space:nowrap">funds </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11870.9px;left:5204.53px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11870.9px;left:5373.52px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11870.9px;left:5640.39px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11870.9px;left:6251.02px;letter-spacing:-1.18px;white-space:nowrap">Templeton/Legg </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11870.9px;left:7434.06px;white-space:nowrap">Mason </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11870.9px;left:7958.75px;white-space:nowrap">fund </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11870.9px;left:8314.61px;white-space:nowrap">complex.</div></div>
		</div>
		<div style="height:23.01px;left:0px;position:absolute;top:0px;transform:translate(53.999px,84.950px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:189.29px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Officers </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:53.82px;left:961.42px;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:26.46px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:432px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) 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:9.6px;white-space:nowrap">Global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:1596.97px;letter-spacing:10.29px;white-space:nowrap">Income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:2242.22px;letter-spacing:9px;white-space:nowrap">Fund</div></div>
		</div>
		<div style="height:40.84px;left:0px;position:absolute;top:0px;transform:translate(36.000px,75.357px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:648px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) 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">Shareholder </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:1690.31px;white-space:nowrap">Information</div></div>
		</div>
		<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">
			<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) 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">46</div></div>
		</div>
		<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">
			<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) 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>
		</div>
		<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(80.389px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">
			<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) 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">Annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
		</div>
		<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">
			<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
		</div>
		<div style="height:623.65px;left:0px;position:absolute;top:0px;transform:translate(36.000px,108.150px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:12352px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) 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">Proxy </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:736.84px;letter-spacing:-2.05px;white-space:nowrap">Voting </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1531.94px;white-space:nowrap">Policies </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2500.09px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3006.12px;white-space:nowrap">Procedures</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;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:344.48px;left:947.2px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:1867.59px;white-space:nowrap">manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:2628.02px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:2968.24px;white-space:nowrap">established </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:3928.89px;white-space:nowrap">Proxy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:0px;letter-spacing:-1.42px;white-space:nowrap">Voting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:550.46px;white-space:nowrap">Policies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:1220.71px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:1571.04px;white-space:nowrap">Procedures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:2541.53px;white-space:nowrap">(Policies) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:3331.67px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:3681.91px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:3982.15px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:0px;white-space:nowrap">uses </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:430.22px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:630.35px;white-space:nowrap">determine </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:1480.78px;white-space:nowrap">how </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:1861px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:2061.12px;white-space:nowrap">vote </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:2451.36px;white-space:nowrap">proxies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:3081.62px;white-space:nowrap">relating </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:3721.99px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:3922.12px;white-space:nowrap">portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094.48px;left:0px;white-space:nowrap">securities. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094.48px;left:860.27px;white-space:nowrap">Shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094.48px;left:1980.97px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094.48px;left:2371.03px;white-space:nowrap">view </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094.48px;left:2781.12px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094.48px;left:3081.36px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094.48px;left:3668.38px;white-space:nowrap">complete </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344.48px;left:0px;white-space:nowrap">Policies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344.48px;left:670.25px;white-space:nowrap">online </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344.48px;left:1200.67px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344.48px;left:1400.8px;white-space:nowrap">franklintempleton.com. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344.48px;left:3251.69px;letter-spacing:-0.89px;white-space:nowrap">Alternatively, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594.48px;left:0px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594.48px;left:1090.63px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594.48px;left:1480.69px;white-space:nowrap">request </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594.48px;left:2131.08px;white-space:nowrap">copies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594.48px;left:2701.41px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594.48px;left:2901.53px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594.48px;left:3201.77px;white-space:nowrap">Policies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594.48px;left:3872.02px;white-space:nowrap">free </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594.48px;left:4232.2px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844.48px;left:0px;white-space:nowrap">charge </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844.48px;left:600.38px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844.48px;left:840.5px;white-space:nowrap">calling </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844.48px;left:1400.8px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844.48px;left:1701.04px;white-space:nowrap">Proxy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844.48px;left:2211.15px;white-space:nowrap">Group </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844.48px;left:2761.44px;white-space:nowrap">collect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844.48px;left:3321.65px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844.48px;left:3521.78px;white-space:nowrap">(954) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844.48px;left:3991.99px;white-space:nowrap">527-</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094.48px;left:0px;white-space:nowrap">7678 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094.48px;left:450.44px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094.48px;left:660.5px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094.48px;left:900.62px;white-space:nowrap">sending </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094.48px;left:1581.15px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094.48px;left:1731.27px;white-space:nowrap">written </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094.48px;left:2311.44px;white-space:nowrap">request </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094.48px;left:2961.83px;white-space:nowrap">to: </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094.48px;left:3211.96px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094.48px;left:3898.92px;letter-spacing:-2px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344.48px;left:0px;white-space:nowrap">Companies, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344.48px;left:1010.48px;white-space:nowrap">LLC, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344.48px;left:1440.7px;white-space:nowrap">300 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344.48px;left:1791.04px;white-space:nowrap">S.E. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344.48px;left:2181.18px;white-space:nowrap">2nd </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344.48px;left:2531.51px;white-space:nowrap">Street, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344.48px;left:3111.77px;white-space:nowrap">Fort </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344.48px;left:3481.79px;white-space:nowrap">Lauderdale, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2594.48px;left:0px;letter-spacing:-2.23px;white-space:nowrap">FL </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2594.48px;left:253.39px;white-space:nowrap">33301, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2594.48px;left:844.01px;white-space:nowrap">Attention: </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2594.48px;left:1654.54px;white-space:nowrap">Proxy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2594.48px;left:2164.66px;white-space:nowrap">Group. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2594.48px;left:2764.95px;white-space:nowrap">Copies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2594.48px;left:3375.26px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2594.48px;left:3575.39px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2594.48px;left:3875.63px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2844.48px;left:0px;white-space:nowrap">proxy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2844.48px;left:490.17px;white-space:nowrap">voting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2844.48px;left:1020.5px;white-space:nowrap">records </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2844.48px;left:1670.71px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2844.48px;left:1980.88px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2844.48px;left:2361.09px;white-space:nowrap">made </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2844.48px;left:2861.37px;white-space:nowrap">available </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2844.48px;left:3621.88px;white-space:nowrap">online </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2844.48px;left:4152.3px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3094.48px;left:0px;white-space:nowrap">franklintempleton.com </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3094.48px;left:1810.81px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3094.48px;left:2161.14px;white-space:nowrap">posted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3094.48px;left:2751.59px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3094.48px;left:3001.82px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3094.48px;left:3302.05px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3094.48px;left:3702.13px;white-space:nowrap">Securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3094.48px;left:4542.45px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3344.48px;left:0px;white-space:nowrap">Exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3344.48px;left:850.61px;letter-spacing:-0.25px;white-space:nowrap">Commission&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3344.48px;left:2017.53px;white-space:nowrap">website </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3344.48px;left:2677.85px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3344.48px;left:2877.98px;white-space:nowrap">sec.gov </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3344.48px;left:3548.32px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3344.48px;left:3898.65px;text-rendering:optimizeLegibility;white-space:nowrap">reflect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3344.48px;left:4438.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3594.48px;left:0px;white-space:nowrap">most </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3594.48px;left:440.07px;white-space:nowrap">recent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3594.48px;left:990.35px;white-space:nowrap">12-month </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3594.48px;left:1800.79px;white-space:nowrap">period </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3594.48px;left:2351.16px;white-space:nowrap">ended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3594.48px;left:2901.71px;white-space:nowrap">June </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3594.48px;left:3342.04px;white-space:nowrap">30.</div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:4170.75px;left:0px;white-space:nowrap">Quarterly </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:4170.75px;left:1141.44px;white-space:nowrap">Schedule </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:4170.75px;left:2297.85px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:4170.75px;left:2586.92px;white-space:nowrap">Investments</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4546.08px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4546.08px;left:360.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4546.08px;left:820.46px;text-rendering:optimizeLegibility;white-space:nowrap">files </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4546.08px;left:1190.57px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4546.08px;left:1340.68px;white-space:nowrap">complete </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4546.08px;left:2121.06px;white-space:nowrap">consolidated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4546.08px;left:3181.82px;white-space:nowrap">schedule </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4546.08px;left:3952.35px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4796.08px;left:0px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4796.08px;left:1010.39px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4796.08px;left:1380.5px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4796.08px;left:1680.73px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4796.08px;left:2080.81px;white-space:nowrap">Securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4796.08px;left:2921.13px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4796.08px;left:3271.46px;white-space:nowrap">Exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5046.08px;left:0px;white-space:nowrap">Commission </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5046.08px;left:1040.19px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5046.08px;left:1300.25px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5046.08px;left:1600.49px;text-rendering:optimizeLegibility;white-space:nowrap">first </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5046.08px;left:1940.45px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5046.08px;left:2290.78px;white-space:nowrap">third </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5046.08px;left:2690.95px;white-space:nowrap">quarters </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5046.08px;left:3401.28px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5046.08px;left:3661.35px;white-space:nowrap">each </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5296.08px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">fiscal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5296.08px;left:460.11px;white-space:nowrap">year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5296.08px;left:860.27px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5296.08px;left:1100.39px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5296.08px;left:1350.62px;white-space:nowrap">exhibit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5296.08px;left:1920.94px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5296.08px;left:2121.06px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5296.08px;left:2351.07px;white-space:nowrap">report </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5296.08px;left:2871.3px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5296.08px;left:3121.52px;white-space:nowrap">Form </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5296.08px;left:3591.47px;letter-spacing:-2.9px;white-space:nowrap">N-PORT. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5546.08px;left:0px;white-space:nowrap">Shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5546.08px;left:1120.69px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5546.08px;left:1510.75px;white-space:nowrap">view </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5546.08px;left:1920.85px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5546.08px;left:2221.08px;text-rendering:optimizeLegibility;white-space:nowrap">filed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5546.08px;left:2601.3px;white-space:nowrap">Form </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5546.08px;left:3071.25px;letter-spacing:-0.93px;white-space:nowrap">N-PORT </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5546.08px;left:3804.7px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5546.08px;left:4044.81px;white-space:nowrap">visiting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5796.08px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5796.08px;left:300.23px;letter-spacing:-0.25px;white-space:nowrap">Commission&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5796.08px;left:1467.16px;white-space:nowrap">website </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5796.08px;left:2127.48px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5796.08px;left:2327.61px;letter-spacing:-1.48px;white-space:nowrap">sec.gov. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5796.08px;left:3031.35px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5796.08px;left:3391.52px;text-rendering:optimizeLegibility;white-space:nowrap">filed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5796.08px;left:3771.74px;white-space:nowrap">form </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5796.08px;left:4181.75px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6046.08px;left:0px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6046.08px;left:380.21px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6046.08px;left:630.44px;white-space:nowrap">viewed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6046.08px;left:1240.75px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6046.08px;left:1591.08px;white-space:nowrap">copied </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6046.08px;left:2171.51px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6046.08px;left:2371.64px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6046.08px;left:2671.88px;letter-spacing:-0.25px;white-space:nowrap">Commission&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6046.08px;left:3838.8px;white-space:nowrap">Public </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6296.08px;left:0px;white-space:nowrap">Reference </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6296.08px;left:880.49px;white-space:nowrap">Room </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6296.08px;left:1410.64px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6296.08px;left:1600.75px;letter-spacing:-0.56px;white-space:nowrap">Washington, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6296.08px;left:2644.63px;white-space:nowrap">DC. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6296.08px;left:3004.63px;white-space:nowrap">Information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6296.08px;left:3955.08px;white-space:nowrap">regarding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6546.08px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6546.08px;left:300.23px;white-space:nowrap">operations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6546.08px;left:1190.83px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6546.08px;left:1390.96px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6546.08px;left:1691.19px;white-space:nowrap">Public </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6546.08px;left:2231.46px;white-space:nowrap">Reference </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6546.08px;left:3111.94px;white-space:nowrap">Room </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6546.08px;left:3642.1px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6546.08px;left:4032.16px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6796.08px;left:0px;white-space:nowrap">obtained </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6796.08px;left:740.65px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6796.08px;left:980.77px;white-space:nowrap">calling </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6796.08px;left:1541.07px;white-space:nowrap">(800) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6796.08px;left:2011.29px;white-space:nowrap">SEC-0330.</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:4814.47px;white-space:nowrap">Not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5055.09px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5317.67px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5463.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5682.51px;white-space:nowrap">annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:6112.98px;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:-3px;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">1. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:190.2px;white-space:nowrap">American </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1000.46px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;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:-21.36px;left:2210.89px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;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:-21.36px;left:3011.31px;white-space:nowrap">Company </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3831.68px;white-space:nowrap">LLC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4211.89px;white-space:nowrap">(&#8220;AST&#8221;), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:299.97px;white-space:nowrap">act </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:590.1px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:830.21px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1230.56px;white-space:nowrap">Administrator </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2340.88px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2691.21px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2991.18px;white-space:nowrap">open </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3441.62px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3691.85px;white-space:nowrap">account </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4372.29px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">participating </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1020.59px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2111.22px;white-space:nowrap">(&#8220;participant&#8221;) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3231.47px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3741.86px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4042.09px;white-space:nowrap">Dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">Reinvestment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1150.49px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1500.82px;white-space:nowrap">Cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1971.04px;white-space:nowrap">Purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2781.47px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3191.75px;white-space:nowrap">(the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3551.92px;white-space:nowrap">&#8220;Plan&#8221;) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4142.02px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:300.23px;white-space:nowrap">same </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:790.4px;white-space:nowrap">name </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1290.67px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1530.79px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1881.04px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2071.14px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2581.35px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2881.58px;letter-spacing:-0.23px;white-space:nowrap">participant&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3888.81px;white-space:nowrap">present </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:0px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:590.27px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:900.44px;white-space:nowrap">registered, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1800.88px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2151.21px;white-space:nowrap">put </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2451.45px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2751.68px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:3161.95px;white-space:nowrap">into </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:3502.18px;text-rendering:optimizeLegibility;white-space:nowrap">effect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:3988.56px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:4228.68px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:4428.81px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">first </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:339.96px;white-space:nowrap">record </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:900.18px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1300.52px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1560.59px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1710.7px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:2431.23px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:2641.29px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:3211.61px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:3691.93px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:0px;white-space:nowrap">after </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:400.25px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:797.08px;white-space:nowrap">receives </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:1517.34px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:1817.58px;white-space:nowrap">authorization </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:2898.28px;white-space:nowrap">duly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:3278.5px;white-space:nowrap">executed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:4059.05px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:4299.17px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:0px;white-space:nowrap">participant.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:0px;white-space:nowrap">2. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:200.13px;white-space:nowrap">Whenever </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:1067.26px;letter-spacing:-2px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:1947.74px;white-space:nowrap">Global </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:2518.07px;white-space:nowrap">Income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:3158.35px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:3618.63px;white-space:nowrap">(the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:3978.81px;white-space:nowrap">&#8220;Fund&#8221;) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:0px;white-space:nowrap">declares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:730.37px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:880.49px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:1800.97px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:2210.98px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:2781.3px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:3261.62px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:3471.68px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:3721.9px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:0px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:720.53px;white-space:nowrap">payable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:1401.06px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:1591.17px;white-space:nowrap">either </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:2091.45px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:2521.67px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:2731.73px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:3322px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:3522.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:3822.36px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:4282.65px;white-space:nowrap">(&#8220;Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:0px;white-space:nowrap">shares&#8221;), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:760.17px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:900.18px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:1200.41px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:1800.53px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:2240.68px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:2550.85px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:3051.12px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:3301.35px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:3601.58px;white-space:nowrap">valuation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:4372.12px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:0px;white-space:nowrap">equals </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:580.43px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:790.49px;white-space:nowrap">exceeds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:1510.93px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:1811.16px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:2111.4px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:2591.63px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:3071.95px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:3382.12px;white-space:nowrap">share, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:3932.4px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:0px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:299.97px;white-space:nowrap">receive </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:930.23px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:1360.46px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:2080.99px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:2291.04px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:3211.52px;white-space:nowrap">entirely </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:3841.79px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:4031.89px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:0px;white-space:nowrap">shares, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:640.28px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:980.68px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:1377.51px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:1797.71px;white-space:nowrap">automatically </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:2898.19px;white-space:nowrap">receive </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:3528.46px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:3958.68px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:0px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:590.27px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:850.34px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:1730.83px;white-space:nowrap">accounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:2501.28px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:3261.8px;white-space:nowrap">aggregate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:4122.51px;white-space:nowrap">fractions. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:360.18px;white-space:nowrap">number </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:1020.5px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:1220.63px;white-space:nowrap">additional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:2041.26px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:2501.54px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:3091.82px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:3291.94px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:3542.17px;white-space:nowrap">credited </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:4232.55px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:0px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:880.49px;white-space:nowrap">accounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:1650.94px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:2071.14px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:2321.37px;white-space:nowrap">determined </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:3271.9px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:3512.02px;white-space:nowrap">dividing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:4172.43px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:0px;white-space:nowrap">equivalent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:870.64px;white-space:nowrap">dollar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:1360.9px;white-space:nowrap">amount </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:2011.29px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:2211.42px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:2511.65px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:3081.97px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:3562.29px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:0px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:210.06px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:930.59px;white-space:nowrap">payable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:1611.12px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:1811.25px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:2781.74px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:3021.86px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:3322.09px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:3909.11px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:4209.35px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:0px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:480.32px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:790.49px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:1290.76px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:1490.89px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:1791.12px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:2251.41px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:2841.68px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:3091.9px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:3392.14px;white-space:nowrap">valuation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:4162.68px;white-space:nowrap">date, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:0px;white-space:nowrap">provided </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:740.48px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:1090.72px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:1390.96px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:1851.24px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:2271.45px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:2571.68px;white-space:nowrap">issue </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:3041.89px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:3472.12px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:4062.39px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:4262.52px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:4412.64px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:0px;white-space:nowrap">lower </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:480.15px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:880.49px;white-space:nowrap">95% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:1290.76px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:1490.89px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:1791.12px;white-space:nowrap">current </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:2401.35px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:3001.46px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:3441.62px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:3751.79px;white-space:nowrap">share. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:4298.82px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:0px;white-space:nowrap">valuation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:770.54px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:1170.88px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:1470.85px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:1721.07px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:2021.31px;white-space:nowrap">payable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:2701.85px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:3102.19px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:3362.26px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:3792.48px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:0px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:210.06px;white-space:nowrap">dividend.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:0px;white-space:nowrap">3. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:200.13px;white-space:nowrap">Whenever </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:1070.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:1370.74px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:1831.03px;white-space:nowrap">declares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:2561.4px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:2711.51px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:3631.99px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:4042px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:0px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:480.32px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:690.38px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:940.61px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:1570.87px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:2291.4px;white-space:nowrap">payable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:2971.93px;white-space:nowrap">only </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:3352.15px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:3542.26px;white-space:nowrap">cash, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:4022.49px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:4232.55px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:4372.56px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;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:7338.64px;left:587.02px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:887.26px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:1367.49px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:1847.81px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:2157.98px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:2658.25px;white-space:nowrap">exceeds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:3378.69px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:3678.93px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:4279.04px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:0px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:310.17px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:810.44px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:1060.66px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:1360.9px;white-space:nowrap">valuation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:2131.44px;white-space:nowrap">date, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;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:7588.64px;left:2968.68px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:3388.89px;white-space:nowrap">apply </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:3869.21px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:4169.44px;white-space:nowrap">amount </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:200.13px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:630.35px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:1350.88px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:1560.94px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:2481.42px;white-space:nowrap">payable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:3161.95px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:3362.08px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:4332.57px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:300.23px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:1090.72px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:1290.85px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:1751.13px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:2341.41px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:2591.63px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:2891.87px;white-space:nowrap">open </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:3342.3px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:3942.42px;white-space:nowrap">(less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:4372.47px;white-space:nowrap">their </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:0px;white-space:nowrap">pro </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:310.17px;white-space:nowrap">rata </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:670.34px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:1170.62px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:1370.74px;white-space:nowrap">trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:1971.12px;white-space:nowrap">fees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:2361.36px;white-space:nowrap">incurred </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:3061.67px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:3431.78px;white-space:nowrap">respect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:4072.06px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:4272.19px;white-space:nowrap">open </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:0px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:600.12px;white-space:nowrap">purchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:1480.61px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:1670.71px;white-space:nowrap">connection </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:2591.37px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:2961.47px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:3261.71px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:4342.15px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:0px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:430.22px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:1150.75px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:1360.81px;white-space:nowrap">distribution). </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:2391.24px;white-space:nowrap">If, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:2591.28px;white-space:nowrap">before </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;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:8838.64px;left:3538.56px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:3878.79px;white-space:nowrap">completed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:0px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:230.01px;white-space:nowrap">purchases, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:1160.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:1460.74px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:2060.86px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:2501.02px;white-space:nowrap">exceeds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:3221.46px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:3521.69px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:3821.92px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:0px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:480.32px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:790.49px;white-space:nowrap">share, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:1340.77px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:1641.01px;white-space:nowrap">average </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:2341.49px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:2651.66px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:3151.93px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:3942.42px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:0px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:390.32px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;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:9588.64px;left:1017.33px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:1407.39px;white-space:nowrap">exceed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:2037.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:2338.07px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:2638.3px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:3118.54px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:3598.86px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:3798.98px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:4099.22px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:0px;white-space:nowrap">shares, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:640.28px;white-space:nowrap">resulting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:1370.65px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:1560.76px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:1861px;white-space:nowrap">acquisition </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:2761.52px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:2961.65px;white-space:nowrap">fewer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:3451.82px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:4042.09px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:4442.43px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:300.23px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:1020.76px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:1230.82px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:1801.14px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:2281.46px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:3201.94px;white-space:nowrap">had </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:3552.28px;white-space:nowrap">been </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:4002.71px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:4393.04px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:0px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:590.27px;white-space:nowrap">issued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:1160.6px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:1400.71px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:1700.95px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:2161.23px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:2361.36px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:2661.59px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:3141.83px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:3622.15px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:3932.31px;white-space:nowrap">share. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:0px;white-space:nowrap">Such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:460.28px;white-space:nowrap">purchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:1340.77px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:1640.74px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:1890.97px;white-space:nowrap">made </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:2391.24px;white-space:nowrap">promptly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:3131.46px;white-space:nowrap">after </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:3541.64px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:3841.88px;white-space:nowrap">payable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:0px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:400.34px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:660.41px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:1090.63px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:1811.16px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:2021.22px;white-space:nowrap">distribution, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:2991.71px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:3342.04px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:3532.15px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:3782.37px;white-space:nowrap">event </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:4272.71px;white-space:nowrap">later </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:0px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:400.34px;text-rendering:optimizeLegibility;white-space:nowrap">five </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:730.46px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:1490.89px;white-space:nowrap">days </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:1921.11px;white-space:nowrap">prior </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:2331.21px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:2531.34px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:2831.57px;white-space:nowrap">record </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:3391.79px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:3792.13px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:4052.2px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:4352.43px;white-space:nowrap">next </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:0px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:720.53px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:930.59px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:1851.06px;white-space:nowrap">except </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:2431.41px;white-space:nowrap">where </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:2971.67px;white-space:nowrap">temporary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:3831.94px;white-space:nowrap">curtailment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:0px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:210.06px;white-space:nowrap">suspension </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:1170.7px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:1370.83px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:2161.32px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:2341.32px;white-space:nowrap">necessary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:3211.7px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:3411.83px;white-space:nowrap">comply </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:4031.98px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:0px;white-space:nowrap">applicable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:860.63px;white-space:nowrap">provisions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:1720.99px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:1921.11px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:2221.35px;white-space:nowrap">Federal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:2881.67px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:3691.93px;white-space:nowrap">laws.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5220px;white-space:nowrap">4. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;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:-21.36px;left:5570.33px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6450.82px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6791.04px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7091.28px;white-space:nowrap">option </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7631.72px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7831.85px;white-space:nowrap">submitting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8702.23px;white-space:nowrap">additional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5220px;white-space:nowrap">payments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6050.39px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;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:228.64px;left:6670.72px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6860.83px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7201.05px;white-space:nowrap">amounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7941.45px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8141.57px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8341.7px;white-space:nowrap">least </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8771.92px;white-space:nowrap">$100, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9272.37px;white-space:nowrap">up </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9522.6px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9722.72px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5220px;white-space:nowrap">maximum </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6050.04px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6250.17px;white-space:nowrap">$5,000 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6850.72px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7160.89px;white-space:nowrap">month, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7761.18px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8021.25px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8321.48px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9111.97px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9312.1px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5220px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5810.27px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6070.34px;white-space:nowrap">his </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6350.45px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6560.51px;white-space:nowrap">her </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6870.67px;white-space:nowrap">account. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7597.88px;white-space:nowrap">These </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8148.16px;white-space:nowrap">payments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8978.55px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:9368.61px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5220px;white-space:nowrap">made </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5720.27px;white-space:nowrap">electronically </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6810.73px;white-space:nowrap">through </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7461.3px;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:7858.13px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8058.25px;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:1228.64px;left:5220px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:5430.06px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:5670.18px;white-space:nowrap">check </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:6190.4px;white-space:nowrap">payable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:6870.94px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:7071.06px;white-space:nowrap">&#8220;American </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:7941.27px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:8438.2px;letter-spacing:-0.74px;white-space:nowrap">Transfer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:9151.7px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:9498.78px;letter-spacing:-1.11px;white-space:nowrap">Trust </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:5220px;white-space:nowrap">Company </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:6040.37px;white-space:nowrap">LLC&#8221; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:6480.53px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:6830.86px;white-space:nowrap">sent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:7221.09px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:7411.29px;white-space:nowrap">American </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:8221.55px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:8718.49px;letter-spacing:-0.74px;white-space:nowrap">Transfer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:9431.98px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:5220px;letter-spacing:-1.11px;white-space:nowrap">Trust </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:5673.34px;white-space:nowrap">Company </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:6493.71px;white-space:nowrap">LLC, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:6923.94px;letter-spacing:-4.64px;white-space:nowrap">P.O. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:7310.83px;white-space:nowrap">Box </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:7671.01px;white-space:nowrap">922, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:8071.35px;letter-spacing:-1.34px;white-space:nowrap">Wall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:8464.66px;white-space:nowrap">Street </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:8994.9px;white-space:nowrap">Station, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:5220px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;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:1978.64px;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:1978.64px;left:6377.26px;white-space:nowrap">10269-0560, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:7428.25px;white-space:nowrap">Attention: </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:8235.53px;letter-spacing:-2px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:9116.02px;white-space:nowrap">Global </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:5220px;white-space:nowrap">Income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:5860.28px;white-space:nowrap">Fund. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:6360.64px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:6757.47px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:7177.68px;white-space:nowrap">apply </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:7658px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:8088.22px;white-space:nowrap">payments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:8918.61px;white-space:nowrap">(less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:9348.66px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:9498.78px;white-space:nowrap">$5.00 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:5220px;white-space:nowrap">service </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:5840.16px;white-space:nowrap">charge </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:6440.54px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:6790.87px;white-space:nowrap">less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:7160.98px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:7311.09px;white-space:nowrap">pro </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:7621.26px;white-space:nowrap">rata </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:7981.44px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:8481.71px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:8681.84px;white-space:nowrap">trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:9282.22px;white-space:nowrap">fees) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:9732.39px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:5220px;white-space:nowrap">purchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:6100.49px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:6300.62px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:6760.9px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:7351.17px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:7601.4px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:7901.63px;white-space:nowrap">open </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:8352.07px;white-space:nowrap">market, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:9002.2px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:9242.31px;white-space:nowrap">discussed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:5220px;white-space:nowrap">below </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:5740.31px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:5930.42px;white-space:nowrap">paragraph </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:6801.06px;white-space:nowrap">6. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;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:2978.64px;left:7388.09px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:7808.29px;white-space:nowrap">make </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:8298.46px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:8728.68px;white-space:nowrap">purchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:5220px;white-space:nowrap">promptly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:5960.21px;white-space:nowrap">beginning </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:6790.96px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:7041.18px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:7341.42px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:8061.94px;white-space:nowrap">payment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:8802.33px;white-space:nowrap">date, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:9252.69px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:9762.89px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:5220px;white-space:nowrap">usually </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:5830.31px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:6130.55px;white-space:nowrap">last </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:6460.66px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:7221.09px;white-space:nowrap">day </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:7561.32px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:7761.45px;white-space:nowrap">each </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:8201.78px;white-space:nowrap">month, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:8802.07px;letter-spacing:-2.48px;white-space:nowrap">or, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:9052.21px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:9242.31px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:9542.55px;white-space:nowrap">event </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:5220px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:5570.24px;white-space:nowrap">there </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:6030.53px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:6210.53px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:6460.75px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:7181.28px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:7391.34px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:8311.82px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:8702.14px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:8892.25px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:9042.36px;white-space:nowrap">month, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:9632.72px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:5220px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:5640.21px;white-space:nowrap">make </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:6130.37px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:6560.6px;white-space:nowrap">purchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:7441.08px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:7691.31px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:7991.54px;white-space:nowrap">last </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:8321.66px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:9082.09px;white-space:nowrap">day </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:9422.31px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:9622.44px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:5220px;white-space:nowrap">month, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:5820.29px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:6170.63px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:6360.73px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:6610.96px;white-space:nowrap">event </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:7101.3px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:7561.41px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:7961.75px;white-space:nowrap">30 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:8211.97px;white-space:nowrap">days </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:8642.2px;white-space:nowrap">after </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:9052.38px;white-space:nowrap">receipt, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:5220px;white-space:nowrap">except </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:5800.34px;white-space:nowrap">where </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:6340.61px;white-space:nowrap">necessary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:7210.99px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:7411.11px;white-space:nowrap">comply </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:8031.27px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:8401.38px;white-space:nowrap">provisions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:9261.74px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:9461.87px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:5220px;white-space:nowrap">Federal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:5880.32px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:6690.59px;white-space:nowrap">laws. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:7140.76px;white-space:nowrap">Any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:7500.94px;white-space:nowrap">voluntary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:8281.32px;white-space:nowrap">payment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:9021.71px;white-space:nowrap">received </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:5220px;white-space:nowrap">less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:5590.11px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:5990.45px;white-space:nowrap">two </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:6320.57px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:7081px;white-space:nowrap">days </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:7511.22px;white-space:nowrap">before </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:8071.61px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:8321.84px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:9242.23px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:5220px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:5640.21px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:5890.43px;white-space:nowrap">invested </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:6610.87px;white-space:nowrap">during </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:7161.24px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:7461.47px;white-space:nowrap">following </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:8211.88px;white-space:nowrap">month </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:8762.17px;white-space:nowrap">unless </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:9332.49px;white-space:nowrap">there </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:5220px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:5530.17px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:5990.27px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:6390.62px;white-space:nowrap">30 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:6640.84px;white-space:nowrap">days </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:7071.06px;white-space:nowrap">until </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:7451.28px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:7751.51px;white-space:nowrap">next </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:8141.75px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:9062.14px;white-space:nowrap">date, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:9512.49px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:5220px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:5730.21px;white-space:nowrap">case </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:6160.43px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:6590.65px;white-space:nowrap">payment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:7331.04px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:7631.02px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:7881.24px;white-space:nowrap">returned </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:8601.68px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:8801.81px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:9102.04px;white-space:nowrap">participant. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:5220px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:5616.83px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:6037.03px;white-space:nowrap">return </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:6557.26px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:6757.38px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:7057.62px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:7938.11px;white-space:nowrap">his </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:8218.21px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:8428.27px;white-space:nowrap">her </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:8738.44px;white-space:nowrap">entire </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:9238.71px;white-space:nowrap">voluntary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:5220px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:5650.22px;white-space:nowrap">payment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:6390.62px;white-space:nowrap">upon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:6841.05px;white-space:nowrap">written </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:7421.22px;white-space:nowrap">notice </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:7951.55px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:8151.68px;white-space:nowrap">withdrawal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6228.64px;left:9052.03px;white-space:nowrap">received </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:5220px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:5450.19px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:5847.01px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:6147.25px;white-space:nowrap">less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:6517.35px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:6917.7px;white-space:nowrap">48 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:7167.92px;white-space:nowrap">hours </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:7668.19px;white-space:nowrap">before </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:8228.58px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:8658.81px;white-space:nowrap">payment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:9399.2px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6478.64px;left:9579.2px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:5220px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:5470.22px;white-space:nowrap">invested. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:6240.67px;white-space:nowrap">Such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:6700.96px;white-space:nowrap">written </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:7281.12px;white-space:nowrap">notice </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:7811.46px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:8231.66px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:8481.88px;white-space:nowrap">sent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:8872.12px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:9062.31px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:9459.14px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6728.64px;left:9699.26px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6978.64px;left:5220px;white-space:nowrap">participant, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6978.64px;left:6150.5px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6978.64px;left:6390.62px;white-space:nowrap">discussed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6978.64px;left:7241.04px;white-space:nowrap">below </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6978.64px;left:7761.36px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6978.64px;left:7951.46px;white-space:nowrap">paragraph </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6978.64px;left:8822.11px;white-space:nowrap">14.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:5220px;white-space:nowrap">5. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:5420.13px;white-space:nowrap">For </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:5740.14px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:5970.23px;white-space:nowrap">purposes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:6760.72px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:6960.85px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:7261.08px;white-space:nowrap">Plan: </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:7721.37px;white-space:nowrap">(a) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:7991.37px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:8291.6px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:8891.72px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:9331.88px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:9532px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;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:7658.64px;left:5807.02px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:6397.29px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:6647.52px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:6797.64px;white-space:nowrap">particular </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:7587.95px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:7988.29px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:8408.5px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:8658.72px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:8958.96px;white-space:nowrap">last </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:9289.07px;white-space:nowrap">sale </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:5220px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:5660.16px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:5910.38px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:6210.62px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;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:7908.64px;left:7021.05px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:7521.24px;white-space:nowrap">Exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:8371.85px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:8622.07px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:8972.31px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:9372.66px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:9512.67px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:5220px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:5980.43px;white-space:nowrap">day </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:6320.65px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:6670.99px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:6811px;white-space:nowrap">not, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:7161.24px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:7411.46px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:7711.7px;white-space:nowrap">preceding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:8552.29px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;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:8158.64px;left:9689.59px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:5220px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:5360.01px;white-space:nowrap">there </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:5820.29px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:6000.29px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:6250.52px;white-space:nowrap">sale </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:6630.73px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:6880.96px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:7311.18px;white-space:nowrap">Exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:8161.79px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:8412.01px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:8842.24px;white-space:nowrap">date, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:9292.59px;white-space:nowrap">then </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:9692.93px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:5220px;white-space:nowrap">mean </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:5720.27px;white-space:nowrap">between </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:6450.82px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:6751.05px;white-space:nowrap">closing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:7361.37px;white-space:nowrap">bid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:7651.58px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:8001.91px;white-space:nowrap">asked </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:8532.25px;white-space:nowrap">quotations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:9412.91px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:9672.98px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:5220px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:5810.27px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:6060.5px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:6490.72px;white-space:nowrap">Exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:7341.33px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:7591.55px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:8021.78px;white-space:nowrap">date, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:8472.13px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:8822.46px;white-space:nowrap">(b) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:9092.46px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:9392.7px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:5220px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:5700.32px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:6010.49px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:6510.76px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:6710.89px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;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:9158.64px;left:7598.14px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:8188.42px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:8438.64px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:8588.76px;white-space:nowrap">particular </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:9379.07px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9408.64px;left:5220px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9408.64px;left:5640.21px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9408.64px;left:5890.43px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9408.64px;left:6130.55px;white-space:nowrap">determined </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9408.64px;left:7081.08px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9408.64px;left:7321.2px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9408.64px;left:7531.26px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9408.64px;left:7781.48px;white-space:nowrap">behalf </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9408.64px;left:8321.92px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9408.64px;left:8522.05px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9408.64px;left:8822.29px;white-space:nowrap">Fund.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:5220px;white-space:nowrap">6. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:5420.13px;white-space:nowrap">Open </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:5910.47px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:6510.59px;white-space:nowrap">purchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:7391.07px;white-space:nowrap">provided </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:8131.55px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:8391.62px;white-space:nowrap">above </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:8932.06px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:9322.12px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:5220px;white-space:nowrap">made </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:5720.27px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:5970.5px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:6310.72px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:7120.99px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:7951.64px;white-space:nowrap">where </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:8491.9px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:8952.19px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:9542.46px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:5220px;white-space:nowrap">traded, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:5830.4px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:6020.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:6320.74px;white-space:nowrap">over-the-counter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:7691.4px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:8291.51px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:8501.57px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:8691.68px;white-space:nowrap">negotiated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:5220px;white-space:nowrap">transactions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:6240.5px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:6590.83px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:6980.89px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:7231.11px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:7481.34px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:7911.56px;white-space:nowrap">terms </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:8411.57px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:8651.69px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:8851.82px;white-space:nowrap">price, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:9341.98px;white-space:nowrap">delivery </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">otherwise </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:6390.7px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:6620.89px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:7017.71px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:7437.92px;white-space:nowrap">determine. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:8338.36px;white-space:nowrap">Participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:9238.8px;white-space:nowrap">funds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:5220px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:5610.32px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:5840.51px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:6237.33px;white-space:nowrap">uninvested </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:7157.99px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:7457.96px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:7758.19px;white-space:nowrap">bear </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:8168.47px;white-space:nowrap">interest, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:8858.76px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:9209.09px;white-space:nowrap">it </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:9349.1px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:5220px;white-space:nowrap">understood </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:6170.71px;white-space:nowrap">that, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:6570.97px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:6761.07px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:7101.3px;white-space:nowrap">event, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:7631.72px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:8028.54px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:8448.75px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:8889.08px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:9139.31px;white-space:nowrap">liability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:5220px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:5410.11px;white-space:nowrap">connection </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:6330.76px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:6700.87px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:7041.09px;white-space:nowrap">inability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:7691.4px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:7891.52px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:8682.01px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:9142.29px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:5220px;white-space:nowrap">within </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:5730.21px;text-rendering:optimizeLegibility;white-space:nowrap">five </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:6060.32px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:6820.75px;white-space:nowrap">days </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:7250.98px;white-space:nowrap">prior </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:7661.07px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:7861.2px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:8161.44px;white-space:nowrap">record </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:8721.65px;white-space:nowrap">date </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: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">annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:1298.52px;white-space:nowrap">report.</div></div>
		</div>
		<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">
			<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
		</div>
		<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(36.000px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">

			<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>
		</div>
		<div style="height:610.68px;left:0px;position:absolute;top:0px;transform:translate(36.000px,121.116px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">
			<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">








			<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:720.53px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:930.59px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1851.06px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2091.18px;white-space:nowrap">herein </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2641.55px;white-space:nowrap">provided, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3432.04px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3642.1px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4012.21px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4312.44px;white-space:nowrap">timing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:200.13px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:540.35px;white-space:nowrap">purchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1420.84px;text-rendering:optimizeLegibility;white-space:nowrap">effected. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2147.52px;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:2544.35px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2964.55px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3404.88px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3655.11px;white-space:nowrap">responsibility </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:240.12px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:440.24px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:740.48px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1220.8px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1420.93px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1721.16px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2181.45px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2771.72px;white-space:nowrap">acquired </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3512.2px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3772.27px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">accounts. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:820.46px;white-space:nowrap">For </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1140.47px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1440.7px;white-space:nowrap">purposes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2231.19px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2431.32px;white-space:nowrap">purchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3311.81px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3562.03px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3862.27px;white-space:nowrap">open </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:0px;white-space:nowrap">market, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;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:978.64px;left:1037.02px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1427.08px;white-space:nowrap">aggregate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2287.79px;white-space:nowrap">purchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3168.28px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3538.39px;white-space:nowrap">those </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:4028.73px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:4228.86px;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">participants, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1020.5px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1370.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1671.06px;white-space:nowrap">average </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2371.55px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2811.71px;white-space:nowrap">(including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:3632.17px;white-space:nowrap">trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:4232.55px;white-space:nowrap">fees) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:200.13px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:430.22px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1020.5px;white-space:nowrap">purchased </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1911.09px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;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:1478.64px;left:2538.11px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:2958.31px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:3208.54px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:3508.77px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:3948.93px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:4259.09px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:0px;white-space:nowrap">allocable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:760.52px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:960.64px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:1190.74px;white-space:nowrap">participants.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:0px;white-space:nowrap">7. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;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:2158.64px;left:587.02px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:886.99px;white-space:nowrap">hold </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:1277.31px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:1867.59px;white-space:nowrap">acquired </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:2608.07px;white-space:nowrap">pursuant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:3358.56px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:3558.69px;white-space:nowrap">this </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:3888.81px;white-space:nowrap">Plan, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:0px;white-space:nowrap">together </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:710.51px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:1080.62px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:1380.85px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:1971.12px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:2171.25px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:2631.53px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:3602.02px;white-space:nowrap">acquired </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:0px;white-space:nowrap">pursuant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:750.5px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:950.63px;white-space:nowrap">this </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:1280.74px;white-space:nowrap">Plan, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:1741.03px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:1931.13px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:2161.14px;white-space:nowrap">name </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:2661.42px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:2871.47px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:3221.72px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:3421.85px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:3651.86px;white-space:nowrap">nominee. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;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:2908.64px;left:0px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:299.97px;white-space:nowrap">forward </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:950.19px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:1150.31px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:2120.8px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:2461.03px;white-space:nowrap">proxy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:2951.19px;white-space:nowrap">solicitation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:3841.61px;white-space:nowrap">material </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:350.33px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:650.3px;white-space:nowrap">vote </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:1040.54px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:1380.76px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:1971.04px;white-space:nowrap">so </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:2211.15px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:2601.47px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:2861.54px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:3832.03px;white-space:nowrap">only </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:4212.25px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:0px;white-space:nowrap">accordance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:980.6px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:1350.7px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:1650.94px;white-space:nowrap">proxies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:2281.2px;white-space:nowrap">returned </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:3001.64px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:3241.76px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:4212.25px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:4412.37px;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">Fund. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:510.29px;white-space:nowrap">Upon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:990.62px;white-space:nowrap">written </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:1570.78px;white-space:nowrap">request, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;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:3658.64px;left:2658.08px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:2958.05px;white-space:nowrap">deliver </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:3538.3px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:3738.43px;white-space:nowrap">participants, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:0px;white-space:nowrap">without </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:620.33px;white-space:nowrap">charge, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:1270.72px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:1420.84px;text-rendering:optimizeLegibility;white-space:nowrap">certificate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:2241.12px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:2451.18px;text-rendering:optimizeLegibility;white-space:nowrap">certificates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:3361.46px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:3621.53px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:3851.63px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:4061.69px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:4211.81px;white-space:nowrap">portion </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:200.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:500.36px;white-space:nowrap">full </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:780.47px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:1370.74px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:1761.06px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;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:4588.64px;left:0px;white-space:nowrap">8. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;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:4588.64px;left:587.02px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:886.99px;text-rendering:optimizeLegibility;white-space:nowrap">confirm </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:1527.1px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:1727.23px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:2697.71px;white-space:nowrap">each </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:3138.05px;white-space:nowrap">acquisition </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:4038.57px;white-space:nowrap">made </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:0px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:260.07px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:510.29px;white-space:nowrap">account </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:1190.74px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:1430.86px;white-space:nowrap">soon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:1871.19px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:2111.31px;white-space:nowrap">practicable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:3031.79px;white-space:nowrap">but </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:3332.02px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:3632.26px;white-space:nowrap">later </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:4032.42px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:0px;white-space:nowrap">ten </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:300.23px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:1060.66px;white-space:nowrap">days </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:1490.89px;white-space:nowrap">after </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:1901.07px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:2201.31px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:2601.65px;white-space:nowrap">thereof. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:3252.13px;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:3648.96px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:3948.93px;white-space:nowrap">send </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:4389.26px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:0px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:970.49px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:1120.61px;white-space:nowrap">detailed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:1801.14px;white-space:nowrap">account </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:2481.59px;white-space:nowrap">statement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:3322px;white-space:nowrap">showing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:4032.42px;white-space:nowrap">total </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:0px;white-space:nowrap">dividends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:810.53px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:1160.86px;white-space:nowrap">distributions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:2221.35px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:2621.69px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:2821.82px;white-space:nowrap">investment, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:3792.22px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:0px;white-space:nowrap">acquired </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:740.48px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:1090.81px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:1530.97px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:1841.13px;white-space:nowrap">share, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:2391.42px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:2741.75px;white-space:nowrap">total </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:3131.98px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:3722.26px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:3922.38px;white-space:nowrap">record </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:0px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:260.07px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:560.3px;white-space:nowrap">account. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:1280.83px;white-space:nowrap">Although </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:2041.44px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:3011.92px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:3401.98px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:3811.99px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:4202.05px;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">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:390.06px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:830.39px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:1080.62px;white-space:nowrap">undivided </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:1901.25px;white-space:nowrap">fractional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:2681.63px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:3321.91px;white-space:nowrap">(computed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:4222.35px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:0px;white-space:nowrap">three </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:460.28px;white-space:nowrap">decimal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:1130.54px;white-space:nowrap">places) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:1760.8px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:1950.91px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:2101.03px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:2601.3px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:2801.43px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:3101.66px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:3611.95px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:3862.18px;text-rendering:optimizeLegibility;white-space:nowrap">certificates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:0px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:260.07px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:410.19px;white-space:nowrap">fractional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:1190.57px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:1690.84px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:1990.81px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:2241.04px;white-space:nowrap">issued. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;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:6838.64px;left:3661.7px;white-space:nowrap">dividends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:350.33px;white-space:nowrap">distributions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:1360.81px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:1611.04px;white-space:nowrap">fractional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:2391.42px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:2981.69px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:3281.66px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:3531.88px;white-space:nowrap">credited </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:4222.27px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:0px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:880.49px;white-space:nowrap">accounts. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:1700.95px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:1901.07px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:2201.31px;white-space:nowrap">event </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:2691.65px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:2891.78px;white-space:nowrap">termination </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:3832.21px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:4032.33px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:0px;white-space:nowrap">account </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:680.45px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:1190.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:1491.06px;white-space:nowrap">Plan, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;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:7588.64px;left:2338.24px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:2638.21px;white-space:nowrap">adjust </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:3168.54px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:3428.61px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:3768.84px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:0px;white-space:nowrap">undivided </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:820.63px;white-space:nowrap">fractional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:1601.02px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:2241.3px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:2431.41px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:2861.63px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:3061.76px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:3361.99px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:3962.11px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:4402.27px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:4602.39px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;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:8088.64px;left:587.02px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:1177.29px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:1427.52px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:1727.75px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:2128.1px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:2328.22px;white-space:nowrap">termination.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:0px;white-space:nowrap">9. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:190.2px;white-space:nowrap">Any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:550.37px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:1050.64px;white-space:nowrap">dividends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:1861.17px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:2071.23px;white-space:nowrap">split </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:2441.34px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:3031.61px;white-space:nowrap">distributed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:3912.1px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:4152.22px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:460.28px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:710.51px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:1300.78px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:1691.1px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;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:8768.64px;left:2318.12px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:2578.18px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:3548.67px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:3848.64px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:4098.87px;white-space:nowrap">credited </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:0px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:200.13px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:1080.62px;white-space:nowrap">accounts. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:1901.07px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:2101.2px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:2401.44px;white-space:nowrap">event </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:2891.78px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:3242.02px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:3542.26px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:4002.54px;white-space:nowrap">makes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:0px;white-space:nowrap">available </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:760.52px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:960.64px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:1190.65px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:2281.29px;white-space:nowrap">transferable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:3281.84px;white-space:nowrap">rights </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:3772px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:3972.13px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:0px;white-space:nowrap">additional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:820.63px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:1280.92px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:1871.19px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:2081.25px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:2541.53px;white-space:nowrap">securities, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;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:9518.64px;left:3788.7px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:4088.67px;white-space:nowrap">sell </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:4408.77px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:0px;white-space:nowrap">rights </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:490.17px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:840.5px;white-space:nowrap">apply </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:1320.82px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:1621.05px;white-space:nowrap">proceeds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:2411.54px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:2611.67px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:2911.9px;white-space:nowrap">sale </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:3292.12px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:3492.25px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:3792.48px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:200.13px;white-space:nowrap">additional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:1020.76px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:1481.04px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:2071.32px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:2331.39px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:2631.62px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:3512.11px;white-space:nowrap">accounts. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:4329.32px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:0px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:590.27px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:980.6px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:1240.66px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:2211.15px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:2721.53px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:3021.77px;white-space:nowrap">Planwill </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:3682px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:3932.23px;white-space:nowrap">added </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:0px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:200.13px;white-space:nowrap">underlying </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:1080.7px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:1670.98px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:2061.3px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:2301.42px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:3271.9px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:3462.01px;white-space:nowrap">calculating </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:4362.54px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:0px;white-space:nowrap">number </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:660.32px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:860.45px;white-space:nowrap">rights </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:1350.62px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:1550.74px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:1800.97px;white-space:nowrap">issued.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:0px;white-space:nowrap">10. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:290.3px;letter-spacing:-0.54px;white-space:nowrap">AST&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:817.12px;white-space:nowrap">service </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:1437.28px;white-space:nowrap">charge </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:2037.66px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:2297.72px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:2868.05px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:3348.37px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:3558.43px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:4188.69px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:0px;white-space:nowrap">purchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:880.49px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:1180.46px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:1430.68px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:1821.01px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:2061.12px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:2361.36px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:2821.64px;white-space:nowrap">when </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:3301.96px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:3892.24px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:4202.4px;white-space:nowrap">issued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:0px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:240.12px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:540.35px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:1000.63px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:1210.69px;white-space:nowrap">purchased </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:2101.29px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:2351.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:2651.75px;white-space:nowrap">open </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:3102.19px;white-space:nowrap">market. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:3742.38px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:4139.21px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5220px;white-space:nowrap">deduct </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5810.45px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5960.57px;white-space:nowrap">$5.00 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6461.02px;white-space:nowrap">service </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7081.17px;white-space:nowrap">charge </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7681.55px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8091.56px;white-space:nowrap">each </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8531.89px;white-space:nowrap">voluntary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9312.28px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5220px;white-space:nowrap">payment. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6010.4px;white-space:nowrap">Participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7000.84px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7300.81px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7551.04px;white-space:nowrap">charged </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8251.52px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8401.64px;white-space:nowrap">pro </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8711.81px;white-space:nowrap">rata </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9071.98px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9572.26px;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">trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5820.38px;white-space:nowrap">fees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6210.62px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6460.84px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6690.94px;white-space:nowrap">open </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7141.38px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7741.49px;white-space:nowrap">purchases.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:5220px;letter-spacing:-3.34px;white-space:nowrap">11. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:5506.87px;white-space:nowrap">Participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:6497.31px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:6887.37px;white-space:nowrap">withdraw </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:7647.63px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:8237.9px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:8647.91px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;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:1158.64px;left:5220px;white-space:nowrap">account </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:5900.45px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:6110.51px;white-space:nowrap">terminate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:6910.84px;white-space:nowrap">their </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:7311.01px;white-space:nowrap">participation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:8331.59px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:8891.98px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:9192.22px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:9602.49px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:5220px;white-space:nowrap">notifying </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;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:1408.64px;left:6327.33px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:6517.44px;white-space:nowrap">writing. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:7137.6px;white-space:nowrap">Such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:7597.88px;white-space:nowrap">withdrawal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:8498.23px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:8708.29px;white-space:nowrap">termination </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:5220px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:5519.97px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:5770.2px;text-rendering:optimizeLegibility;white-space:nowrap">effective </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:6486.68px;white-space:nowrap">immediately </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:7496.98px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:7636.99px;white-space:nowrap">notice </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:8167.32px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:8347.32px;white-space:nowrap">received </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:9077.7px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:9307.88px;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:5220px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:5520.23px;white-space:nowrap">less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:5890.34px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:6290.68px;white-space:nowrap">two </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:6620.8px;white-space:nowrap">days </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:7051.03px;white-space:nowrap">prior </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:7461.12px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:7661.25px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:8001.47px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:8722px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:8932.06px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:5220px;white-space:nowrap">record </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:5780.21px;white-space:nowrap">date; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:6230.57px;white-space:nowrap">otherwise </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:7050.94px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:7481.16px;white-space:nowrap">withdrawal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:8381.51px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:8591.57px;white-space:nowrap">termination </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:9532px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:5220px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:5470.22px;text-rendering:optimizeLegibility;white-space:nowrap">effective </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:6186.71px;white-space:nowrap">after </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:6596.89px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:6897.13px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:7817.52px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:8017.65px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:8357.87px;white-space:nowrap">current </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:8968.1px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:5220px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:5430.06px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:6350.54px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:6560.6px;white-space:nowrap">voluntary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:7340.98px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:7771.2px;white-space:nowrap">payment. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:8558.35px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:8918.53px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:9328.8px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:5220px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:5470.22px;white-space:nowrap">terminated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:6370.66px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;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:2908.64px;left:6997.68px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:7207.73px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:7507.97px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:7968.25px;white-space:nowrap">upon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:8418.69px;white-space:nowrap">90 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;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:2908.64px;left:9132.45px;white-space:nowrap">notice </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:5220px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:5410.11px;white-space:nowrap">writing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:5980.25px;white-space:nowrap">mailed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:6560.51px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:6760.63px;white-space:nowrap">participants. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:7781.13px;white-space:nowrap">Upon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:8261.46px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:8601.68px;white-space:nowrap">withdrawal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:9502.03px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:5220px;white-space:nowrap">termination, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;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:3408.64px;left:6597.33px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:6897.3px;white-space:nowrap">cause </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:7427.64px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:7577.75px;text-rendering:optimizeLegibility;white-space:nowrap">certificate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:8398.04px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:8608.1px;text-rendering:optimizeLegibility;white-space:nowrap">certificates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:9518.38px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:9778.45px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:5220px;white-space:nowrap">full </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:5500.11px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:6090.38px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:6480.7px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;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:3658.64px;left:7107.71px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:7367.78px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:8338.27px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:8688.6px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:9118.83px;white-space:nowrap">adjustment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:5220px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:5480.07px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:5820.29px;white-space:nowrap">fractional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:6600.67px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:7190.95px;white-space:nowrap">(valued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:7831.32px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:8031.45px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:8331.68px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:8931.8px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:9412.12px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:5520.23px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:6110.51px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:6310.63px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:6610.87px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:7000.93px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:7201.05px;white-space:nowrap">withdrawal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:8101.41px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:8311.46px;white-space:nowrap">termination) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:9311.84px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:9511.96px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:5220px;white-space:nowrap">delivered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:6000.47px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:6200.6px;white-space:nowrap">participants, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:7221.09px;white-space:nowrap">less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:7591.2px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:7931.43px;white-space:nowrap">trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:8531.81px;white-space:nowrap">fees. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;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:4658.64px;left:5220px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:5370.12px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:6250.61px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:6640.66px;white-space:nowrap">elect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:7070.89px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:7311.01px;white-space:nowrap">written </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:7891.17px;white-space:nowrap">notice </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:8421.5px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;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:4658.64px;left:9008.53px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:9208.65px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:5220px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:5616.83px;white-space:nowrap">sell </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:5936.92px;white-space:nowrap">part </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:6297.1px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:6507.16px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:6737.26px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:6937.38px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:7237.62px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:7827.89px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:8218.21px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:8478.28px;white-space:nowrap">him </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:8818.33px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:9168.66px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:9368.79px;white-space:nowrap">remit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:5520.23px;white-space:nowrap">proceeds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:6310.72px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:6510.85px;white-space:nowrap">him. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;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:5158.64px;left:7287.8px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:7467.8px;white-space:nowrap">authorized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:8358.4px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:8558.53px;white-space:nowrap">deduct </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:9148.97px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:9299.09px;white-space:nowrap">$15.00 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:5220px;white-space:nowrap">service </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:5840.16px;white-space:nowrap">charge </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:6440.54px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:6790.87px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:6940.99px;white-space:nowrap">$0.12 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:7441.44px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:7751.6px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:8251.87px;white-space:nowrap">trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:8852.26px;white-space:nowrap">fee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:9152.49px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:9412.56px;white-space:nowrap">this </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:5220px;white-space:nowrap">transaction </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:6150.5px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:6560.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:6860.74px;white-space:nowrap">proceeds. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:7701.24px;white-space:nowrap">If </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:7851.27px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:8001.39px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:8881.87px;white-space:nowrap">disposes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:9642.3px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:5220px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:5450.1px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:6040.37px;white-space:nowrap">registered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:6890.8px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:7080.91px;white-space:nowrap">his </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:7361.02px;white-space:nowrap">name </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:7861.29px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:8111.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:8411.75px;white-space:nowrap">books </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:8942.08px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:9142.21px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:9442.44px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:5220px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;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:6158.64px;left:6043.54px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:6243.66px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:6473.67px;white-space:nowrap">option, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:7064.12px;white-space:nowrap">terminate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:7864.45px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;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:6158.64px;left:9171.91px;white-space:nowrap">account </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:9852.36px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:5220px;white-space:nowrap">determine </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:6070.1px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:6479.78px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:6779.69px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:7659.84px;white-space:nowrap">whether </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:8349.9px;white-space:nowrap">he </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:8599.79px;white-space:nowrap">wishes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:9199.67px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:9399.46px;white-space:nowrap">continue </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:5220px;white-space:nowrap">his </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:5500.11px;white-space:nowrap">participation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:6520.69px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:6710.8px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:7011.04px;white-space:nowrap">Plan.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:5220px;white-space:nowrap">12. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:5516.98px;white-space:nowrap">These </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:6067.27px;white-space:nowrap">terms </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:6567.28px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:6917.61px;white-space:nowrap">conditions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:7778.14px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:8168.2px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:8418.43px;white-space:nowrap">amended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:9219.02px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:5220px;white-space:nowrap">supplemented </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:6400.81px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:6631px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:7027.82px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:7237.88px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:7538.12px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:7998.4px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:8198.53px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:8538.75px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:8928.81px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:9138.87px;white-space:nowrap">times, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:5220px;white-space:nowrap">except </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:5800.34px;white-space:nowrap">when </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:6280.66px;white-space:nowrap">necessary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:7151.04px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:7361.1px;white-space:nowrap">appropriate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:8321.75px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:8521.87px;white-space:nowrap">comply </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:9142.03px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:5220px;white-space:nowrap">applicable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:6080.62px;white-space:nowrap">law </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:6400.72px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:6610.78px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:6911.02px;white-space:nowrap">rules </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:7351.17px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:7561.23px;white-space:nowrap">policies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:8211.53px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:8411.66px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:8711.89px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:9111.97px;white-space:nowrap">Securities </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">Exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:6420.94px;white-space:nowrap">Commission </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:7461.12px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:7671.18px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:8011.41px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:8471.69px;white-space:nowrap">regulatory </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;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:8338.64px;left:5220px;white-space:nowrap">only </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:5600.21px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:5840.33px;white-space:nowrap">mailing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:6460.58px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:6660.7px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:7631.19px;white-space:nowrap">appropriate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:8591.84px;white-space:nowrap">written </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:9172px;white-space:nowrap">notice </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:5220px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:5420.13px;white-space:nowrap">least </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:5850.35px;white-space:nowrap">90 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:6100.58px;white-space:nowrap">days </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:6530.8px;white-space:nowrap">prior </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:6940.9px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:7141.03px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:7441.26px;text-rendering:optimizeLegibility;white-space:nowrap">effective </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:8157.74px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:8558.09px;white-space:nowrap">thereof. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:9215.24px;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">amendment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:6220.55px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:6430.61px;white-space:nowrap">supplement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:7411.2px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:7831.41px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:8081.63px;white-space:nowrap">deemed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:8782.12px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:8982.25px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:9232.47px;white-space:nowrap">accepted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:5220px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:5460.12px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:6430.61px;white-space:nowrap">unless, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:7050.94px;white-space:nowrap">prior </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:7461.04px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:7661.16px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:7961.4px;text-rendering:optimizeLegibility;white-space:nowrap">effective </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:8677.88px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:9078.22px;white-space:nowrap">thereof, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:5220px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:5616.83px;white-space:nowrap">receives </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:6337.09px;white-space:nowrap">written </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:6917.26px;white-space:nowrap">notice </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:7447.59px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:7647.71px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:7947.95px;white-space:nowrap">termination </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:8888.38px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:9088.51px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:9238.62px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:5220px;white-space:nowrap">account </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:5900.45px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:6410.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:6711.06px;white-space:nowrap">Plan. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:7161.42px;white-space:nowrap">Any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:7521.59px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:7951.82px;white-space:nowrap">amendment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:8952.36px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:9342.42px;white-space:nowrap">include </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:5220px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:5470.22px;white-space:nowrap">appointment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:6510.94px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:6741.12px;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:7137.95px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:7328.06px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:7558.07px;white-space:nowrap">place </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:8038.39px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:8388.72px;white-space:nowrap">stead </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:8879.06px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:9079.19px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:9229.31px;white-space:nowrap">successor </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:5220px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:5620.34px;white-space:nowrap">Administrator </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:6730.66px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:7241.04px;white-space:nowrap">these </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:7731.39px;white-space:nowrap">terms </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:8231.4px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:8581.73px;white-space:nowrap">conditions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:9492.28px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:5220px;white-space:nowrap">full </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:5500.11px;white-space:nowrap">power </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:6040.37px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:6390.7px;white-space:nowrap">authority </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:7131.09px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:7331.22px;white-space:nowrap">perform </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:8001.39px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:8231.48px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:8441.54px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:8781.77px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:8981.89px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:9282.13px;white-space:nowrap">acts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:9662.26px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:5220px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:5470.22px;white-space:nowrap">performed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:6340.61px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:6570.79px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:6967.62px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:7478px;white-space:nowrap">these </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:7968.34px;white-space:nowrap">terms </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:8468.35px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:8818.68px;white-space:nowrap">conditions. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:5220px;white-space:nowrap">Upon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:5700.32px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:6040.55px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:6470.77px;white-space:nowrap">appointment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:7511.48px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:7711.61px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:7861.73px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:8262.07px;white-space:nowrap">Administrator </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:9372.39px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:5520.23px;white-space:nowrap">purpose </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:6220.72px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:6420.85px;white-space:nowrap">receiving </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:7191.21px;white-space:nowrap">dividends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:8001.74px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:8352.07px;white-space:nowrap">distributions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:9412.56px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:5220px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:5680.28px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:5980.25px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:6230.48px;white-space:nowrap">authorized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:7121.07px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:7321.2px;white-space:nowrap">pay </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:7661.43px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:7861.55px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:8291.78px;white-space:nowrap">successor </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:9152.05px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:5220px;letter-spacing:-0.66px;white-space:nowrap">Administrator, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:6370.4px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:6630.47px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:6780.59px;letter-spacing:-0.23px;white-space:nowrap">participant&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:7787.81px;white-space:nowrap">account, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:8518.27px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:8748.37px;white-space:nowrap">dividends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:9558.9px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:5220px;white-space:nowrap">distributions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:6230.48px;white-space:nowrap">payable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:6911.02px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:7161.24px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:7621.52px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:8211.8px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:8602.12px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:8792.23px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:8942.34px;letter-spacing:-0.23px;white-space:nowrap">participant&#8217;s </div></div>
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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4814.47px;white-space:nowrap">Not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5055.09px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5317.67px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5463.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5682.51px;white-space:nowrap">annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:6112.98px;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">name </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:500.27px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:710.33px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1220.71px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1520.95px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1931.22px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2191.29px;white-space:nowrap">retention </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2941.79px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3151.85px;white-space:nowrap">application </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4062.48px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4302.6px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">successor </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:860.27px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1260.62px;white-space:nowrap">Administrator </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2370.94px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2611.05px;white-space:nowrap">provided </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3351.53px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3541.64px;white-space:nowrap">these </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4031.98px;white-space:nowrap">terms </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4531.99px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">conditions.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:0px;white-space:nowrap">13. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;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:908.64px;left:687.13px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:1107.33px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:1307.46px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:1537.56px;white-space:nowrap">times </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:2017.62px;white-space:nowrap">act </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:2307.74px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:2497.85px;white-space:nowrap">good </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:2948.29px;white-space:nowrap">faith </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:3338.53px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:3688.86px;white-space:nowrap">agree </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:4199.24px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:0px;white-space:nowrap">use </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:340.22px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:570.23px;white-space:nowrap">best </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:960.47px;text-rendering:optimizeLegibility;white-space:nowrap">efforts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:1506.8px;white-space:nowrap">within </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:2017px;white-space:nowrap">reasonable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:2957.7px;white-space:nowrap">limits </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:3417.63px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:3617.75px;white-space:nowrap">ensure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:4218.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:0px;white-space:nowrap">accuracy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:770.27px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:970.4px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:1200.5px;white-space:nowrap">services </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:1910.65px;white-space:nowrap">performed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:2781.04px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:3291.42px;white-space:nowrap">this </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:3611.6px;white-space:nowrap">Agreement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:350.33px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:550.46px;white-space:nowrap">comply </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:1170.62px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:1540.72px;white-space:nowrap">applicable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;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:1658.64px;left:2761.52px;white-space:nowrap">but </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:3061.76px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:3481.96px;white-space:nowrap">assume </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:4162.24px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:0px;white-space:nowrap">responsibility </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:1090.46px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:1440.79px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:1861px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:2161.23px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:2411.46px;white-space:nowrap">liable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:2881.76px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:3141.83px;white-space:nowrap">loss </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:3511.93px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:3721.99px;white-space:nowrap">damage </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:4422.48px;white-space:nowrap">due </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:0px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:200.13px;white-space:nowrap">errors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:720.18px;white-space:nowrap">unless </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:1290.5px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:1720.72px;white-space:nowrap">error </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:2150.77px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:2330.77px;white-space:nowrap">caused </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:2961.21px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;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:2158.64px;left:3718.21px;white-space:nowrap">negligence, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:0px;white-space:nowrap">bad </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:350.33px;white-space:nowrap">faith </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:740.57px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:950.63px;white-space:nowrap">willful </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:1440.7px;white-space:nowrap">misconduct </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:2401.08px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:2611.14px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:2961.39px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:3161.51px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:3391.52px;white-space:nowrap">employees.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:0px;white-space:nowrap">14. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:290.3px;white-space:nowrap">Any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:650.48px;white-space:nowrap">notice, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:1230.82px;white-space:nowrap">instruction, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:2151.21px;white-space:nowrap">request </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:2801.6px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:3011.66px;white-space:nowrap">election </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:3682.09px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:4192.29px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:4432.41px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:0px;white-space:nowrap">provision </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:770.36px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:970.49px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:1270.72px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:1681px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:1861px;white-space:nowrap">required </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:2571.42px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:2781.47px;white-space:nowrap">permitted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:3581.81px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:3781.93px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:4032.16px;white-space:nowrap">given </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:4512.48px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:0px;white-space:nowrap">made </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:500.27px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:740.39px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:1040.63px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:1921.11px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;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:3338.64px;left:2508.13px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:2928.34px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:3178.56px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:3368.67px;white-space:nowrap">writing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:3938.82px;white-space:nowrap">addressed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:0px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:190.2px;white-space:nowrap">American </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:1000.46px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;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:3588.64px;left:2210.89px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;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:3588.64px;left:3011.31px;white-space:nowrap">Company </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:3831.68px;white-space:nowrap">LLC, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:4261.9px;letter-spacing:-4.64px;white-space:nowrap">P.O. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:0px;white-space:nowrap">Box </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:360.18px;white-space:nowrap">922, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;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:3838.64px;left:1153.83px;white-space:nowrap">Street </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:1684.07px;white-space:nowrap">Station, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:2344.48px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;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:3838.64px;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:3838.64px;left:3501.74px;white-space:nowrap">10269-0560, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:4562.67px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;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:4088.64px;left:1770.64px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:1980.7px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:2410.93px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:2871.21px;white-space:nowrap">address </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:3561.59px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;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:4088.64px;left:4188.6px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:0px;white-space:nowrap">furnish </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:590.27px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:790.4px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:1090.63px;white-space:nowrap">participant, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:2021.13px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:2371.46px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:2791.67px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:3232px;white-space:nowrap">been </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:3682.44px;white-space:nowrap">deemed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:4382.93px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:4583.06px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:0px;white-space:nowrap">given </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:480.32px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:690.38px;white-space:nowrap">made </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:1190.65px;white-space:nowrap">when </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:1670.98px;white-space:nowrap">received </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:2401.35px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;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:5018.64px;left:0px;white-space:nowrap">15. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5018.64px;left:290.3px;white-space:nowrap">Any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5018.64px;left:650.48px;white-space:nowrap">notice </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5018.64px;left:1180.81px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5018.64px;left:1390.87px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5018.64px;left:1851.15px;white-space:nowrap">communication </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5018.64px;left:3111.68px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5018.64px;left:3621.88px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5018.64px;left:3862px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5268.64px;left:0px;white-space:nowrap">provision </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5268.64px;left:770.36px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5268.64px;left:970.49px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5268.64px;left:1270.72px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5268.64px;left:1681px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5268.64px;left:1861px;white-space:nowrap">required </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5268.64px;left:2571.42px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5268.64px;left:2771.54px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5268.64px;left:3021.77px;white-space:nowrap">given </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5268.64px;left:3502.09px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5268.64px;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:5268.64px;left:4129.1px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5268.64px;left:4329.23px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5518.64px;left:0px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5518.64px;left:880.49px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5518.64px;left:1300.69px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5518.64px;left:1550.92px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5518.64px;left:1741.03px;white-space:nowrap">writing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5518.64px;left:2311.17px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5518.64px;left:2661.5px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5518.64px;left:3081.71px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5518.64px;left:3331.93px;white-space:nowrap">deemed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5518.64px;left:4032.42px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5518.64px;left:4232.55px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5768.64px;left:0px;white-space:nowrap">been </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5768.64px;left:450.44px;text-rendering:optimizeLegibility;white-space:nowrap">sufficiently </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5768.64px;left:1336.29px;white-space:nowrap">given </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5768.64px;left:1816.61px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5768.64px;left:2076.68px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5768.64px;left:2306.78px;white-space:nowrap">purposes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5768.64px;left:3097.27px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5768.64px;left:3337.38px;white-space:nowrap">being </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5768.64px;left:3827.81px;white-space:nowrap">deposited </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6018.64px;left:0px;white-space:nowrap">postage </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6018.64px;left:690.56px;white-space:nowrap">prepaid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6018.64px;left:1341.04px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6018.64px;left:1531.14px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6018.64px;left:1681.26px;white-space:nowrap">post </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6018.64px;left:2071.49px;text-rendering:optimizeLegibility;white-space:nowrap">office </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6018.64px;left:2547.25px;white-space:nowrap">letter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6018.64px;left:2997.42px;white-space:nowrap">box </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6018.64px;left:3337.65px;white-space:nowrap">addressed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6018.64px;left:4228.24px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6018.64px;left:4428.37px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6268.64px;left:0px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6268.64px;left:880.49px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6268.64px;left:1080.62px;white-space:nowrap">his </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6268.64px;left:1360.72px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6268.64px;left:1570.78px;white-space:nowrap">her </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6268.64px;left:1880.95px;white-space:nowrap">address </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6268.64px;left:2571.33px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6268.64px;left:2811.45px;white-space:nowrap">it </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6268.64px;left:2951.46px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6268.64px;left:3371.66px;white-space:nowrap">last </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6268.64px;left:3701.78px;white-space:nowrap">appear </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6268.64px;left:4312.27px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6518.64px;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:6518.64px;left:526.82px;white-space:nowrap">records. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6518.64px;left:1223.79px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6518.64px;left:1583.96px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6518.64px;left:2464.45px;white-space:nowrap">agrees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6518.64px;left:3064.83px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6518.64px;left:3264.96px;white-space:nowrap">notify </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6518.64px;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:6518.64px;left:4132.09px;white-space:nowrap">promptly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:200.13px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:540.35px;white-space:nowrap">change </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:1180.9px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:1381.03px;white-space:nowrap">address.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7198.64px;left:0px;white-space:nowrap">16. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7198.64px;left:296.98px;white-space:nowrap">These </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7198.64px;left:847.27px;white-space:nowrap">terms </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7198.64px;left:1347.28px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7198.64px;left:1697.61px;white-space:nowrap">conditions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7198.64px;left:2558.14px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7198.64px;left:2978.35px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7198.64px;left:3228.57px;white-space:nowrap">governed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7198.64px;left:4029.17px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7198.64px;left:4269.29px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7448.64px;left:0px;white-space:nowrap">construed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7448.64px;left:840.5px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7448.64px;left:1030.61px;white-space:nowrap">accordance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7448.64px;left:2011.2px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7448.64px;left:2381.31px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7448.64px;left:2681.54px;white-space:nowrap">laws </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7448.64px;left:3091.64px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7448.64px;left:3291.77px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7448.64px;left:3592px;white-space:nowrap">State </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7448.64px;left:4062.3px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7448.64px;left:4262.43px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7698.64px;left:0px;letter-spacing:-3.3px;white-space:nowrap">York </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7698.64px;left:403.59px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7698.64px;left:753.93px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7698.64px;left:1054.16px;white-space:nowrap">rules </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7698.64px;left:1494.32px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7698.64px;left:1844.65px;white-space:nowrap">regulations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7698.64px;left:2775.23px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7698.64px;left:2975.36px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7698.64px;left:3275.6px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7698.64px;left:3675.67px;white-space:nowrap">Securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7698.64px;left:4516px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7948.64px;left:0px;white-space:nowrap">Exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7948.64px;left:850.61px;white-space:nowrap">Commission, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7948.64px;left:1940.8px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7948.64px;left:2180.92px;white-space:nowrap">they </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7948.64px;left:2571.15px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7948.64px;left:2961.21px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7948.64px;left:3211.44px;white-space:nowrap">amended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7948.64px;left:4012.03px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7948.64px;left:4422.04px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8198.64px;left:0px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8198.64px;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:812.35px;white-space:nowrap">TLGIM </div><div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:1205.75px;letter-spacing:-3.31px;white-space:nowrap">A </div><div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:1312.51px;white-space:nowrap">02/23</div></div>
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			<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">2023 </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 style="height:32.40px;left:0px;position:absolute;top:0px;transform:translate(80.000px,9374.649px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:165.12px">
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					</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7670.28px;left:0px;white-space:nowrap">Investors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7670.28px;left:780.29px;white-space:nowrap">should </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7670.28px;left:1360.72px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7670.28px;left:1610.95px;white-space:nowrap">aware </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7670.28px;left:2151.21px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7670.28px;left:2501.46px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7670.28px;left:2801.69px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7670.28px;left:3282.01px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7670.28px;left:3482.14px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7670.28px;left:4492.53px;white-space:nowrap">made </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7670.28px;left:4992.8px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7670.28px;left:5252.87px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7670.28px;left:5553.11px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7670.28px;left:6013.39px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7670.28px;left:6403.45px;white-space:nowrap">go </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7670.28px;left:6653.67px;white-space:nowrap">down </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7670.28px;left:7133.99px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7670.28px;left:7374.11px;white-space:nowrap">well </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7670.28px;left:7734.2px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7670.28px;left:7974.32px;white-space:nowrap">up. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7670.28px;left:8274.55px;white-space:nowrap">Like </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7670.28px;left:8654.77px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7670.28px;left:8994.99px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7670.28px;left:9915.38px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7890.28px;left:0px;white-space:nowrap">securities, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7890.28px;left:860.27px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7890.28px;left:1160.51px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7890.28px;left:1640.83px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7890.28px;left:1840.96px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7890.28px;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:7890.28px;left:2728.21px;white-space:nowrap">portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7890.28px;left:3418.59px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7890.28px;left:3718.56px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7890.28px;left:3968.79px;white-space:nowrap">subject </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7890.28px;left:4589.12px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7890.28px;left:4789.25px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7890.28px;left:5089.48px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7890.28px;left:5419.42px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7890.28px;left:5619.55px;white-space:nowrap">loss </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7890.28px;left:5989.66px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7890.28px;left:6399.67px;white-space:nowrap">market, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7890.28px;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:7890.28px;left:7826.66px;white-space:nowrap">economic, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7890.28px;left:8697.04px;white-space:nowrap">political </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7890.28px;left:9347.34px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7890.28px;left:9697.68px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8110.28px;left:0px;white-space:nowrap">factors. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8110.28px;left:636.94px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8110.28px;left:997.12px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8110.28px;left:1457.4px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8110.28px;left:1807.73px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8110.28px;left:2037.74px;white-space:nowrap">investors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8110.28px;left:2808.02px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8110.28px;left:3118.18px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8110.28px;left:3418.42px;white-space:nowrap">protected </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8110.28px;left:4218.93px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8110.28px;left:4628.94px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8110.28px;left:5059.16px;white-space:nowrap">losses </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8110.28px;left:5619.38px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8110.28px;left:5859.49px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8110.28px;left:6159.73px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8110.28px;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:8110.28px;left:7877.37px;white-space:nowrap">Therefore, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8110.28px;left:8757.77px;white-space:nowrap">investors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8110.28px;left:9528.05px;white-space:nowrap">who </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8330.28px;left:0px;white-space:nowrap">cannot </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8330.28px;left:590.45px;white-space:nowrap">accept </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8330.28px;left:1170.79px;white-space:nowrap">this </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8330.28px;left:1500.91px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8330.28px;left:1830.85px;white-space:nowrap">should </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8330.28px;left:2411.28px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8330.28px;left:2711.51px;white-space:nowrap">invest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8330.28px;left:3231.74px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8330.28px;left:3421.85px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8330.28px;left:4012.12px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8330.28px;left:4212.25px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8330.28px;left:4512.48px;white-space:nowrap">Fund.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8730.28px;left:0px;letter-spacing:-6.65px;white-space:nowrap">To </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8730.28px;left:240.12px;white-space:nowrap">help </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8730.28px;left:630.44px;white-space:nowrap">ensure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8730.28px;left:1230.82px;white-space:nowrap">we </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8730.28px;left:1510.93px;white-space:nowrap">provide </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8730.28px;left:2151.3px;white-space:nowrap">you </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8730.28px;left:2491.52px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8730.28px;left:2861.63px;white-space:nowrap">quality </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8730.28px;left:3431.95px;white-space:nowrap">service, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8730.28px;left:4102.12px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8730.28px;left:4332.22px;white-space:nowrap">calls </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8730.28px;left:4742.31px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8730.28px;left:4942.44px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8730.28px;left:5292.77px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8730.28px;left:5702.78px;white-space:nowrap">our </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8730.28px;left:6012.95px;white-space:nowrap">service </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8730.28px;left:6633.11px;white-space:nowrap">areas </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8730.28px;left:7133.38px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8730.28px;left:7443.54px;white-space:nowrap">monitored </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8730.28px;left:8293.97px;white-space:nowrap">and/or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8730.28px;left:8854.37px;white-space:nowrap">recorded.</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9456.46px;left:3210px;white-space:nowrap">Annual </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9456.46px;left:3796.64px;white-space:nowrap">Report</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9659.35px;left:3210px;letter-spacing:-1.19px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9659.35px;left:4051.48px;white-space:nowrap">Global </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9659.35px;left:4593.75px;white-space:nowrap">Income </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:9659.35px;left:5198.36px;white-space:nowrap">Fund</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10036px;left:3210px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10036px;left:4099.14px;white-space:nowrap">Manager</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10036px;left:6260px;letter-spacing:-0.98px;white-space:nowrap">Transfer </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10036px;left:6929.92px;white-space:nowrap">Agent</div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10036px;left:8530px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:150px;font-weight:bold;position:absolute;top:10036px;left:8965.39px;white-space:nowrap">Information</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10238.88px;left:3210px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10238.88px;left:3814.69px;white-space:nowrap">Advisers, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10238.88px;left:4517.11px;white-space:nowrap">Inc.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10238.88px;left:6260px;white-space:nowrap">American </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10238.88px;left:6980.23px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10238.88px;left:7421.95px;letter-spacing:-0.66px;white-space:nowrap">Transfer </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10238.88px;left:8056.17px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10430.88px;left:6260px;letter-spacing:-0.99px;white-space:nowrap">Trust </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10430.88px;left:6662.97px;white-space:nowrap">Co., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10430.88px;left:7000.86px;white-space:nowrap">LLC</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10622.88px;left:6260px;white-space:nowrap">6201 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10622.88px;left:6660.39px;white-space:nowrap">15th </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10622.88px;left:7007.42px;letter-spacing:-0.48px;white-space:nowrap">Avenue</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10814.88px;left:6260px;white-space:nowrap">Brooklyn, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10814.88px;left:6971.41px;letter-spacing:-0.96px;white-space:nowrap">NY </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10814.88px;left:7235.23px;letter-spacing:-2.37px;white-space:nowrap">11219</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11006.88px;left:6260px;letter-spacing:-3.55px;white-space:nowrap">Toll </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11006.88px;left:6544.53px;white-space:nowrap">Free </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11006.88px;left:6917.97px;white-space:nowrap">Number: </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11198.88px;left:6260px;white-space:nowrap">(800) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11198.88px;left:6677.97px;white-space:nowrap">416-5585</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:6260px;white-space:nowrap">Hearing </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:6864.77px;white-space:nowrap">Impaired </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:7531.72px;white-space:nowrap">Number: </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11582.88px;left:6260px;white-space:nowrap">(866) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11582.88px;left:6677.97px;white-space:nowrap">703-9077</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11774.88px;left:6260px;white-space:nowrap">International </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11774.88px;left:7185.08px;white-space:nowrap">Phone </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11774.88px;left:7692.19px;white-space:nowrap">Number: </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11966.88px;left:6260px;white-space:nowrap">(718) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11966.88px;left:6677.97px;white-space:nowrap">921-8124</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12158.88px;left:6260px;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:10238.88px;left:8530px;white-space:nowrap">(800) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10238.88px;left:8947.97px;letter-spacing:-1.19px;white-space:nowrap">DIAL </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10238.88px;left:9342.19px;white-space:nowrap">BEN</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10242.09px;left:9671.17px;white-space:nowrap">&#174;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10238.88px;left:9784.36px;white-space:nowrap">/ </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10430.88px;left:8530px;white-space:nowrap">342-5236</div></div>
		</div>


</div></div><div style="position: relative;page: WordSection1">

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;display: inline;">Item 2. Code of Ethics.&#160; </div></b></div>

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

<div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;mso-style-link: &quot;Plain Text Char&quot;;layout-grid-mode: line;text-indent: -27.0pt;margin-right: 0in;margin-left: 27.0pt;margin-top: 0in;margin-bottom: .0001pt">(a) The
Registrant has adopted a code of ethics that applies to its principal executive
officers and principal financial and accounting officer.</div>

<div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;mso-style-link: &quot;Plain Text Char&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

<div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;mso-style-link: &quot;Plain Text Char&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt">(c) N/A</div>

<div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;mso-style-link: &quot;Plain Text Char&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

<div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;mso-style-link: &quot;Plain Text Char&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt">(d) N/A</div>

<div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;mso-style-link: &quot;Plain Text Char&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

<div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;mso-style-link: &quot;Plain Text Char&quot;;layout-grid-mode: line;text-indent: -22.5pt;margin-right: 0in;margin-left: 22.5pt;margin-top: 0in;margin-bottom: .0001pt">(f)<b> </b>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 style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">&#160;</div></div>

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

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

<div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;mso-style-link: &quot;Plain Text Char&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

<div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;mso-style-link: &quot;Plain Text Char&quot;;layout-grid-mode: line;text-indent: -40.5pt;margin-right: 0in;margin-left: 40.5pt;margin-top: 0in;margin-bottom: .0001pt">(a)(1) The
Registrant has an audit committee financial expert serving on its audit
committee.</div>

<div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;mso-style-link: &quot;Plain Text Char&quot;;layout-grid-mode: line;text-indent: -40.5pt;margin-right: 0in;margin-left: 40.5pt;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

<div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;mso-style-link: &quot;Plain Text Char&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

<div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;mso-style-link: &quot;Plain Text Char&quot;;layout-grid-mode: line;text-indent: -27.0pt;margin-right: 0in;margin-left: 45.0pt;margin-top: 0in;margin-bottom: .0001pt">(2) The
audit committee financial expert is Karen Caldwell and she is "independent"
as defined under the relevant Securities and Exchange Commission Rules and
Releases.</div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="mso-style-name: term1;font-weight: bold;display: inline;"><div style="font-size: 10.0pt;display: inline;">&#160;</div></div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="mso-style-name: term1;font-weight: bold;display: inline;"><div style="font-size: 10.0pt;display: inline;">&#160;</div></div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="mso-style-name: term1;font-weight: bold;display: inline;"><div style="font-size: 10.0pt;display: inline;">Item 4.</div></div><strong><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;"> Principal Accountant Fees
and Services. &#160;</div></strong></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;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;">&#160;</div></strong></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">(a)&#160;&#160;&#160;&#160;&#160; Audit Fees</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">The aggregate fees paid to
the principal accountant for professional services rendered by the principal
accountant for the audit of the registrant&#8217;s annual financial statements or for
services that are normally provided by the principal accountant in connection
with statutory and regulatory filings or engagements were $55,508 for the
fiscal year ended December 31, 2022 and $55,508 for
the fiscal year ended December 31, 2021.</div></div>

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

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">There were no fees paid to
the principal accountant for assurance and related services rendered by the
principal accountant to the registrant that are reasonably related to the
performance of the audit of the registrant's financial statements and are not
reported under paragraph (a) of Item 4.</div></div>

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">There were no fees paid to
the principal accountant for assurance and related services rendered by the
principal accountant to the registrant's investment adviser and any entity
controlling, controlled by or under common control with the investment adviser
that provides ongoing services to the registrant that are reasonably related to
the performance of the audit of their financial statements.&#160; </div></div>

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">(c)&#160;&#160;&#160;&#160;&#160; Tax Fees</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">There were no fees paid to
the principal accountant for professional services rendered by the principal
accountant to the registrant for tax compliance, tax advice and tax planning.</div></div>

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">The aggregate fees paid to
the principal accountant for professional services rendered by the principal
accountant to the registrant&#8217;s investment adviser and any entity controlling,
controlled by or under common control with the investment adviser that provides
ongoing services to the registrant for tax compliance, tax advice and tax
planning were $70,000 for the fiscal year ended December 31, 2022 and $0 for
the fiscal year ended December 31, 2021. The services for which these fees were
paid included global access to tax platform International Tax View.</div></div>

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">(d)&#160;&#160;&#160;&#160;&#160; All Other Fees</div></div>

<pre style="mso-style-link: &quot;HTML Preformatted Char&quot;;font-size: 10.0pt;font-family: &quot;Arial Unicode MS&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: &quot;Courier New&quot;;display: inline;">The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant not reported in paragraphs (a)-(c) of Item 4 were $0 for the fiscal year ended December 31, 2022 and $242 for the fiscal year ended December 31, 2021. The services for which these fees were paid included review of materials provided to the fund Board in connection with the investment management contract renewal process. </div></pre><pre style="mso-style-link: &quot;HTML Preformatted Char&quot;;font-size: 10.0pt;font-family: &quot;Arial Unicode MS&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></pre>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">The aggregate fees paid to
the principal accountant for products and services rendered by the principal
accountant to the registrant&#8217;s investment adviser and any entity controlling,
controlled by or under common control with the investment adviser that provides
ongoing services to the registrant not reported in paragraphs (a)-(c) of Item 4
were $221,195 for the fiscal year ended December 31, 2022 and $55,000 for the
fiscal year ended December 31, 2021. The services for which these fees were
paid included professional fees in connection with determining the feasibility
of a U.S. direct lending structure, professional services relating to the
readiness assessment over Greenhouse Gas Emissions and Energy, fees in connection
with a license for accounting and business knowledge platform Viewpoint and
fees in connection with a license for employee development tool ProEdge.&#160; </div></div>

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">(e) (1) The registrant&#8217;s
audit committee is directly responsible for approving the services to be provided
by the auditors, including:</div></div>

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;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; (i)&#160;&#160; pre-approval of
all audit and audit related services;</div></div>

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;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; (ii)&#160; pre-approval of
all non-audit related services to be provided to the Fund by the auditors;</div></div>

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;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; (iii) pre-approval of
all non-audit related services to be provided to the registrant by the auditors
to the registrant&#8217;s investment adviser or to any entity that controls, is
controlled by or is under common control with the registrant&#8217;s investment adviser
and that provides ongoing services to the registrant where the non-audit services
relate directly to the operations or financial reporting of the registrant; and</div></div>

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;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; (iv)&#160; establishment by
the audit committee, if deemed necessary or appropriate, as an alternative to
committee pre-approval of services to be provided by the auditors, as required
by paragraphs (ii) and (iii) above, of policies and procedures to permit such
services to be pre-approved by other means, such as through establishment of
guidelines or by action of a designated member or members of the committee; provided
the policies and procedures are detailed as to the particular service and the
committee is informed of each service and such policies and procedures do not include
delegation of audit committee responsibilities, as contemplated under the
Securities Exchange Act of 1934, to management; subject, in the case of (ii)
through (iv), to any waivers, exceptions or exemptions that may be available under
applicable law or rules.</div></div>

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">(e) (2) None of the services
provided to the registrant described in paragraphs (b)-(d) of Item 4 were
approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01
of regulation S-X.</div></div>

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">(f) No disclosures are
required by this Item 4(f).</div></div>

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">(g) The aggregate non-audit
fees paid to the principal accountant for services rendered by the principal
accountant to the registrant and the registrant&#8217;s investment adviser and any
entity controlling, controlled by or under common control with the investment
adviser that provides ongoing services to the registrant were $291,195 for the
fiscal year ended December 31, 2022 and $55,242 for the fiscal year ended
December 31, 2021.</div></div>

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">(h) The registrant&#8217;s audit
committee of the board has considered whether the provision of non-audit
services that were rendered to the registrant&#8217;s investment adviser (not
including any sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and any entity
controlling, controlled by, or under common control with the investment adviser
that provides ongoing services to the registrant that were not pre-approved
pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible
with maintaining the principal accountant&#8217;s independence.</div></div>

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">(i) N/A</div></div>

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

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">(j) N/A</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;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;">&#160;</div></strong></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;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;">&#160;</div></strong></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;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;display: inline;"> <strong><div style="font-family: &quot;Courier New&quot;;display: inline;">of Listed Registrants</div></strong></div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;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;">&#160;</div></strong></div>

<div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;mso-style-link: &quot;Plain Text Char&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><strong><div style="font-family: &quot;Courier New&quot;;font-weight: normal;display: inline;">Members of the Audit Committee are: Ketu Desai, Karen
Caldwell and Mark Hammitt.</div></strong></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;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;">&#160;</div></strong></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;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;">&#160;</div></strong></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160; </div></strong><b><div style="font-size: 10.0pt;display: inline;">N/A</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;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;">&#160;</div></strong></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;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;">&#160;</div></strong></div>

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">The board of trustees 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, Franklin Advisers, Inc., 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;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;display: inline;">&#160;</div></b></div>

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

<div style="font-size: 10.0pt;font-family: &quot;Arial Narrow&quot;,sans-serif;mso-style-name: Body;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-family: &quot;Courier New&quot;;display: inline;">RESPONSIBILITY OF THE
INVESTMENT MANAGERS TO VOTE PROXIES </div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">Franklin Equity Group, a
separate investment group within Franklin Templeton, comprised of investment
personnel from the SEC-registered investment advisers listed on <u>Appendix A</u>
(hereinafter individually an &#8220;Investment Manager&#8221; and collectively the
"Investment Managers") have delegated the administrative duties with
respect to voting proxies for securities to the Franklin Templeton Proxy Group
within Franklin Templeton Companies, LLC (the "Proxy Group"), a
wholly-owned subsidiary of Franklin Resources, Inc. Franklin Templeton
Companies, LLC provides a variety of general corporate services to its affiliates,
including, but not limited to, legal and compliance activities. Proxy duties
consist of disseminating proxy materials and analyses of issuers whose stock is
owned by any client (including both investment companies and any separate
accounts managed by the Investment Managers) that has either delegated proxy
voting administrative responsibility to the Investment Managers or has asked
for information and/or recommendations on the issues to be voted. The Investment
Managers will inform Advisory Clients that have not delegated the voting
responsibility but that have requested voting advice about the Investment
Managers&#8217; views on such proxy votes. The Proxy Group also provides these
services to other advisory affiliates of the Investment Managers.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">The Proxy Group will process
proxy votes on behalf of, and the Investment Managers vote proxies solely in
the best interests of, separate account clients, the Investment
Managers&#8217;-managed investment company shareholders, or shareholders of funds
that have appointed Franklin Templeton International Services S.&#224;.r.l. (&#8220;FTIS
S.&#224;.r.l.&#8221;) as the Management Company, provided such funds or clients have
properly delegated such responsibility in writing, or, where employee benefit
plan assets subject to the Employee Retirement Income Security Act of 1974, as
amended, are involved (&#8220;ERISA accounts&#8221;), in the best interests of the plan
participants and beneficiaries (collectively, "Advisory Clients"),
unless (i) the power to vote has been specifically retained by the named
fiduciary in the documents in which the named fiduciary appointed the
Investment Managers or (ii) the documents otherwise expressly prohibit the
Investment Managers from voting proxies. The Investment Managers recognize that
the exercise of voting rights on securities held by ERISA plans for which the
Investment Managers have voting responsibility is a fiduciary duty that must be
exercised with care, skill, prudence and diligence.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">In certain circumstances, Advisory
Clients are permitted to direct their votes in a solicitation pursuant to the
Investment Management Agreement. An Advisory Client that wishes to direct its
vote shall give reasonable prior written notice to the Investment Managers
indicating such intention and provide written instructions directing the Investment
Managers or the Proxy Group to vote regarding the solicitation. Where such
prior written notice is received, the Proxy Group will vote proxies in
accordance with such written notification received from the Advisory Client.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">The Investment Managers have
adopted and implemented Proxy Voting Policies and Procedures (&#8220;Proxy Policies&#8221;)
that they believe are reasonably designed to ensure that proxies are voted in
the best interest of Advisory Clients in accordance with their fiduciary duties
and rule 206(4)-6 under the Investment Advisers Act of 1940. To the extent that
the Investment Managers have a subadvisory agreement with an affiliated
investment manager (the &#8220;Affiliated Subadviser&#8221;) with respect to a particular
Advisory Client, the Investment Managers may delegate proxy voting
responsibility to the Affiliated Subadviser. The Investment Managers may also
delegate proxy voting responsibility to a subadviser that is not an Affiliated
Subadviser in certain limited situations as disclosed to fund shareholders
(e.g., where an Investment Manager to a pooled investment vehicle has engaged a
subadviser that is not an Affiliated Subadviser to manage all or a portion of
the assets).</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">HOW THE INVESTMENT MANAGERS VOTE
PROXIES</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">Proxy Services</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">All proxies received by the
Proxy Group will be voted based upon the Investment Managers&#8217; instructions
and/or policies. To assist it in analyzing proxies of equity securities, the
Investment Managers subscribe to Institutional Shareholder Services Inc.
("ISS"), an unaffiliated third-party corporate governance research
service that provides in-depth analyses of shareholder meeting agendas and vote
recommendations. In addition, the Investment Managers subscribe to ISS&#8217;s Proxy
Voting Service and Vote Disclosure Service. These services include receipt of
proxy ballots, custodian bank relations, account maintenance, vote execution,
ballot reconciliation, vote record maintenance, comprehensive reporting
capabilities, and vote disclosure services. Also, the Investment Managers
subscribe 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. </div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">Although analyses provided by
ISS, Glass Lewis, and/or another independent third-party proxy service provider
(each a &#8220;Proxy Service&#8221;) are thoroughly reviewed and considered in making a final
voting decision, the Investment Managers do not consider recommendations from a
Proxy Service or any third-party to be determinative of the Investment Managers&#8217;
ultimate decision. Rather, the Investment Managers exercise their independent
judgment in making voting decisions. As a matter of policy, the officers,
directors and employees of the Investment Managers and the Proxy Group will not
be influenced by outside sources whose interests conflict with the interests of
Advisory Clients.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">For ease of reference, the Proxy
Policies often refer to all Advisory Clients. However, our processes and
practices seek to ensure that proxy voting decisions are suitable for
individual Advisory Clients. In some cases, the Investment Managers&#8217; evaluation
may result in an individual Advisory Client or Investment Manager voting differently,
depending upon the nature and objective of the fund or account, the composition
of its portfolio, whether the Investment Manager has adopted a specialty or
custom voting policy, and other factors.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">Conflicts of Interest</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">All conflicts of interest will
be resolved in the best interests of the Advisory Clients. The Investment
Managers are affiliates of a large, diverse financial services firm with many
affiliates and makes its best efforts to mitigate conflicts of interest.
However, as a general matter, the Investment Managers take the position that
relationships between certain affiliates that do not use the &#8220;Franklin
Templeton&#8221; name (&#8220;Independent Affiliates&#8221;) and an issuer (e.g., an investment
management relationship between an issuer and an Independent Affiliate) do not
present a conflict of interest for an Investment Manager in voting proxies with
respect to such issuer because: (i) the Investment Managers operate as an
independent business unit from the Independent Affiliate business units, and (ii)
informational barriers exist between the Investment Managers and the
Independent Affiliate business units. </div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">Material conflicts of interest
could arise in a variety of situations, including as a result of the Investment
Managers&#8217; or an affiliate&#8217;s (other than an Independent Affiliate as described
above): (i) material business relationship with an issuer or proponent, (ii)
direct or indirect pecuniary interest in an issuer or proponent; or (iii) significant
personal or family relationship with an issuer or proponent. 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. The Proxy Group gathers and analyzes this information
on a best-efforts basis, as much of this information is provided directly by
individuals and groups other than the Proxy Group, and the Proxy Group relies
on the accuracy of the information it receives from such parties.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">Nonetheless, even though a
potential conflict of interest between the Investment Managers or an affiliate
(other than an Independent Affiliate as described above) and an issuer may
exist: (1) the Investment Managers may vote in opposition to the
recommendations of an issuer&#8217;s management even if contrary to the
recommendations of a third-party proxy voting research provider; (2) if
management has made no recommendations, the Proxy Group may defer to the voting
instructions of the Investment Managers; and (3) with respect to shares held by
Franklin Resources, Inc. or its affiliates for their own corporate accounts,
such shares may be voted without regard to these conflict procedures.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">Otherwise, in situations where a
material conflict of interest is identified between the Investment Managers or
one of its affiliates (other than Independent Affiliates) and an issuer, the
Proxy Group may vote consistent with the voting recommendation of a Proxy
Service or send the proxy directly to the relevant Advisory Clients with the
Investment Managers&#8217; recommendation regarding the vote for approval. To address
certain affiliate conflict situations, the Investment Managers will employ
pass-through voting or mirror voting when required pursuant to a fund&#8217;s
governing documents or applicable law.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">Where the Proxy Group refers a matter
to an Advisory Client, it may rely upon the instructions of a representative of
the Advisory Client, such as the board of directors or trustees, a committee of
the board, or an appointed delegate in the case of a U.S. registered investment
company, a conducting officer in the case of a fund that has appointed FTIS
S.&#224;.r.l as its Management Company, the Independent Review Committee for
Canadian investment funds, or a plan administrator in the case of an employee
benefit plan. A quorum of the board of directors or trustees or of a committee
of the board can be reached by a majority of members, or a majority of
non-recused members. The Proxy Group may determine to vote all shares held by
Advisory Clients of the Investment Managers and affiliated Investment Managers
(other than Independent Affiliates) in accordance with the instructions of one
or more of the Advisory Clients.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">The Investment Managers may also
decide whether to vote proxies for securities deemed to present conflicts of
interest that are sold following a record date, but before a shareholder
meeting date. The Investment Managers may consider various factors in deciding
whether to vote such proxies, including the Investment Managers&#8217; long-term view
of the issuer&#8217;s securities for investment, or it may defer the decision to vote
to the applicable Advisory Client. The Investment Managers also may be unable
to vote, or choose not to vote, a proxy for securities deemed to present a
conflict of interest for any of the reasons outlined in the first paragraph of
the section of these policies entitled &#8220;Proxy Procedures.&#8221;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">Weight Given Management Recommendations</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">One of the primary factors the
Investment Managers consider when determining the desirability of investing in
a particular company is the quality and depth of that company's management.
Accordingly, the recommendation of management on any issue is a factor that the
Investment Managers consider in determining how proxies should be voted.
However, the Investment Managers do not consider recommendations from
management to be determinative of the Investment Managers&#8217; ultimate decision.
Each issue is considered on its own merits, and the Investment Managers will
not support the position of a company's management in any situation where it
determines that the ratification of management's position would adversely
affect the investment merits of owning that company's shares.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">Engagement with Issuers</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">The Investment Managers believe
that engagement with issuers is important to good corporate governance and to
assist in making proxy voting decisions. The Investment Managers 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 Managers 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;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">THE PROXY GROUP</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">The Proxy Group is part of the
Franklin Templeton Companies, LLC Legal Department and is overseen by legal
counsel. Full-time staff members and support staff (which includes individuals
that are employees of affiliates of Franklin Templeton Companies, LLC) are
devoted to proxy voting administration and oversight and providing support and
assistance where needed. On a daily basis, the Proxy Group will review each
proxy upon receipt as well as any agendas, materials and recommendations that
they receive from a Proxy Service or other sources. The Proxy Group maintains a
record of all shareholder meetings that are scheduled for companies whose
securities are held by the Investment Managers&#8217; managed funds and accounts. For
each shareholder meeting, a member of the Proxy Group will consult with the
research analyst that follows the security and provide the analyst with the
agenda, analyses of one or more Proxy Services, recommendations and any other
information provided to the Proxy Group. Except in situations identified as presenting
material conflicts of interest, the Investment Managers&#8217; research analyst and
relevant portfolio manager(s) are responsible for making the final voting
decision based on their review of the agenda, analyses of one or more Proxy
Services, proxy statements, their knowledge of the company and any other
information publicly available.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">In situations where the
Investment Managers have not responded with vote recommendations to the Proxy
Group by the deadline date, the Proxy Group may vote consistent with the vote
recommendations of a Proxy Service. Except in cases where the Proxy Group is
voting consistent with the voting recommendation of a Proxy Service, the Proxy
Group must obtain voting instructions from the Investment Managers&#8217; research
analysts, relevant portfolio manager(s), legal counsel and/or the Advisory
Client prior to submitting the vote. In the event that an account holds a
security that an Investment Manager did not purchase on its behalf, and the
Investment Manager does not normally consider the security as a potential
investment for other accounts, the Proxy Group may vote consistent with the
voting recommendations of a Proxy Service or take no action on the meeting.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">The Proxy Group is fully cognizant
of its responsibility to process proxies and maintain proxy records as may be
required by relevant rules and regulations. In addition, the Investment
Managers understand their fiduciary duty to vote proxies and that proxy voting
decisions may affect the value of shareholdings. Therefore, the Investment
Managers will generally attempt to process every proxy it receives for all
domestic and foreign securities. However, there may be situations in which the
Investment Managers 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 an 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 Managers held shares on the record date but has sold them prior
to the meeting date; </div><div style="font-size: 10.0pt;color: black;layout-grid-mode: both;display: inline;">(vii) the Advisory Client held shares on the record
date, but the Advisory Client closed the account prior to the meeting date; </div><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">(viii) a proxy voting service is
not offered by the custodian in the market; (ix) due to either system error or
human error, the Investment Managers&#8217; intended vote is not correctly submitted;
(x) the Investment Managers believe it is not in the best interest of the
Advisory Client to vote the proxy for any other reason not enumerated herein;
or (xi) 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;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">Rejected Votes</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">Even if the Investment Managers
use reasonable efforts to vote a proxy on behalf of its Advisory Clients, 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 Managers do not have sufficient notice; or (c) the exercise by
the issuer of its discretion to reject the vote of the Investment Managers. In
addition, despite the best efforts of the Proxy Group and its agents, there may
be situations where the Investment Managers&#8217; votes are not received, or
properly tabulated, by an issuer or the issuer&#8217;s agent.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">Securities on Loan</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">The Investment Managers or their
affiliates may, on behalf of one or more of the proprietary registered
investment companies advised by the Investment Managers or their affiliates,
make efforts&#160; to recall any security on loan where the Investment Manager or
its affiliates (a) learn of a vote on an event that may materially 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 style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">The
ability to timely recall shares is not entirely within the control of the
Investment Managers. Under certain circumstances, the recall of shares in time
for such shares to be voted may not be possible due to applicable proxy voting
record dates or other administrative considerations.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">Split Voting</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">There may be instances in certain
non-U.S. markets where split voting is not allowed. Split voting occurs when a
position held within an account is voted in accordance with two differing
instructions. Some markets and/or issuers only allow voting on an entire position
and do not accept split voting. In certain cases, when more than one Franklin
Templeton investment manager has accounts holding shares of an issuer that are
held in an omnibus structure, the Proxy Group will seek direction from an
appropriate representative of the Advisory Client with multiple Investment Managers
(such as a conducting officer of the Management Company in the case of a
SICAV), or the Proxy Group will submit the vote based on the voting
instructions provided by the Investment Manager with accounts holding the
greatest number of shares of the security within the omnibus structure.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">Bundled Items</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">If several issues are bundled
together in a single voting item, the Investment Managers will assess the total
benefit to shareholders and the extent that such issues should be subject to
separate voting proposals.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">PROCEDURES FOR MEETINGS
INVOLVING FIXED INCOME SECURITIES &amp; PRIVATELY HELD ISSUERS</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">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 Managers for each account or fund involved. If
the Proxy Group does not receive voting instructions from the Investment
Managers, the Proxy Group will take no action on the event. The Investment
Managers may be unable to vote a proxy for a fixed income security, or may
choose not to vote a proxy, for the reasons described under the section
entitled &#8220;Proxy Procedures.&#8221;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;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;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;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 Managers may nonetheless vote as it deems in the best interests of
its Advisory Clients. The Investment Managers will report such decisions on an
annual basis to Advisory Clients as may be required.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><b><div style="font-size: 10.0pt;color: black;background: white;layout-grid-mode: both;display: inline;">Appendix
A</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;color: black;background: white;layout-grid-mode: both;display: inline;">These
Proxy Policies apply to accounts managed by personnel within </div><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">Franklin Equity Group, which
includes the following Investment Managers:</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">Franklin Advisers, Inc. (FAV)</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">Franklin Templeton
Institutional, LLC</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">Franklin Templeton Portfolio
Advisors, Inc. (FTPA)</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;color: black;background: white;layout-grid-mode: both;display: inline;">The
following Proxy Policies apply to FAV only:</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">HOW THE INVESTMENT MANAGERS VOTE
PROXIES</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">Proxy Services</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">Certain of the Investment
Managers&#8217; separate accounts or funds (or a portion thereof) are included under
Franklin Templeton Investment Solutions (&#8220;FTIS&#8221;), a separate investment group
within Franklin Templeton, and employ a quantitative strategy.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">For such accounts, FTIS&#8217;s
proprietary methodologies rely on a combination of quantitative, qualitative,
and behavioral analysis rather than fundamental security research and analyst
coverage that an actively-managed portfolio would ordinarily employ.
Accordingly, absent client direction, in light of the high number of positions
held by such accounts and the considerable time and effort that would be
required to review proxy statements and ISS or Glass Lewis recommendations, the
Investment Manager may review </div><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">ISS&#8217;s non-US Benchmark guidelines, ISS&#8217;s specialty guidelines (in
particular, ISS&#8217;s Sustainability guidelines), or Glass Lewis&#8217;s US guidelines
(the &#8220;</div><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">the ISS and Glass
Lewis Proxy Voting Guidelines&#8221;) and determine, consistent with the best
interest of its clients, to provide standing instructions to the Proxy Group to
vote proxies according to the recommendations of ISS or Glass Lewis. </div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">The Investment Manager, however,
retains the ability to vote a proxy differently than ISS or Glass Lewis
recommends if the Investment Manager determines that it would be in the best
interests of Advisory Clients (for example, where an issuer files additional
solicitation materials after a Proxy Service has issued its voting
recommendations but sufficiently before the vote submission deadline and these
materials would reasonably be expected to affect the Investment Manager&#8217;s
voting determination).</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;color: black;background: white;layout-grid-mode: both;display: inline;">The
following Proxy Policies apply to FTPA only:</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">RESPONSIBILITY OF THE INVESTMENT
MANAGERS TO VOTE PROXIES</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">In certain SMA programs,
typically where the SMA program sponsor has not elected for the Investment
Manager to vote proxies, or where the Investment Manager only provides
non-discretionary management services to the SMA program, the Investment Manager
will not be delegated the responsibility to vote proxies held by the SMA
program accounts. Instead, the SMA program sponsor or another service provider
will generally vote these proxies. Clients in SMA programs should contact the
SMA program sponsor for a copy of the program sponsor&#8217;s proxy voting policies.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">The ISS proxy voting guidelines
can be found at: <div style="color: #0563C1;display: inline;">https://www.issgovernance.com/policy-gateway/voting-policies/</div>.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">The Glass Lewis proxy voting
guidelines can be found at: <div style="color: #0563C1;display: inline;">https://www.glasslewis.com/voting-policies-current/</div>.</div></div>

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

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;display: inline;">Item 8. Portfolio Managers
of Closed-End Management Investment Companies. </div></b></div>

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">(a)(1)&#160; As of February 27, 2023,
the portfolio managers of the Fund are as follows:</div></div>

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;display: inline;">MICHAEL HASENSTAB,</div></b><div style="font-size: 10.0pt;display: inline;"> <b>Ph.D.</b>, <i>Executive Vice President of Franklin
Advisers, Inc.</i></div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">Dr. Hasenstab has been a
portfolio manager of the Fund since 2002. &#160;He </div><div style="font-size: 10.0pt;display: inline;">has final authority over all aspects of the Fund's investment portfolio,
including but not limited to, purchases and sales of individual securities, portfolio
risk assessment, and the management of daily cash balances in accordance with
anticipated management requirements. The degree to which he may perform these
functions, and the nature of these functions, may change from time to time.</div>
<div style="font-size: 10.0pt;display: inline;">&#160;He first joined Franklin Templeton in 1995,
rejoining again in 2001 after a three-year leave to obtain his PH.D.</div></div>

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;display: inline;">Calvin Ho, Ph.D., </div></b><div style="font-size: 10.0pt;display: inline;">Senior Vice President<i> of Franklin Advisers</i></div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">Dr. Ho has been a portfolio
manager of the Fund since December 2018. He provides </div><div lang="EN-AU" style="font-size: 10.0pt;display: inline;">research and advice on the purchases and sales of
individual securities and portfolio risk assessment. He joined Franklin Templeton
in 2005.</div></div>

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">(a)(2)&#160; This section reflects
information about the portfolio managers as of the fiscal year ended December
31, 2022.</div></div>

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">The following table shows the
number of other accounts managed by each portfolio manager and the total assets
in the accounts managed within each category:</div></div>

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

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

<table border="1" cellspacing="0" cellpadding="0" width="0" style="border-collapse: collapse;border: none">
 <tr style="height: 107.5pt">
  <td width="85" valign="top" style="width: 64.2pt;border: solid windowtext 1.0pt;background: #A6A6A6;padding: 0in 5.4pt 0in 5.4pt;height: 107.5pt">
  <div style="font-size: 10.0pt;font-family: &quot;New York&quot;,serif;mso-style-name: &quot;TOC\.Text&quot;;line-height: normal;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>
  <div style="font-size: 10.0pt;font-family: &quot;New York&quot;,serif;mso-style-name: &quot;TOC\.Text&quot;;line-height: normal;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>
  <div style="font-size: 10.0pt;font-family: &quot;New York&quot;,serif;mso-style-name: &quot;TOC\.Text&quot;;line-height: normal;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>
  <div style="font-size: 10.0pt;font-family: &quot;New York&quot;,serif;mso-style-name: &quot;TOC\.Text&quot;;line-height: normal;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>
  <div style="font-size: 10.0pt;font-family: &quot;New York&quot;,serif;mso-style-name: &quot;TOC\.Text&quot;;line-height: normal;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>
  <div style="font-size: 10.0pt;font-family: &quot;New York&quot;,serif;mso-style-name: &quot;TOC\.Text&quot;;line-height: normal;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>
  <div style="font-size: 10.0pt;font-family: &quot;New York&quot;,serif;mso-style-name: &quot;TOC\.Text&quot;;line-height: normal;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>
  <div style="font-size: 10.0pt;font-family: &quot;New York&quot;,serif;mso-style-name: &quot;TOC\.Text&quot;;line-height: normal;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;">Name</div></div>
  </td>
  <td width="86" valign="top" style="width: 63.15pt;border: solid windowtext 1.0pt;border-left: none;background: #A6A6A6;padding: 0in 5.4pt 0in 5.4pt;height: 107.5pt">
  <div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></div>
  <div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;display: inline;">Number of Other Registered
  Investment Companies Managed<sup>1</sup></div></div>
  <div style="font-size: 10.0pt;font-family: &quot;Times New Roman&quot;,serif;line-height: normal;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 1em;"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline">&#160;</div></div>
  </td>
  <td width="96" valign="top" style="width: 72.25pt;border: solid windowtext 1.0pt;border-left: none;background: #A6A6A6;padding: 0in 5.4pt 0in 5.4pt;height: 107.5pt">
  <div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;display: inline;">Assets of Other Registered
  Investment Companies Managed</div></div>
  <div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;display: inline;">(x $1 million)<sup>1</sup></div></div>
  </td>
  <td width="96" valign="top" style="width: 72.3pt;border: solid windowtext 1.0pt;border-left: none;background: #A6A6A6;padding: 0in 5.4pt 0in 5.4pt;height: 107.5pt">
  <div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;display: inline;">&#160;</div></div>
  <div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;display: inline;">&#160;</div></div>
  <div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;display: inline;">Number of Other Pooled
  Investment Vehicles Managed<sup>1</sup></div></div>
  </td>
  <td width="102" valign="top" style="width: 76.85pt;border: solid windowtext 1.0pt;border-left: none;background: #A6A6A6;padding: 0in 5.4pt 0in 5.4pt;height: 107.5pt">
  <div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;display: inline;">Assets of Other Pooled
  Investment Vehicles Managed</div></div>
  <div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;display: inline;">(x $1 million)<sup>1</sup></div></div>
  </td>
  <td width="84" valign="top" style="width: 63.25pt;border: solid windowtext 1.0pt;border-left: none;background: #A6A6A6;padding: 0in 5.4pt 0in 5.4pt;height: 107.5pt">
  <div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;display: inline;">&#160;</div></div>
  <div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;display: inline;">&#160;</div></div>
  <div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;display: inline;">&#160;</div></div>
  <div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;display: inline;">&#160;</div></div>
  <div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;display: inline;">Number of Other Accounts
  Managed<sup>1</sup></div></div>
  </td>
  <td width="90" valign="top" style="width: 67.8pt;border: solid windowtext 1.0pt;border-left: none;background: #A6A6A6;padding: 0in 5.4pt 0in 5.4pt;height: 107.5pt">
  <div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;display: inline;">&#160;</div></div>
  <div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;display: inline;">&#160;</div></div>
  <div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;display: inline;">Assets of Other Accounts Managed</div></div>
  <div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;display: inline;">(x $1 million)<sup>1</sup></div></div>
  </td>
 </tr>
 <tr style="height: 31.0pt">
  <td width="85" valign="top" style="width: 64.2pt;border: solid windowtext 1.0pt;border-top: none;padding: 0in 5.4pt 0in 5.4pt;height: 31.0pt">
  <div align="center" style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;display: inline;">&#160;</div></div>
  </td>
  <td width="86" valign="top" style="width: 63.15pt;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: 31.0pt">
  <div align="center" style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;display: inline;">9</div></div>
  </td>
  <td width="96" valign="top" style="width: 72.25pt;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: 31.0pt">
  <div align="center" style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;display: inline;">9,729.1</div></div>
  </td>
  <td width="96" valign="top" style="width: 72.3pt;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: 31.0pt">
  <div align="center" style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;display: inline;">32<sup>2</sup></div></div>
  </td>
  <td width="102" valign="top" style="width: 76.85pt;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: 31.0pt">
  <div align="center" style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;display: inline;">11,655.3</div></div>
  </td>
  <td width="84" valign="top" style="width: 63.25pt;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: 31.0pt">
  <div align="center" style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;display: inline;">10<sup>2</sup></div></div>
  </td>
  <td width="90" valign="top" style="width: 67.8pt;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: 31.0pt">
  <div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;display: inline;">3,369.1</div></div>
  </td>
 </tr>
 <tr style="height: 22.2pt">
  <td width="85" valign="top" style="width: 64.2pt;border: solid windowtext 1.0pt;border-top: none;padding: 0in 5.4pt 0in 5.4pt;height: 22.2pt">
  <div align="center" style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;display: inline;">&#160;</div></div>
  </td>
  <td width="86" valign="top" style="width: 63.15pt;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: 22.2pt">
  <div align="center" style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;display: inline;">9</div></div>
  </td>
  <td width="96" valign="top" style="width: 72.25pt;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: 22.2pt">
  <div align="center" style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;display: inline;">9,447.3</div></div>
  </td>
  <td width="96" valign="top" style="width: 72.3pt;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: 22.2pt">
  <div align="center" style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;display: inline;">19</div></div>
  </td>
  <td width="102" valign="top" style="width: 76.85pt;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: 22.2pt">
  <div align="center" style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;display: inline;">10,629.8</div></div>
  </td>
  <td width="84" valign="top" style="width: 63.25pt;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: 22.2pt">
  <div align="center" style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;display: inline;">1</div></div>
  </td>
  <td width="90" valign="top" style="width: 67.8pt;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: 22.2pt">
  <div align="center" style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;display: inline;">0.0</div></div>
  </td>
 </tr>
</table>

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

<div style="font-size: 10.0pt;font-family: &quot;New York&quot;,serif;mso-style-name: &quot;TOC\.Text&quot;;line-height: normal;text-indent: -19.2pt;margin-right: 0in;margin-left: 37.2pt;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;&#160;
</div></div><div style="font-size: 8.0pt;font-family: &quot;Courier New&quot;;display: inline;">The various
pooled investment vehicles and accounts listed are managed by a team of investment
professionals.&#160; Accordingly, the individual manager listed would not be solely
responsible for managing such listed amounts.</div></div>

<div style="font-size: 10.0pt;font-family: &quot;New York&quot;,serif;mso-style-name: &quot;TOC\.Text&quot;;line-height: normal;text-indent: -19.2pt;margin-right: 0in;margin-left: 37.2pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 8.0pt;font-family: &quot;Courier New&quot;;display: inline;">2.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;
</div></div><div style="font-size: 8.0pt;font-family: &quot;Courier New&quot;;display: inline;">Dr.
Hasenstab manages Pooled Investment Vehicles and Other Accounts with $1,835 in total
assets with a performance fee.</div></div>

<div style="font-size: 10.0pt;font-family: &quot;New York&quot;,serif;mso-style-name: &quot;TOC\.Text&quot;;line-height: normal;margin-right: 0in;margin-left: 37.2pt;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: 10.0pt;font-family: &quot;Arial Narrow&quot;,sans-serif;mso-style-name: Body;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 10.0pt;font-family: &quot;Arial Narrow&quot;,sans-serif;mso-style-name: Body;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-family: &quot;Courier New&quot;;display: inline;">Portfolio managers that
provide investment services to the Fund may also provide services to a variety
of other investment products, including other funds, institutional accounts and
private accounts. The advisory fees for some of such other products and
accounts may be different than that charged to the Fund and may include
performance based compensation (as noted in the chart above, if any). This may
result in fees that are higher (or lower) than the advisory fees paid by the
Fund. As a matter of policy, each fund or account is managed solely for the
benefit of the beneficial owners thereof. As discussed below, the separation of
the trading execution function from the portfolio management function and the application
of objectively based trade allocation procedures help to mitigate potential
conflicts of interest that may arise as a result of the portfolio managers
managing accounts with different advisory fees.</div></div>

<div style="font-size: 10.0pt;font-family: &quot;Arial Narrow&quot;,sans-serif;mso-style-name: Body;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><i><div style="font-family: &quot;Courier New&quot;;display: inline;">Conflicts.</div></i><div style="font-family: &quot;Courier New&quot;;display: inline;">&#160; The management of multiple funds, including
the Fund, and accounts may also give rise to potential conflicts of interest if
the funds and other accounts have different objectives, benchmarks, time
horizons, and fees as the portfolio manager must allocate his or her time and
investment ideas across multiple funds and accounts. The investment manager
seeks to manage such competing interests for the time and attention of portfolio
managers by having portfolio managers focus on a particular investment
discipline. Most other accounts managed by a portfolio manager are managed
using the same investment strategies that are used in connection with the
management of the Fund. Accordingly, portfolio holdings, position sizes, and
industry and sector exposures tend to be similar across similar portfolios,
which may minimize the potential for conflicts of interest. As noted above, the
separate management of the trade execution and valuation functions from the
portfolio management process also helps to reduce potential conflicts of
interest. However, securities selected for funds or accounts other than the
Fund may outperform the securities selected for the Fund. Moreover, if a
portfolio manager identifies a limited investment opportunity that may be
suitable for more than one fund or other account, the Fund may not be able to
take full advantage of that opportunity due to an allocation of that
opportunity across all eligible funds and other accounts. The investment
manager seeks to manage such potential conflicts by using procedures intended
to provide a fair allocation of buy and sell opportunities among funds and
other accounts.</div></div>

<div style="font-size: 10.0pt;font-family: &quot;Arial Narrow&quot;,sans-serif;mso-style-name: Body;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-family: &quot;Courier New&quot;;display: inline;">The structure of a
portfolio manager&#8217;s compensation may give rise to potential conflicts of
interest. A portfolio manager&#8217;s base pay and bonus tend to increase with
additional and more complex responsibilities that include increased assets
under management. As such, there may be an indirect relationship between a portfolio
manager&#8217;s marketing or sales efforts and his or her bonus.</div></div>

<div style="font-size: 10.0pt;font-family: &quot;Arial Narrow&quot;,sans-serif;mso-style-name: Body;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-family: &quot;Courier New&quot;;display: inline;">Finally, the management
of personal accounts by a portfolio manager may give rise to potential
conflicts of interest. While the funds and the investment manager have adopted
a code of ethics which they believe contains provisions designed to prevent a
wide range of prohibited activities by portfolio managers and others with
respect to their personal trading activities, there can be no assurance that
the code of ethics addresses all individual conduct that could result in
conflicts of interest.</div></div>

<div style="font-size: 10.0pt;font-family: &quot;Arial Narrow&quot;,sans-serif;mso-style-name: Body;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-family: &quot;Courier New&quot;;display: inline;">The investment manager
and the Fund have adopted certain compliance procedures that are designed to
address these, and other, types of conflicts. However, there is no guarantee
that such procedures will detect each and every situation where a conflict arises.</div></div>

<div style="font-size: 10.0pt;font-family: &quot;Arial Narrow&quot;,sans-serif;mso-style-name: Body;line-height: 12.0pt;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><i><div style="font-family: &quot;Courier New&quot;;display: inline;">Compensation.</div></i><div style="font-family: &quot;Courier New&quot;;display: inline;">&#160; The investment manager seeks to maintain a
compensation program that is competitively positioned to attract, retain and
motivate top-quality investment professionals. Portfolio managers receive a
base salary, a cash incentive bonus opportunity, an equity compensation
opportunity, and a benefits package. Portfolio manager compensation is reviewed
annually, and the level of compensation is based on individual performance, the
salary range for a portfolio manager&#8217;s level of responsibility and Franklin
Templeton guidelines. Portfolio managers are provided no financial incentive to
favor one fund or account over another. Each portfolio manager&#8217;s compensation
consists of the following three elements:</div></div>

<div style="font-size: 10.0pt;font-family: &quot;Arial Narrow&quot;,sans-serif;mso-style-name: &quot;Body Indent&quot;;line-height: 12.0pt;margin-right: 0in;margin-left: .15in;margin-top: 0in;margin-bottom: 8.65pt"><b><div style="font-family: &quot;Courier New&quot;;display: inline;">Base salary</div></b><div style="font-family: &quot;Courier New&quot;;display: inline;">&#160; Each portfolio manager is paid a base
salary.</div></div>

<div style="font-size: 10.0pt;font-family: &quot;Arial Narrow&quot;,sans-serif;mso-style-name: &quot;Body Indent&quot;;line-height: 12.0pt;margin-right: 0in;margin-left: .15in;margin-top: 0in;margin-bottom: 8.65pt"><b><div style="font-family: &quot;Courier New&quot;;display: inline;">Annual bonus</div></b><div style="font-family: &quot;Courier New&quot;;display: inline;">&#160; Annual bonuses are structured to align the
interests of the portfolio manager with those of the Fund&#8217;s shareholders. Each
portfolio manager is eligible to receive an annual bonus. Bonuses generally are
split between cash (50% to 65%) and restricted shares of Resources stock (17.5%
to 25%) and mutual fund shares (17.5% to 25%). The deferred equity-based
compensation is intended to build a vested interest of the portfolio manager in
the financial performance of both Resources and mutual funds advised by the
investment manager. The bonus plan is intended to provide a competitive level
of annual bonus compensation that is tied to the portfolio manager achieving
consistently strong investment performance, which aligns the financial incentives
of the portfolio manager and Fund shareholders. The Chief Investment Officer of
the investment manager and/or other officers of the investment manager, with
responsibility for the Fund, have discretion in the granting of annual bonuses
to portfolio managers in accordance with Franklin Templeton guidelines. The following
factors are generally used in determining bonuses under the plan:</div></div>

<div style="font-size: 10.0pt;font-family: &quot;Arial Narrow&quot;,sans-serif;mso-style-name: &quot;Bullet Indent&quot;;text-indent: -.15in;line-height: 12.0pt;margin-right: 0in;margin-left: .3in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-family: &quot;Franklin Gothic Book&quot;,sans-serif;display: inline;">&#8226;<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160; </div></div><i><div style="font-family: &quot;Courier New&quot;;display: inline;">Investment performance. </div></i><div style="font-family: &quot;Courier New&quot;;display: inline;">&#160;Primary consideration is given to the
historic investment performance over the 1, 3 and 5 preceding years of all
accounts managed by the portfolio manager. The pre-tax performance of each fund
managed is measured relative to a relevant peer group and/or applicable
benchmark as appropriate.</div></div>

<div style="font-size: 10.0pt;font-family: &quot;Arial Narrow&quot;,sans-serif;mso-style-name: &quot;Bullet Indent&quot;;text-indent: -.15in;line-height: 12.0pt;margin-right: 0in;margin-left: .3in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-family: &quot;Franklin Gothic Book&quot;,sans-serif;display: inline;">&#8226;<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160; </div></div><i><div style="font-family: &quot;Courier New&quot;;display: inline;">Non-investment performance</div></i><div style="font-family: &quot;Courier New&quot;;display: inline;">.&#160; The more qualitative contributions of the
portfolio manager to the investment manager&#8217;s business and the investment
management team, including professional knowledge, productivity, responsiveness
to client needs and communication, are evaluated in determining the amount of
any bonus award.</div></div>

<div style="font-size: 10.0pt;font-family: &quot;Arial Narrow&quot;,sans-serif;mso-style-name: &quot;Bullet Indent&quot;;text-indent: -.15in;line-height: 12.0pt;margin-right: 0in;margin-left: .3in;margin-top: 0in;margin-bottom: 8.65pt"><div style="font-family: &quot;Franklin Gothic Book&quot;,sans-serif;display: inline;">&#8226;<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160; </div></div><i><div style="font-family: &quot;Courier New&quot;;display: inline;">Responsibilities.</div></i><div style="font-family: &quot;Courier New&quot;;display: inline;">&#160; The characteristics and complexity of funds
managed by the portfolio manager are factored in the investment manager&#8217;s
appraisal.</div></div>

<div style="font-size: 10.0pt;font-family: &quot;Arial Narrow&quot;,sans-serif;mso-style-name: &quot;Body Indent&quot;;line-height: 12.0pt;margin-right: 0in;margin-left: .15in;margin-top: 0in;margin-bottom: 8.65pt"><b><div style="font-family: &quot;Courier New&quot;;display: inline;">Additional
long-term equity-based compensation</div></b><div style="font-family: &quot;Courier New&quot;;display: inline;">&#160;
Portfolio managers may also be awarded restricted shares or units of Resources
stock or restricted shares or units of one or more mutual funds. Awards of such
deferred equity-based compensation typically vest over time, so as to create
incentives to retain key talent.</div></div>

<div style="font-size: 10.0pt;font-family: &quot;Arial Narrow&quot;,sans-serif;mso-style-name: &quot;Body Indent&quot;;line-height: 12.0pt;margin-right: 0in;margin-left: .15in;margin-top: 0in;margin-bottom: 8.65pt"><b><div style="font-family: &quot;Courier New&quot;;display: inline;">Benefits</div></b><div style="font-family: &quot;Courier New&quot;;display: inline;">&#160; Portfolio managers also participate in
benefit plans and programs available generally to all employees of the
investment manager.</div></div>

<div style="font-size: 10.0pt;font-family: &quot;Arial Narrow&quot;,sans-serif;mso-style-name: Body;line-height: 12.0pt;page-break-after: avoid;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: 8.65pt"><i><div style="font-family: &quot;Courier New&quot;;display: inline;">Ownership
of Fund shares.</div></i><div style="font-family: &quot;Courier New&quot;;display: inline;">&#160; The
investment manager has a policy of encouraging portfolio managers to invest in
the funds they manage. Exceptions arise when, for example, a fund is closed to
new investors or when tax considerations or jurisdictional constraints cause
such an investment to be inappropriate for the portfolio manager. The following
is the dollar range of Fund shares beneficially owned by the portfolio managers
(such amounts may change from time to time):</div></div>

<div style="font-size: 10.0pt;font-family: &quot;Times New Roman&quot;,serif;margin-right: 0in;margin-left: 0in;margin-top: 1em;margin-bottom: 1em;"><div style="font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<table border="1" cellspacing="0" cellpadding="0" style="border-collapse: collapse;border: none;margin-left: 41.4pt">
 <tr>
  <td width="166" valign="top" style="width: 124.2pt;border: solid windowtext 1.0pt;background: #A6A6A6;padding: 0in 5.4pt 0in 5.4pt">
  <div align="center" style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">&#160;</div></div>
  <div align="center" style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">&#160;</div></div>
  <div align="center" style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">Portfolio Manager</div></div>
  </td>
  <td width="211" valign="top" style="width: 158.0pt;border: solid windowtext 1.0pt;border-left: none;background: #A6A6A6;padding: 0in 5.4pt 0in 5.4pt">
  <div align="center" style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">Dollar Range of Fund Shares Beneficially Owned</div></div>
  </td>
 </tr>
 <tr>
  <td width="166" valign="top" style="width: 124.2pt;border: solid windowtext 1.0pt;border-top: none;padding: 0in 5.4pt 0in 5.4pt">
  <div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">Michael Hasenstab</div></div>
  </td>
  <td width="211" valign="top" style="width: 158.0pt;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">
  <div align="center" style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,serif;mso-style-link: &quot;Header Char&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;">$1 - $10,001 </div></div>
  </td>
 </tr>
 <tr>
  <td width="166" valign="top" style="width: 124.2pt;border: solid windowtext 1.0pt;border-top: none;padding: 0in 5.4pt 0in 5.4pt">
  <div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">Calvin Ho</div></div>
  </td>
  <td width="211" valign="top" style="width: 158.0pt;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">
  <div align="center" style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,serif;mso-style-link: &quot;Header Char&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;">None</div></div>
  </td>
 </tr>
</table>

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

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;display: inline;">Item 9. Purchases of Equity
Securities by Closed-End Management Investment Company and Affiliated Purchasers.&#160; N/A</div></b></div>

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

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

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;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;;layout-grid-mode: line;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 Trustees that would
require disclosure herein.</div>

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

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

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

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;display: inline;">(a)&#160;<u>Evaluation of
Disclosure Controls and Procedures</u>. </div></b><div style="font-size: 10.0pt;display: inline;">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;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">Within 90 days prior to the
filing date of this Shareholder Report on Form&#160;N-CSR,&#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;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;display: inline;">(b)&#160;<u>Changes in
Internal Controls</u>. </div></b><div style="font-size: 10.0pt;display: inline;">There have
been no changes in the Registrant&#8217;s internal control over financial reporting
that occurred during the period covered by this report that has materially
affected, or is reasonably likely to materially affect the internal control over
financial reporting.</div></div>

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

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

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

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

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

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

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">(a)(1)
Code of Ethics</div></div>

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

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

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

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

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<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;"><a href="tgif302.htm">section302</a></div></div>

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">(a)(2)(1)
There were no written solicitations to purchase securities under Rule 23c-1
under the Act sent or given during the period covered by the report by or on
behalf of the Registrant to 10 or more persons. </div></div>

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">(a)(2)(2)
There was no change in the Registrant&#8217;s independent public accountant during
the period covered by the report. </div></div>

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

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

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;"><a href="tgif906.htm">section906</a></div></div>

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">(c) Pursuant to the
Securities and Exchange Commission&#8217;s Order granting relief from Section 19(b)
of the Investment Company Act of 1940, the 19(a) Notices to Beneficial Owners
are attached hereto as Exhibit</div></div>

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

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

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

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

<div align="center" style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;mso-style-link: &quot;Plain Text Char&quot;;layout-grid-mode: line;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b>&#160;</b></div>

<div align="center" style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;mso-style-link: &quot;Plain Text Char&quot;;layout-grid-mode: line;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b>SIGNATURES</b></div>

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

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;display: inline;">TEMPLETON GLOBAL INCOME
FUND</div></b></div>

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

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

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;text-indent: .5in;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">Matthew T. Hinkle</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">&#160;&#160;&#160;&#160;&#160; Chief
Executive Officer - Finance and Administration</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">Date&#160; February
27, 2023</div></div>

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

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

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

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;text-indent: .5in;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">Matthew T. Hinkle</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">&#160;&#160;&#160;&#160;&#160; Chief
Executive Officer - Finance and Administration</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">Date&#160; February
27, 2023</div></div>

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

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">By <u>S\CHRISTOPHER
KINGS</u>______________________<u> </u></div></div>

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

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">&#160;&#160;&#160;&#160;&#160; Chief
Financial Officer, Chief Accounting Officer and Treasurer</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;layout-grid-mode: both;display: inline;">Date&#160; February 27, 2023</div></div>

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

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

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

<div style="text-autospace: none;font-size: 16.0pt;font-family: &quot;Arial&quot;,sans-serif;font-weight: bold;margin-top: 4.0pt;margin-right: 63.1pt;margin-bottom: .0001pt;margin-left: 28.0pt">Code of Ethics for Principal Executives &amp; Senior
Financial Officers</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .3pt;margin-bottom: .0001pt">

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<b><div style="font-size: 10.5pt;display: inline;">&#160;</div></b>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse;margin-left: 18.35pt">
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  <br clear="ALL">
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  </td>
  <td width="202" valign="top" style="width: 198.5pt;padding: 0in 0in 0in 0in;height: 40.55pt">
  <div style="mso-style-name: &quot;Table Paragraph&quot;;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .2pt;margin-bottom: .0001pt"><b>&#160;</b></div>
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  </td>
  <td width="176" valign="top" style="width: 198.5pt;padding: 0in 0in 0in 0in;height: 40.55pt">
  <div style="mso-style-name: &quot;Table Paragraph&quot;;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .2pt;margin-bottom: .0001pt"><b>&#160;</b></div>
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  </td>
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</table>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;line-height: 1.0pt;margin-left: 111.45pt;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 1.0pt;display: inline;"><div style="background-color: transparent;background-repeat: no-repeat;background-size: cover;height: 1px;width: 515px;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAgMAAAABCAMAAAEDVW3RAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAAAGUExURQAAAAAAAKVnuc8AAAACdFJOU/8A5bcwSgAAAAlwSFlzAAAOwwAADsMBx2+oZAAAAA5JREFUKFNjGAWjgIEBAAIHAAHb64kqAAAAAElFTkSuQmCC)"></div></div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .35pt;margin-bottom: .0001pt"><b><div style="font-size: 22.0pt;display: inline;">&#160;</div></b></div>

<h1 align="center" style="text-autospace: none;font-size: 12.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: center;margin-top: 0in;margin-right: 114.3pt;margin-bottom: .0001pt;margin-left: 107.65pt">FRANKLIN TEMPLETON FUNDS</h1>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;display: inline;">&#160;</div></b></div>

<div align="center" style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: center;line-height: 186%;margin-left: 107.65pt;margin-right: 117.6pt;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 12.0pt;line-height: 186%;display: inline;">CODE OF ETHICS FOR PRINCIPAL
EXECUTIVES AND SENIOR FINANCIAL
OFFICERS</div></b></div>

<h2 style="text-autospace: none;font-size: 12.0pt;font-family: &quot;Arial&quot;,sans-serif;font-weight: normal;text-indent: -35.5pt;margin-top: 11.45pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: 64.0pt">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>Covered Officers and Purpose of the<div style="letter-spacing: -.1pt;display: inline;"> </div>Code</h2>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .5pt;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">&#160;</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;text-indent: .5in;margin-left: 27.95pt;margin-right: 37.85pt;margin-top: 0in;margin-bottom: .0001pt">This code of ethics (the "Code") applies to the Principal
Executive Officers, Principal Financial Officer and Principal Accounting
Officer (the "Covered Officers," each of whom is set forth in Exhibit
A) of each investment company advised by a Franklin Resources subsidiary and
that is registered with the United States Securities &amp; Exchange Commission
(&#8220;SEC&#8221;) (collectively, "FT Funds") for the purpose of promoting:</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .3pt;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">&#160;</div></div>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;margin-top: 0in;margin-right: 79.75pt;margin-bottom: .0001pt;margin-left: 64.0pt"><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>Honest and ethical conduct, including the ethical resolution of
actual or apparent conflicts of interest between personal and professional<div style="letter-spacing: -.3pt;display: inline;"> </div>relationships;</div>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;margin-top: 5.7pt;margin-right: 46.3pt;margin-bottom: .0001pt;margin-left: 64.0pt"><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>Full, fair, accurate, timely and understandable disclosure in
reports and documents<div style="letter-spacing: -1.3pt;display: inline;"> </div>that a
registrant files with, or submits to, the SEC and in other public
communications made by or on behalf of the FT<div style="letter-spacing: -.1pt;display: inline;">
</div>Funds;</div>

<div style="text-indent: -18.05pt;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;margin-top: 4.5pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: 63.95pt"><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>Compliance with applicable laws and governmental rules and<div style="letter-spacing: -.3pt;display: inline;"> </div>regulations;</div>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 6.95pt;margin-right: 38.0pt;margin-bottom: .0001pt;margin-left: 63.95pt"><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 prompt internal reporting of violations of the Code to an
appropriate person or persons identified in the Code;<div style="letter-spacing: -.1pt;display: inline;"> </div>and</div>

<div style="text-indent: -18.05pt;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;margin-top: 3.9pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: 63.95pt"><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>Accountability for adherence to the<div style="letter-spacing: -.1pt;display: inline;"> </div>Code.</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .1pt;margin-bottom: .0001pt"><div style="font-size: 12.0pt;display: inline;">&#160;</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;text-indent: .5in;margin-left: 27.95pt;margin-right: 37.9pt;margin-top: 0in;margin-bottom: .0001pt">Each Covered Officer will be expected to adhere to a high standard of
business ethics and must be sensitive to situations that may give rise to
actual as well as apparent conflicts of interest.</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">&#160;</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">&#160;</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">&#160;</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .25pt;margin-bottom: .0001pt"><div style="font-size: 11.5pt;display: inline;">&#160;</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 28.0pt;margin-right: 42.75pt;margin-top: 0in;margin-bottom: .0001pt"><i><div style="font-size: 9.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">*<div style="letter-spacing: -.1pt;display: inline;"> </div></div></i><div style="font-size: 9.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Rule<div style="letter-spacing: -.1pt;display: inline;"> </div>38a-1<div style="letter-spacing: -.1pt;display: inline;"> </div>under<div style="letter-spacing: -.1pt;display: inline;"> </div>the Investment<div style="letter-spacing: -.05pt;display: inline;"> </div>Company<div style="letter-spacing: -.1pt;display: inline;"> </div>Act<div style="letter-spacing: -.1pt;display: inline;"> </div>of<div style="letter-spacing: -.05pt;display: inline;"> </div>1940<div style="letter-spacing: -.1pt;display: inline;"> </div>(&#8220;1940<div style="letter-spacing: -.2pt;display: inline;"> </div>Act&#8221;)<div style="letter-spacing: -.1pt;display: inline;"> </div>and<div style="letter-spacing: -.05pt;display: inline;"> </div>Rule<div style="letter-spacing: -.15pt;display: inline;"> </div>206(4)-7<div style="letter-spacing: -.05pt;display: inline;">
</div>under<div style="letter-spacing: -.1pt;display: inline;"> </div>the<div style="letter-spacing: -.05pt;display: inline;"> </div>Investment<div style="letter-spacing: -.1pt;display: inline;"> </div>Advisers<div style="letter-spacing: -.05pt;display: inline;"> </div>Act<div style="letter-spacing: -.05pt;display: inline;"> </div>of 1940 (&#8220;Advisers Act&#8221;) (together the
&#8220;Compliance Rule&#8221;) require registered investment companies and registered
investment advisers to, among other things, adopt and implement written
policies and procedures reasonably designed to prevent violations of the
federal securities laws (&#8220;Compliance Rule Policies and<div style="letter-spacing: -.4pt;display: inline;"> </div>Procedures&#8221;).</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 14.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 27.95pt;margin-right: 42.75pt;margin-top: .05pt;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">CONFIDENTIAL INFORMATION. This document is
the proprietary product of Franklin Templeton Investments. It may NOT be
distributed outside the company unless it is made subject to a non-disclosure
agreement and/or such release receives authorization by an FTI Chief Compliance
Officer. Any unauthorized use, reproduction or transfer of this document is
strictly prohibited. Franklin Templeton Investments &#169; 2014. All Rights<div style="letter-spacing: -.3pt;display: inline;"> </div>Reserved.</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></div>

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

<h2 style="text-autospace: none;font-size: 12.0pt;font-family: &quot;Arial&quot;,sans-serif;font-weight: normal;text-indent: -38.85pt;margin-top: 4.0pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: 64.0pt">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;
</div>Other Policies and<div style="letter-spacing: -.05pt;display: inline;"> </div>Procedures</h2>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .5pt;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">&#160;</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;text-indent: .5in;margin-left: 27.95pt;margin-right: 38.05pt;margin-top: 0in;margin-bottom: .0001pt">This Code shall be the sole code of ethics adopted by the Funds for
purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms
applicable to registered investment companies thereunder.</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.5pt;display: inline;">&#160;</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;text-indent: .5in;margin-left: 28.0pt;margin-right: 37.9pt;margin-top: 0in;margin-bottom: .0001pt">Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and
Business</u> <u>Conduct</u> (&#8220;Business Conduct&#8221;), which is applicable to all
officers, directors and employees of Franklin Resources, Inc., including
Covered Officers. It summarizes the values, principles and business practices
that guide the employee&#8217;s business conduct and also provides a set of basic
principles to guide officers, directors and employees regarding the minimum
ethical requirements expected of them. It supplements the values, principles
and business conduct identified in the Code and other existing employee<div style="letter-spacing: -.15pt;display: inline;"> </div>policies.</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;text-indent: .5in;margin-left: 28.0pt;margin-right: 37.9pt;margin-top: 0in;margin-bottom: .0001pt">Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI
Personal</u> <u>Investments and Insider Trading Policy</u> governing personal
securities trading and other related matters. The Code for Insider Trading
provides for separate requirements that apply to the Covered Officers and
others, and therefore is not part of this Code.</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;text-indent: .5in;margin-left: 27.95pt;margin-right: 37.85pt;margin-top: 0in;margin-bottom: .0001pt">Insofar as other policies or procedures of Franklin Resources, Inc., the
Funds, the Funds&#8217; adviser, principal underwriter, or other service providers
govern or purport to govern the behavior or activities of the Covered Officers
who are subject to this Code, they are superceded by this Code to the extent
that they overlap or conflict with the provisions of this Code. Please review
these other documents or consult with the Legal Department if have questions
regarding the applicability of these policies to<div style="letter-spacing: -.15pt;display: inline;"> </div>you.</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .05pt;margin-bottom: .0001pt">&#160;</div>

<h2 style="text-autospace: none;font-size: 12.0pt;font-family: &quot;Arial&quot;,sans-serif;font-weight: normal;text-indent: -42.15pt;margin-top: 0in;margin-right: 74.95pt;margin-bottom: .0001pt;margin-left: 63.95pt">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;
</div>Covered Officers Should Handle Ethically Actual and Apparent Conflicts
of Interest</h2>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .4pt;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">&#160;</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;text-indent: .5in;margin-left: 27.95pt;margin-right: 37.9pt;margin-top: 0in;margin-bottom: .0001pt"><b>Overview. </b>A "conflict of interest" occurs when a Covered
Officer's private interest interferes with the interests of, or his or her
service to, the FT Funds. For example, a conflict of interest would arise if a
Covered Officer, or a member of his family, receives improper personal benefits
as a result of apposition with the FT Funds.</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .05pt;margin-bottom: .0001pt">&#160;</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;text-indent: .5in;margin-left: 27.95pt;margin-right: 37.9pt;margin-top: .05pt;margin-bottom: .0001pt">Certain conflicts of interest arise out of the relationships between
Covered Officers and the FT Funds and already are subject to conflict of
interest provisions in the Investment Company Act of 1940 ("Investment
Company Act") and the Investment Advisers Act of 1940 ("Investment
Advisers Act"). For example, Covered Officers may not individually engage
in certain transactions (such as the purchase or sale of securities or other
property) with the FT Funds because of their status as "affiliated
persons" of the FT Funds. The FT Funds&#8217; and the investment advisers&#8217; compliance
programs and procedures are designed to prevent, or identify and correct,
violations of these provisions. This Code does not, and is not intended to,
repeat or replace these programs and procedures, and such conflicts fall
outside of the parameters of this Code.</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .45pt;margin-bottom: .0001pt"><div style="font-size: 10.5pt;display: inline;">&#160;</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-indent: .5in;margin-left: 27.95pt;margin-right: 45.85pt;margin-top: 0in;margin-bottom: .0001pt">Although
typically not presenting an opportunity for improper personal benefit,
conflicts arise from, or as a result of, the contractual relationship between
the FT Funds, the investment advisers and the fund administrator of which the Covered
Officers are also officers or employees. As a result, this Code recognizes that
the Covered Officers will, in the normal course of their duties (whether
formally for the FT Funds, for the adviser, the administrator, or</div>

<h2 align="center" style="text-autospace: none;font-size: 12.0pt;font-family: &quot;Arial&quot;,sans-serif;font-weight: normal;text-align: center;margin-top: 6.95pt;margin-right: 9.95pt;margin-bottom: .0001pt;margin-left: 0in"><div style="font-family: &quot;Times New Roman&quot;,serif;display: inline;">2</div></h2>

</div><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;"><br clear="all" style="page-break-before: always">
</div><div style="page: WordSection3">

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 28.0pt;margin-right: 42.75pt;margin-top: 3.85pt;margin-bottom: .0001pt">for all three), be involved in
establishing policies and implementing decisions that will have different
effects on the adviser, administrator and the FT Funds. The participation of
the Covered Officers in such activities is inherent in the contractual
relationship between the FT Funds, the adviser, and the administrator and is
consistent with the performance by the Covered Officers of their duties as
officers of the FT Funds. Thus, if performed in conformity with the provisions
of the Investment Company Act and the Investment Advisers Act, such activities
will be deemed to have been handled ethically. In addition, it is recognized by
the FT Funds' Boards of Directors ("Boards") that the Covered
Officers may also be officers or employees of one or more other investment
companies covered by this or other codes.</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.5pt;display: inline;">&#160;</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-indent: .5in;margin-left: 28.0pt;margin-right: 40.9pt;margin-top: 0in;margin-bottom: .0001pt">Other conflicts
of interest are covered by the Code, even if such conflicts of interest are not
subject to provisions in the Investment Company Act and the Investment Advisers
Act. The following list provides examples of conflicts of interest under the
Code, but Covered Officers should keep in mind that these examples are not
exhaustive. The overarching principle is that the personal interest of a
Covered Officer should not be placed improperly before the interest of the FT
Funds.</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .35pt;margin-bottom: .0001pt"><div style="font-size: 9.5pt;display: inline;">&#160;</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 28.0pt;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">Each Covered Officer must:</div>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 6.65pt;margin-right: 38.95pt;margin-bottom: .0001pt;margin-left: 64.0pt"><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>Not use his or her personal influence or personal relationships
improperly to influence investment decisions or financial reporting by the FT
Funds whereby the Covered<div style="letter-spacing: -1.3pt;display: inline;"> </div>Officer
would benefit personally to the detriment of the FT<div style="letter-spacing: -.2pt;display: inline;"> </div>Funds;</div>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 5.75pt;margin-right: .7in;margin-bottom: .0001pt;margin-left: 64.0pt"><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>Not cause the FT Funds to take action, or fail to take action,
for the individual personal benefit of the Covered Officer rather than the
benefit the FT<div style="letter-spacing: -.25pt;display: inline;"> </div>Funds;</div>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 5.75pt;margin-right: 40.7pt;margin-bottom: .0001pt;margin-left: 63.95pt"><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>Not retaliate against any other Covered Officer or any employee
of the FT Funds or their affiliated persons for reports of potential violations
that are made in good<div style="letter-spacing: -.5pt;display: inline;"> </div>faith;</div>

<div style="text-indent: -18.05pt;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 5.7pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: 63.95pt"><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>Report at least annually the following affiliations or other<div style="letter-spacing: -.2pt;display: inline;"> </div>relationships:<a href="#_bookmark0"><div style="font-size: 7.0pt;color: windowtext;position: relative;top: -3.5pt;text-decoration: none;display: inline;">1</div></a></div>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;line-height: 92%;margin-top: .8pt;margin-right: 48.7pt;margin-bottom: .0001pt;margin-left: 99.95pt"><div style="font-family: &quot;Courier New&quot;;display: inline;">o<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;
</div></div>all directorships for public companies and all companies that are
required to file reports with the<div style="letter-spacing: -.1pt;display: inline;"> </div>SEC;</div>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;line-height: 92%;margin-top: .8pt;margin-right: 46.3pt;margin-bottom: .0001pt;margin-left: 99.95pt"><div style="font-family: &quot;Courier New&quot;;display: inline;">o<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;
</div></div>any direct or indirect business relationship with any independent
directors of<div style="letter-spacing: -1.15pt;display: inline;"> </div>the FT<div style="letter-spacing: -.05pt;display: inline;"> </div>Funds;</div>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;line-height: 95%;margin-top: .5pt;margin-right: 52.45pt;margin-bottom: .0001pt;margin-left: 99.95pt"><div style="font-family: &quot;Courier New&quot;;display: inline;">o<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;
</div></div>any direct or indirect business relationship with any independent
public accounting firm (which are not related to the routine issues related to
the<div style="letter-spacing: -1.1pt;display: inline;"> </div>firm&#8217;s service as the Covered
Persons accountant);<div style="letter-spacing: -.05pt;display: inline;"> </div>and</div>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;line-height: 95%;margin-top: .55pt;margin-right: 42.6pt;margin-bottom: .0001pt;margin-left: 99.95pt"><div style="font-family: &quot;Courier New&quot;;display: inline;">o<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;
</div></div>any direct or indirect interest in any transaction with any FT
Fund that will benefit the officer (not including benefits derived from the
advisory, sub-advisory, distribution or service agreements with affiliates of
Franklin<div style="letter-spacing: -.55pt;display: inline;"> </div>Resources).</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 63.95pt;margin-right: 0in;margin-top: .2pt;margin-bottom: .0001pt">These reports will be reviewed
by the Legal Department for compliance with the Code.</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-indent: .5in;margin-left: 27.95pt;margin-right: 48.95pt;margin-top: 5.85pt;margin-bottom: .0001pt">There are some
conflict of interest situations that should always be approved in writing by
Franklin Resources General Counsel or Deputy General Counsel, if material.
Examples of these include<a href="#_bookmark1"><div style="font-size: 7.0pt;color: windowtext;position: relative;top: -3.5pt;text-decoration: none;display: inline;">2</div></a>:</div>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 4.6pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: 63.95pt"><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>Service as a director on the board of any public or private<div style="letter-spacing: -.35pt;display: inline;"> </div>Company.</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">&#160;</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .4pt;margin-bottom: .0001pt">

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<br clear="ALL">


<div style="text-indent: 0in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;line-height: 9.5pt;margin-top: 3.45pt;margin-right: 44.85pt;margin-bottom: .0001pt;margin-left: 27.95pt"><div style="font-size: 6.5pt;position: relative;top: -3.5pt;display: inline;">1<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;
</div></div><div style="font-size: 8.0pt;display: inline;">Reporting<div style="letter-spacing: -.2pt;display: inline;"> </div>of<div style="letter-spacing: -.2pt;display: inline;"> </div>these<div style="letter-spacing: -.25pt;display: inline;"> </div>affiliations<div style="letter-spacing: -.2pt;display: inline;"> </div>or<div style="letter-spacing: -.3pt;display: inline;"> </div>other<div style="letter-spacing: -.25pt;display: inline;"> </div>relationships<div style="letter-spacing: -.2pt;display: inline;"> </div>shall<div style="letter-spacing: -.2pt;display: inline;"> </div>be<div style="letter-spacing: -.25pt;display: inline;"> </div>made<div style="letter-spacing: -.25pt;display: inline;"> </div>by<div style="letter-spacing: -.2pt;display: inline;"> </div>completing<div style="letter-spacing: -.25pt;display: inline;"> </div>the<div style="letter-spacing: -.25pt;display: inline;"> </div>annual<div style="letter-spacing: -.2pt;display: inline;"> </div>Directors<div style="letter-spacing: -.2pt;display: inline;">
</div>and<div style="letter-spacing: -.25pt;display: inline;"> </div>Officers<div style="letter-spacing: -.2pt;display: inline;"> </div>Questionnaire and returning the
questionnaire to Franklin Resources Inc, General Counsel or Deputy General<div style="letter-spacing: -.9pt;display: inline;"> </div>Counsel.</div></div>

<div style="text-indent: -11.2pt;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;line-height: 9.45pt;margin-top: 0in;margin-right: 0in;margin-bottom: .0001pt;margin-left: 39.15pt"><div style="font-size: 8.0pt;position: relative;top: -3.5pt;display: inline;">2<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;
</div></div><div style="font-size: 8.0pt;display: inline;">Any<div style="letter-spacing: -.1pt;display: inline;"> </div>activity<div style="letter-spacing: -.1pt;display: inline;"> </div>or<div style="letter-spacing: -.1pt;display: inline;"> </div>relationship<div style="letter-spacing: -.15pt;display: inline;"> </div>that<div style="letter-spacing: -.1pt;display: inline;"> </div>would<div style="letter-spacing: -.15pt;display: inline;"> </div>present<div style="letter-spacing: -.1pt;display: inline;">
</div>a<div style="letter-spacing: -.05pt;display: inline;"> </div>conflict<div style="letter-spacing: -.15pt;display: inline;"> </div>for<div style="letter-spacing: -.1pt;display: inline;"> </div>a<div style="letter-spacing: -.15pt;display: inline;"> </div>Covered Officer<div style="letter-spacing: -.15pt;display: inline;"> </div>may<div style="letter-spacing: -.05pt;display: inline;"> </div>also<div style="letter-spacing: -.15pt;display: inline;"> </div>present<div style="letter-spacing: -.15pt;display: inline;">
</div>a<div style="letter-spacing: -.1pt;display: inline;"> </div>conflict<div style="letter-spacing: -.15pt;display: inline;"> </div>for<div style="letter-spacing: -.1pt;display: inline;"> </div>the<div style="letter-spacing: -.15pt;display: inline;"> </div>Covered Officer</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;line-height: 103%;margin-left: 27.95pt;margin-right: 42.75pt;margin-top: .4pt;margin-bottom: .0001pt"><div style="font-size: 8.0pt;line-height: 103%;display: inline;">if a member of the Covered Officer's
immediate family engages in such an activity or has such a relationship. The
Cover Person should also obtain written approval by FT&#8217;s General Counsel in
such situations.</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .5pt;margin-bottom: .0001pt"><div style="font-size: 9.5pt;display: inline;">&#160;</div></div>

<h2 align="center" style="text-autospace: none;font-size: 12.0pt;font-family: &quot;Arial&quot;,sans-serif;font-weight: normal;text-align: center;margin-top: 0in;margin-right: 9.95pt;margin-bottom: .0001pt;margin-left: 0in"><div style="font-family: &quot;Times New Roman&quot;,serif;display: inline;">3</div></h2>

</div><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;"><br clear="all" style="page-break-before: always">
</div><div style="page: WordSection4">

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 4.15pt;margin-right: 67.7pt;margin-bottom: .0001pt;margin-left: 63.95pt"><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 receipt of any gifts in excess of $100 from any person, from
any corporation<div style="letter-spacing: -1.1pt;display: inline;"> </div>or association.</div>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 5.65pt;margin-right: 41.95pt;margin-bottom: .0001pt;margin-left: 63.95pt"><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 receipt of any entertainment from any Company with which the
FT Funds has current or prospective business dealings unless such entertainment
is business related, reasonable in cost, appropriate as to time and place, and
not so frequent as to raise<div style="letter-spacing: -1.1pt;display: inline;"> </div>any
question of impropriety. Notwithstanding the foregoing, the Covered Officers
must obtain prior approval from the Franklin Resources General Counsel for any
entertainment with a value in excess of<div style="letter-spacing: -.15pt;display: inline;"> </div>$1000.</div>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 5.95pt;margin-right: 45.65pt;margin-bottom: .0001pt;margin-left: 63.95pt"><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>Any ownership interest in, or any consulting or employment
relationship with, any of<div style="letter-spacing: -1.3pt;display: inline;"> </div>the FT
Fund&#8217;s service providers, other than an investment adviser, principal
underwriter, administrator or any affiliated person<div style="letter-spacing: -.1pt;display: inline;"> </div>thereof.</div>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 5.7pt;margin-right: 39.5pt;margin-bottom: .0001pt;margin-left: 63.95pt"><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 direct or indirect financial interest in commissions,
transaction charges or spreads paid by the FT Funds for effecting portfolio
transactions or for selling or redeeming shares other than an interest arising
from the Covered Officer's employment, such as compensation or equity<div style="letter-spacing: -.1pt;display: inline;"> </div>ownership.</div>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;margin-top: 5.85pt;margin-right: 42.65pt;margin-bottom: .0001pt;margin-left: 63.95pt"><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 Resources General Counsel or Deputy General Counsel will
provide a report<div style="letter-spacing: -1.3pt;display: inline;"> </div>to the FT Funds
Audit Committee of any approvals granted at the next regularly scheduled
meeting.</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .45pt;margin-bottom: .0001pt"><div style="font-size: 16.5pt;display: inline;">&#160;</div></div>

<h2 style="text-autospace: none;font-size: 12.0pt;font-family: &quot;Arial&quot;,sans-serif;font-weight: normal;text-indent: -43.5pt;margin-top: 0in;margin-right: 0in;margin-bottom: .0001pt;margin-left: 64.0pt">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<div style="letter-spacing: -.05pt;display: inline;"> </div>Compliance</h2>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 11.15pt;margin-right: 78.1pt;margin-bottom: .0001pt;margin-left: 63.95pt"><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>Each Covered Officer should familiarize himself with the
disclosure<div style="letter-spacing: -1.25pt;display: inline;"> </div>requirements generally
applicable to the FT<div style="letter-spacing: -.1pt;display: inline;"> </div>Funds;</div>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 5.65pt;margin-right: 39.5pt;margin-bottom: .0001pt;margin-left: 63.95pt"><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>Each Covered Officer should not knowingly misrepresent, or cause
others to misrepresent, facts about the FT Funds to others, whether within or
outside the FT Funds, including to the FT Funds&#8217; directors and auditors, and to
governmental<div style="letter-spacing: -1.15pt;display: inline;"> </div>regulators and
self-regulatory<div style="letter-spacing: -.05pt;display: inline;"> </div>organizations;</div>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 5.85pt;margin-right: 43.75pt;margin-bottom: .0001pt;margin-left: 63.95pt"><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>Each Covered Officer should, to the extent appropriate within his
or her area of responsibility, consult with other officers and employees of the
FT Funds, the FT Fund&#8217;s adviser and the administrator with the goal of
promoting full, fair, accurate, timely and understandable disclosure in the
reports and documents the FT Funds file with, or submit to, the SEC and in
other public communications made by the FT Funds;<div style="letter-spacing: -.75pt;display: inline;"> </div>and</div>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 5.85pt;margin-right: 41.9pt;margin-bottom: .0001pt;margin-left: 63.95pt"><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>It is the responsibility of each Covered Officer to promote
compliance with the standards and restrictions imposed by applicable laws,
rules and<div style="letter-spacing: -.2pt;display: inline;"> </div>regulations.</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .35pt;margin-bottom: .0001pt"><div style="font-size: 16.5pt;display: inline;">&#160;</div></div>

<h2 style="text-autospace: none;font-size: 12.0pt;font-family: &quot;Arial&quot;,sans-serif;font-weight: normal;text-indent: -40.15pt;margin-top: 0in;margin-right: 0in;margin-bottom: .0001pt;margin-left: 64.0pt">V.<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>Reporting and Accountability</h2>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .5pt;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">&#160;</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 28.0pt;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">Each Covered Officer must:</div>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 5.8pt;margin-right: 77.25pt;margin-bottom: .0001pt;margin-left: 64.0pt"><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>Upon becoming a covered officer affirm in writing to the Board
that he or she has received, read, and understands the Code (see Exhibit<div style="letter-spacing: -.2pt;display: inline;"> </div>B);</div>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 6.0pt;margin-right: 40.75pt;margin-bottom: .0001pt;margin-left: 63.95pt"><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>Annually thereafter affirm to the Board that he has complied with
the requirements of<div style="letter-spacing: -1.25pt;display: inline;"> </div>the Code;<div style="letter-spacing: -.05pt;display: inline;"> </div>and</div>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 5.95pt;margin-right: 50.5pt;margin-bottom: .0001pt;margin-left: 63.95pt"><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>Notify Franklin Resources&#8217; General Counsel or Deputy General
Counsel promptly if he or she knows of any violation of this Code. Failure to
do so is itself is a violation of<div style="letter-spacing: -1.15pt;display: inline;"> </div>this</div>

<h2 align="center" style="text-autospace: none;font-size: 12.0pt;font-family: &quot;Arial&quot;,sans-serif;font-weight: normal;text-align: center;margin-top: 5.1pt;margin-right: 9.95pt;margin-bottom: .0001pt;margin-left: 0in"><div style="font-family: &quot;Times New Roman&quot;,serif;display: inline;">4</div></h2>

</div><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;"><br clear="all" style="page-break-before: always">
</div><div style="page: WordSection5">

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 64.0pt;margin-right: 0in;margin-top: 3.85pt;margin-bottom: .0001pt">Code.</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-indent: .5in;margin-left: 27.95pt;margin-right: 42.75pt;margin-top: 7.0pt;margin-bottom: .0001pt">Franklin
Resources&#8217; General Counsel and Deputy General Counsel are responsible for
applying this Code to specific situations in which questions are presented
under it and have the authority to interpret this Code in any particular
situation.<a href="#_bookmark2"><div style="font-size: 7.0pt;color: windowtext;position: relative;top: -3.5pt;text-decoration: none;display: inline;">3</div></a><div style="font-size: 7.0pt;position: relative;top: -3.5pt;display: inline;">&#160;</div>However, the
Independent Directors of the respective FT Funds will consider any approvals or
waivers<a href="#_bookmark3"><div style="font-size: 7.0pt;color: windowtext;position: relative;top: -3.5pt;text-decoration: none;display: inline;">4</div></a><div style="font-size: 7.0pt;position: relative;top: -3.5pt;display: inline;">&#160;</div>sought by any
Chief Executive Officers of the Funds.</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .25pt;margin-bottom: .0001pt">&#160;</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 64.0pt;margin-right: 0in;margin-top: .05pt;margin-bottom: .0001pt">The FT Funds will follow these
procedures in investigating and enforcing this Code:</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .45pt;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">&#160;</div></div>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 0in;margin-right: 38.35pt;margin-bottom: .0001pt;margin-left: 64.0pt"><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 Resources General Counsel or Deputy General Counsel will
take all<div style="letter-spacing: -1.3pt;display: inline;"> </div>appropriate action to
investigate any potential violations reported to the Legal<div style="letter-spacing: -.5pt;display: inline;"> </div>Department;</div>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 6.0pt;margin-right: 51.15pt;margin-bottom: .0001pt;margin-left: 64.0pt"><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>If, after such investigation, the General Counsel or Deputy General
Counsel believes that no violation has occurred, The General Counsel is not
required to take any<div style="letter-spacing: -1.25pt;display: inline;"> </div>further
action;</div>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 6.0pt;margin-right: 48.1pt;margin-bottom: .0001pt;margin-left: 64.0pt"><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>Any matter that the General Counsel or Deputy General Counsel
believes is a<div style="letter-spacing: -1.35pt;display: inline;"> </div>violation will be
reported to the Independent Directors of the appropriate FT<div style="letter-spacing: -.35pt;display: inline;"> </div>Fund;</div>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 6.0pt;margin-right: 38.3pt;margin-bottom: .0001pt;margin-left: 64.0pt"><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>If the Independent Directors concur that a violation has
occurred, it will inform and make a recommendation to the Board of the
appropriate FT Fund or Funds, which will<div style="letter-spacing: -1.2pt;display: inline;"> </div>consider
appropriate action, which may include review of, and appropriate modifications
to, applicable policies and procedures; notification to appropriate personnel
of the investment adviser or its board; or a recommendation to dismiss the
Covered<div style="letter-spacing: -.9pt;display: inline;"> </div>Officer;</div>

<div style="text-indent: -18.05pt;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 6.1pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: 64.0pt"><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 Independent Directors will be responsible for granting waivers,
as appropriate;<div style="letter-spacing: -.7pt;display: inline;"> </div>and</div>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 5.9pt;margin-right: 65.2pt;margin-bottom: .0001pt;margin-left: 64.0pt"><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>Any changes to or waivers of this Code will, to the extent
required, are disclosed<div style="letter-spacing: -1.25pt;display: inline;"> </div>as provided
by SEC<div style="letter-spacing: -.1pt;display: inline;"> </div>rules.<a href="#_bookmark4"><div style="font-size: 7.0pt;color: windowtext;position: relative;top: -3.5pt;text-decoration: none;display: inline;">5</div></a></div>

<h2 style="text-autospace: none;font-size: 12.0pt;font-family: &quot;Arial&quot;,sans-serif;font-weight: normal;text-indent: -43.5pt;margin-top: 6.25pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: 64.0pt">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<div style="letter-spacing: -.05pt;display: inline;"> </div>Procedures</h2>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .35pt;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">&#160;</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;text-indent: .5in;margin-left: 27.95pt;margin-right: 46.55pt;margin-top: 0in;margin-bottom: .0001pt">This Code shall be the sole code of ethics adopted by the FT Funds for
purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms
applicable to registered investment companies thereunder. Insofar as other
policies or procedures of the FT Funds, the FT Funds' advisers, principal
underwriter, or other service providers govern or purport to govern the
behavior or activities of the Covered Officers who are subject to this Code,
they are superseded by this Code to the extent that they overlap or conflict
with the provisions of this Code. The FTI Personal Investments and Insider
Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund&#8217;s
principal underwriter pursuant to Rule 17j-1 under the Investment Company Act,
the Code of Ethics and Business Conduct and more detailed policies and procedures
set forth in FT&#8217;s Employee Handbook are separate requirements applying to the
Covered Officers and others, and are not part of this<div style="letter-spacing: -.4pt;display: inline;"> </div>Code.</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">&#160;</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">&#160;</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">&#160;</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">

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<br clear="ALL">


<div style="text-indent: 0in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;line-height: 9.5pt;margin-top: 3.45pt;margin-right: 41.25pt;margin-bottom: .0001pt;margin-left: 27.95pt"><div style="font-size: 6.5pt;position: relative;top: -3.5pt;display: inline;">3<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;
</div></div><div style="font-size: 8.0pt;display: inline;">Franklin<div style="letter-spacing: -.25pt;display: inline;"> </div>Resources<div style="letter-spacing: -.25pt;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: -.25pt;display: inline;"> </div>Deputy<div style="letter-spacing: -.15pt;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: -.25pt;display: inline;"> </div>authorized<div style="letter-spacing: -.25pt;display: inline;"> </div>to<div style="letter-spacing: -.25pt;display: inline;"> </div>consult,<div style="letter-spacing: -.25pt;display: inline;"> </div>as<div style="letter-spacing: -.2pt;display: inline;"> </div>appropriate,<div style="letter-spacing: -.25pt;display: inline;"> </div>with<div style="letter-spacing: -.25pt;display: inline;"> </div>members<div style="letter-spacing: -.2pt;display: inline;"> </div>of<div style="letter-spacing: -.25pt;display: inline;"> </div>the
Audit<div style="letter-spacing: -.15pt;display: inline;"> </div>Committee, counsel<div style="letter-spacing: -.05pt;display: inline;"> </div>to<div style="letter-spacing: -.1pt;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: -.05pt;display: inline;"> </div>and<div style="letter-spacing: -.1pt;display: inline;"> </div>counsel<div style="letter-spacing: -.05pt;display: inline;"> </div>to<div style="letter-spacing: -.15pt;display: inline;"> </div>the<div style="letter-spacing: -.1pt;display: inline;"> </div>Independent<div style="letter-spacing: -.1pt;display: inline;"> </div>Directors,<div style="letter-spacing: -.1pt;display: inline;"> </div>and<div style="letter-spacing: -.1pt;display: inline;"> </div>are<div style="letter-spacing: -.1pt;display: inline;"> </div>encouraged<div style="letter-spacing: -.1pt;display: inline;"> </div>to<div style="letter-spacing: -.1pt;display: inline;"> </div>do<div style="letter-spacing: -.1pt;display: inline;"> </div>so.</div></div>

<div style="text-indent: -8.25pt;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;line-height: 9.45pt;margin-top: 0in;margin-right: 0in;margin-bottom: .0001pt;margin-left: 36.2pt"><div style="font-size: 8.0pt;position: relative;top: -3.5pt;display: inline;">4<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;
</div></div><div style="font-size: 8.0pt;display: inline;">Item<div style="letter-spacing: .3pt;display: inline;"> </div>2<div style="letter-spacing: .3pt;display: inline;"> </div>of<div style="letter-spacing: .3pt;display: inline;"> </div>Form<div style="letter-spacing: .3pt;display: inline;"> </div>N-CSR<div style="letter-spacing: .35pt;display: inline;"> </div>defines<div style="letter-spacing: .3pt;display: inline;"> </div>"waiver"<div style="letter-spacing: .3pt;display: inline;"> </div>as<div style="letter-spacing: .3pt;display: inline;"> </div>"the<div style="letter-spacing: .3pt;display: inline;"> </div>approval<div style="letter-spacing: .35pt;display: inline;">
</div>by<div style="letter-spacing: .3pt;display: inline;"> </div>the<div style="letter-spacing: .3pt;display: inline;"> </div>registrant<div style="letter-spacing: .3pt;display: inline;"> </div>of<div style="letter-spacing: .3pt;display: inline;"> </div>a<div style="letter-spacing: .35pt;display: inline;"> </div>material<div style="letter-spacing: .3pt;display: inline;"> </div>departure<div style="letter-spacing: .3pt;display: inline;">
</div>from<div style="letter-spacing: .3pt;display: inline;"> </div>a<div style="letter-spacing: .3pt;display: inline;"> </div>provision<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>code<div style="letter-spacing: .3pt;display: inline;"> </div>of</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;line-height: 103%;margin-left: 28.0pt;margin-right: 38.0pt;margin-top: .4pt;margin-bottom: .0001pt"><div style="font-size: 8.0pt;line-height: 103%;display: inline;">ethics" and
"implicit waiver," which must also be disclosed, as "the
registrant's failure to take action within a reasonable period of time
regarding a material departure from a provision of the code of ethics that has
been made known to an executive officer" of the registrant. See Part X.</div></div>

<div style="text-indent: -7.7pt;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;line-height: 11.0pt;margin-top: 0in;margin-right: 0in;margin-bottom: .0001pt;margin-left: 35.65pt"><div style="font-size: 6.5pt;font-family: &quot;Times New Roman&quot;,serif;position: relative;top: -3.5pt;display: inline;">5<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160; </div></div><div style="font-size: 8.0pt;display: inline;">See Part<div style="letter-spacing: -.15pt;display: inline;"> </div>X.</div></div>

</div><div style="font-size: 6.5pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;"><br clear="all" style="page-break-before: always">
</div><div style="page: WordSection6">

<h2 style="text-autospace: none;font-size: 12.0pt;font-family: &quot;Arial&quot;,sans-serif;font-weight: normal;text-indent: -.65in;margin-top: 4.0pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: 64.0pt">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;
</div>Amendments</h2>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .35pt;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">&#160;</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-indent: .5in;margin-left: 27.95pt;margin-right: 46.5pt;margin-top: 0in;margin-bottom: .0001pt">Any amendments
to this Code, other than amendments to Exhibit A, must be approved or ratified
by a majority vote of the FT Funds&#8217; Board including a majority of independent
directors.</div>

<h2 style="text-autospace: none;font-size: 12.0pt;font-family: &quot;Arial&quot;,sans-serif;font-weight: normal;text-indent: -50.2pt;margin-top: 6.3pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: 64.0pt">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;
</div>Confidentiality</h2>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .35pt;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">&#160;</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;text-indent: .5in;margin-left: 27.95pt;margin-right: 38.0pt;margin-top: 0in;margin-bottom: .0001pt">All reports and records prepared or maintained pursuant to this Code will
be considered confidential and shall be maintained and protected accordingly.
Except as otherwise required by law or this Code, such matters shall not be
disclosed to anyone other than the FT Funds&#8217; Board and their counsel.</div>

<h2 style="text-autospace: none;font-size: 12.0pt;font-family: &quot;Arial&quot;,sans-serif;font-weight: normal;text-align: justify;text-indent: -43.5pt;margin-top: 6.4pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: 64.0pt">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<div style="letter-spacing: -.05pt;display: inline;"> </div>Use</h2>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .3pt;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">&#160;</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;text-indent: .5in;margin-left: 27.95pt;margin-right: 37.9pt;margin-top: 0in;margin-bottom: .0001pt">The Code is intended solely for the internal use by the FT Funds and does
not constitute an admission, by or on behalf of any FT Funds, as to any fact,
circumstance, or legal conclusion.</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .2pt;margin-bottom: .0001pt">&#160;</div>

<div style="text-indent: -36.05pt;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 0in;margin-right: 0in;margin-bottom: .0001pt;margin-left: 63.95pt">X.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</div>Disclosure on Form<div style="letter-spacing: -.1pt;display: inline;"> </div>N-CSR</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .2pt;margin-bottom: .0001pt">&#160;</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-indent: .5in;margin-left: 27.95pt;margin-right: 37.65pt;margin-top: 0in;margin-bottom: .0001pt">Item 2 of Form
N-CSR requires a registered management investment company to disclose annually
whether, as of the end of the period covered by the report, it has adopted a
code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller, or
persons performing similar functions, regardless of whether these officers are
employed by the registrant or a third party. If the registrant has not adopted
such a code of ethics, it must explain why it has not done so.</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-indent: 35.95pt;margin-left: 28.0pt;margin-right: 38.75pt;margin-top: 6.0pt;margin-bottom: .0001pt">The
registrant must also: (1) file with the SEC a copy of the code as an exhibit to
its annual report; (2) post the text of the code on its Internet website and
disclose, in its most recent report on Form N-CSR, its Internet address and the
fact that it has posted the code on its Internet website; or (3) undertake in
its most recent report on Form N-CSR to provide to any person without charge,
upon request, a copy of the code and explain the manner in which such request
may be made. Disclosure is also required of amendments to, or waivers
(including implicit waivers) from, a provision of the code in the registrant's
annual report on Form N-CSR or on its website. If the registrant intends to
satisfy the requirement to disclose amendments and waivers by posting such
information on its website, it will be required to disclose its Internet
address and this<div style="letter-spacing: -.1pt;display: inline;"> </div>intention.</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 63.95pt;margin-right: 0in;margin-top: 6.05pt;margin-bottom: .0001pt">The Legal Department shall be
responsible for ensuring that:</div>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 6.0pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: 64.0pt"><div style="font-size: 10.0pt;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 copy of the Code is filed with the SEC as an exhibit to each
Fund&#8217;s annual report;<div style="letter-spacing: -.7pt;display: inline;"> </div>and</div>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 6.0pt;margin-right: 42.05pt;margin-bottom: .0001pt;margin-left: 64.0pt"><div style="font-size: 10.0pt;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>any amendments to, or waivers (including implicit waivers) from,
a provision of the<div style="letter-spacing: -1.35pt;display: inline;"> </div>Code is
disclosed in the registrant's annual report on Form<div style="letter-spacing: -.3pt;display: inline;"> </div>N-CSR.</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;text-indent: .5in;margin-left: 27.95pt;margin-right: 45.0pt;margin-top: 6.0pt;margin-bottom: .0001pt">In the event that the foregoing disclosure is omitted or is determined to
be incorrect, the Legal Department shall promptly file such information with
the SEC as an amendment to Form N-CSR.</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;text-indent: .5in;margin-left: 27.95pt;margin-right: 41.95pt;margin-top: 6.0pt;margin-bottom: .0001pt">In such an event, the Fund Chief Compliance Officer shall review the Code
and propose such changes to the Code as are necessary or appropriate to prevent
reoccurrences.</div>

</div><div style="font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;display: inline;"><br clear="all" style="page-break-before: always">
</div><div style="page: WordSection7">

<h1 style="text-autospace: none;font-size: 12.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 4.0pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: 28.0pt">EXHIBIT A</h1>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .45pt;margin-bottom: .0001pt"><b><div style="font-size: 6.0pt;display: inline;">&#160;</div></b></div>

<div align="center" style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: center;margin-left: 137.55pt;margin-right: 147.5pt;margin-top: 4.65pt;margin-bottom: .0001pt">Persons
Covered by the Franklin Templeton Funds Code of Ethics</div>

<div align="center" style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: center;line-height: 12.6pt;margin-left: 107.65pt;margin-right: 117.6pt;margin-top: 0in;margin-bottom: .0001pt">January 1, 2022</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;display: inline;">&#160;</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;display: inline;">&#160;</div></div>

<h1 style="text-autospace: none;font-size: 12.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 10.4pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: 28.0pt">FRANKLIN
GROUP OF FUNDS</h1>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;display: inline;">&#160;</div></b></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;margin-left: 27.95pt;margin-right: 74.5pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">Edward<div style="letter-spacing: -.15pt;display: inline;"> </div>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
and Chief Executive Officer &#8211; Investment Management </div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;margin-left: 27.95pt;margin-right: 74.5pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">Rupert H.<div style="letter-spacing: -.15pt;display: inline;"> </div>Johnson,<div style="letter-spacing: -.05pt;display: inline;"> </div>Jr.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Chairman of the Board
and Vice<div style="letter-spacing: -.45pt;display: inline;"> </div>President</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;margin-left: 27.95pt;margin-right: 74.5pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">Michael<div style="letter-spacing: -.15pt;display: inline;"> </div>McCarthy&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; President
and Chief Executive Officer &#8211; Investment Management </div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;margin-left: 27.95pt;margin-right: 74.5pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">Sonal Desai,<div style="letter-spacing: -.25pt;display: inline;"> </div>Ph<div style="letter-spacing: -.1pt;display: inline;"> </div>D&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; President and Chief
Executive Officer &#8211; Investment Management </div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;margin-left: 27.95pt;margin-right: 74.5pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">Matthew<div style="letter-spacing: -.1pt;display: inline;"> </div>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 &#8211; Finance and<div style="letter-spacing: -.45pt;display: inline;"> </div>Administration</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;margin-left: 27.95pt;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">Christopher Kings&#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 Treasurer</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .45pt;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">&#160;</div></div>

<h1 style="text-autospace: none;font-size: 12.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 0in;margin-right: 0in;margin-bottom: .0001pt;margin-left: 28.0pt">FRANKLIN MUTUAL SERIES FUNDS</h1>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .55pt;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;display: inline;">&#160;</div></b></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 27.95pt;margin-right: 127.8pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">Christian
K. Correa&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Chief Executive Officer &#8211; Investment Management </div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 27.95pt;margin-right: 127.8pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">Matthew<div style="letter-spacing: -.1pt;display: inline;"> </div>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 &#8211; Finance and Administration </div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 27.95pt;margin-right: 34.5pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">Christopher
Kings&#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 Treasurer</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 12.5pt;display: inline;">&#160;</div></div>

<h1 style="text-autospace: none;font-size: 12.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 0in;margin-right: 0in;margin-bottom: .0001pt;margin-left: 28.0pt">FRANKLIN ALTERNATIVE STRATEGIES FUNDS</h1>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 12.0pt;display: inline;">&#160;</div></b></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 27.95pt;margin-right: 74.5pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">Brooks<div style="letter-spacing: -.15pt;display: inline;"> </div>Ritchey&#160;&#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
and Chief Executive Officer &#8211; Investment Management </div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 27.95pt;margin-right: 74.5pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">Matthew<div style="letter-spacing: -.1pt;display: inline;"> </div>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 &#8211; Finance and<div style="letter-spacing: -.45pt;display: inline;"> </div>Administration</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;line-height: 11.5pt;margin-left: 27.95pt;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">Christopher Kings&#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="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 14.0pt;display: inline;">&#160;</div></div>

<h1 style="text-autospace: none;font-size: 12.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 0in;margin-right: 0in;margin-bottom: .0001pt;margin-left: 28.0pt">TEMPLETON GROUP OF FUNDS</h1>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .55pt;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;display: inline;">&#160;</div></b></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;line-height: 11.5pt;margin-left: 28.0pt;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">Rupert H.<div style="letter-spacing: -.15pt;display: inline;"> </div>Johnson<div style="letter-spacing: -.1pt;display: inline;"> </div>Jr.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Chairman
of the Board and Vice<div style="letter-spacing: -.4pt;display: inline;"> </div>President</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;margin-left: 27.95pt;margin-right: 74.5pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">Manraj<div style="letter-spacing: -.1pt;display: inline;"> </div>S.<div style="letter-spacing: -.15pt;display: inline;"> </div>Sekhon&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; President and
Chief Executive Officer &#8211; Investment Management </div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;margin-left: 27.95pt;margin-right: 74.5pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">Michael Hasenstab, Ph.D.&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160; President and Chief
Executive Officer &#8211; Investment Management </div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;margin-left: 27.95pt;margin-right: 74.5pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">Alan<div style="letter-spacing: -.15pt;display: inline;"> </div>Bartlett&#160;&#160;&#160;&#160;&#160;&#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
and Chief Executive Officer &#8211; Investment Management </div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;margin-left: 27.95pt;margin-right: 74.5pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">Matthew<div style="letter-spacing: -.1pt;display: inline;"> </div>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 &#8211; Finance and<div style="letter-spacing: -.45pt;display: inline;"> </div>Administration</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;margin-left: 27.95pt;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">Christopher Kings&#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><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,sans-serif;display: inline;"><br clear="all" style="page-break-before: always">
</div><div style="page: WordSection8">

<h1 align="center" style="text-autospace: none;font-size: 12.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: center;text-indent: -.05pt;line-height: 186%;margin-top: 4.0pt;margin-right: 191.25pt;margin-bottom: .0001pt;margin-left: 181.35pt">Exhibit B ACKNOWLEDGMENT FORM</h1>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .55pt;margin-bottom: .0001pt"><b><div style="font-size: 11.5pt;display: inline;">&#160;</div></b></div>

<h3 style="text-align: center;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 0in;margin-right: 117.5pt;margin-bottom: .0001pt;margin-left: 107.65pt">Franklin Templeton Funds
Code of Ethics</h3>

<div align="center" style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: center;margin-left: 107.65pt;margin-right: 114.6pt;margin-top: 0in;margin-bottom: .0001pt"><b>For
Principal Executives and Senior Financial Officers</b></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 12.0pt;display: inline;">&#160;</div></b></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;display: inline;">&#160;</div></b></div>

<h3 align="left" style="text-align: left;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-top: 0in;margin-right: 0in;margin-bottom: .0001pt;margin-left: 28.0pt">Instructions:</h3>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;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>Complete all sections of this<div style="letter-spacing: -.1pt;display: inline;"> </div>form.</div>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;line-height: 12.65pt;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>Print
the completed form, sign, and<div style="letter-spacing: -.05pt;display: inline;"> </div>date.</div>

<div style="text-indent: -.25in;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;line-height: 97%;margin-top: .25pt;margin-right: 40.9pt;margin-bottom: .0001pt;margin-left: 46.0pt"><div style="font-size: 12.0pt;line-height: 97%;display: inline;">3.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;
</div></div>Submit completed form to FT&#8217;s General Counsel c/o Code of Ethics
Administration within 10 days of becoming a Covered Officer and by February
15th of each subsequent year.</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .1pt;margin-bottom: .0001pt">&#160;</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-indent: -54.05pt;margin-left: 100.0pt;margin-right: 166.05pt;margin-top: 0in;margin-bottom: .0001pt"><b>E-mail:&#160;&#160;&#160;&#160;&#160; </b>Code
of Ethics Inquiries &amp; Requests (internal address);<div style="color: windowtext;text-decoration: none;display: inline;"> lpreclear@franklintempleton.com </div>(external<div style="letter-spacing: -.25pt;display: inline;"> </div>address)</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">&#160;</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.5pt;display: inline;">&#160;</div></div>

<table border="1" cellspacing="0" cellpadding="0" style="border-collapse: collapse;border: none;margin-left: 5.85pt">
 <tr style="height: 20.65pt">
  <td width="198" valign="top" style="width: 148.5pt;border: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 20.65pt">
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  <td width="498" valign="top" style="width: 373.5pt;border: solid black 1.0pt;border-left: none;padding: 0in 0in 0in 0in;height: 20.65pt">
  <div style="mso-style-name: &quot;Table Paragraph&quot;;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></div>
  </td>
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 <tr style="height: 21.05pt">
  <td width="198" valign="top" style="width: 148.5pt;border: solid black 1.0pt;border-top: none;padding: 0in 0in 0in 0in;height: 21.05pt">
  <div style="mso-style-name: &quot;Table Paragraph&quot;;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 5.35pt;margin-right: 0in;margin-top: 4.15pt;margin-bottom: .0001pt"><b>Title:</b></div>
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  <div style="mso-style-name: &quot;Table Paragraph&quot;;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></div>
  </td>
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 <tr style="height: 26.25pt">
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  <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: 26.25pt">
  <div style="mso-style-name: &quot;Table Paragraph&quot;;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></div>
  </td>
 </tr>
 <tr style="height: 23.55pt">
  <td width="198" valign="top" style="width: 148.5pt;border: solid black 1.0pt;border-top: none;padding: 0in 0in 0in 0in;height: 23.55pt">
  <div style="mso-style-name: &quot;Table Paragraph&quot;;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 5.35pt;margin-right: 0in;margin-top: 5.45pt;margin-bottom: .0001pt"><b>Location:</b></div>
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  <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: 23.55pt">
  <div style="mso-style-name: &quot;Table Paragraph&quot;;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></div>
  </td>
 </tr>
 <tr style="height: .35in">
  <td width="198" valign="top" style="width: 148.5pt;border: solid black 1.0pt;border-top: none;padding: 0in 0in 0in 0in;height: .35in">
  <div style="mso-style-name: &quot;Table Paragraph&quot;;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;line-height: 12.7pt;margin-left: 5.35pt;margin-right: 32.55pt;margin-top: .15pt;margin-bottom: .0001pt"><b>Certification
  for Year Ending:</b></div>
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  <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: .35in">
  <div style="mso-style-name: &quot;Table Paragraph&quot;;text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></div>
  </td>
 </tr>
</table>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">&#160;</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .05pt;margin-bottom: .0001pt"><div style="font-size: 8.0pt;display: inline;">&#160;</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;margin-left: 28.0pt;margin-right: 0in;margin-top: 4.6pt;margin-bottom: .0001pt"><b><i>To: Franklin
Resources General Counsel, Legal Department</i></b></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .05pt;margin-bottom: .0001pt"><b><i>&#160;</i></b></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: justify;margin-left: 27.95pt;margin-right: 37.9pt;margin-top: 0in;margin-bottom: .0001pt">I acknowledge
receiving, reading and understanding the Franklin Templeton Fund&#8217;s Code of
Ethics for Principal Executive Officers and Senior Financial Officers (the
&#8220;Code&#8221;). I will comply fully with all provisions of the Code to the extent they
apply to me during the period of my employment. I further understand and
acknowledge that any violation of the Code may subject me to disciplinary
action, including termination of employment.</div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">&#160;</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">&#160;</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">&#160;</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">&#160;</div></div>

<div style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;margin-left: 0in;margin-right: 0in;margin-top: .45pt;margin-bottom: .0001pt">

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  <td width="233"></td>
  <td width="67"></td>
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<br clear="ALL">


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<div align="center" style="text-autospace: none;font-size: 11.0pt;font-family: &quot;Arial&quot;,sans-serif;text-align: center;margin-left: 0in;margin-right: 5.75pt;margin-top: 0in;margin-bottom: .0001pt"><b><i><div style="font-size: 10.0pt;display: inline;">&#160;</div></i></b></div>

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<DOCUMENT>
<TYPE>EX-99.H OTH MAT CONT
<SEQUENCE>3
<FILENAME>gimpressrelease.htm
<TEXT>
<html><head></head><body><div style="page: WordSection1">

<div style="border: none;border-bottom: solid windowtext 1.0pt;padding: 0in 0in 1.0pt 0in">

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 9.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">TEMPLETON
GLOBAL INCOME FUND</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;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;,serif;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;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;,serif;display: inline;">300
S.E. 2<sup>nd</sup> Street</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;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;,serif;display: inline;">Fort
Lauderdale, FL 33301</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;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;,serif;display: inline;">&#160;</div></div>

</div>

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

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

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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: &quot;Times New Roman&quot;,serif;display: inline;">For
more information, please contact Franklin Templeton at 1-800-342-5236.</div></div>

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

<div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-family: &quot;Times New Roman&quot;,serif;display: inline;">TEMPLETON GLOBAL INCOME FUND (&#8220;GIM&#8221;
or the &#8220;Fund&#8221;) </div></b></div>

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

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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Fort Lauderdale,
Florida, July 28, 2022. </div><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Templeton Global
Income Fund [NYSE: GIM]<br>
<br>
</div></div>

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">

</div><table cellpadding="0" cellspacing="0" align="left">
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  <td width="173" height="0"></td>
 </tr>
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  <td></td>
  <td><div style="background-color: transparent;background-repeat: no-repeat;background-size: cover;height: 48px;width: 481px;background-image:url(data:image/png;base64, )"></div></td>
 </tr>
</table>

<br clear="ALL">


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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The Fund&#8217;s
estimated sources of the distribution to be paid on July 29, 2022, and for the
fiscal year 2022 year-to-date are as follows:</div></div>

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

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Estimated Allocations for July Monthly
Distribution as of June 30, 2022:</div></div>

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

<table border="0" cellspacing="0" cellpadding="0" width="0" style="border-collapse: collapse;margin-left: 9.0pt">
 <tr style="height: 15.35pt">
  <td width="96" valign="top" style="width: 1.0in;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Distribution </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Per Share </div></div>
  </td>
  <td width="114" valign="top" style="width: 85.5pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Investment </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Income </div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Short-Term Capital</div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Gains </div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Long-Term Capital</div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Gains </div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Return of Capital </div></div>
  </td>
 </tr>
 <tr style="height: 15.35pt">
  <td width="96" valign="top" style="width: 1.0in;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0327 </div></div>
  </td>
  <td width="114" valign="top" style="width: 85.5pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0157 (48%)</div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0000 (0%)</div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.00 (0%)</div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0170 (52%)</div></div>
  </td>
 </tr>
</table>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 9.5pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative
Estimated Allocations fiscal year-to-date as of June 30, 2022, for the fiscal
year ending December 31, 2022:</div></div>

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

<table border="0" cellspacing="0" cellpadding="0" width="0" style="border-collapse: collapse;margin-left: 9.0pt">
 <tr style="height: 15.35pt">
  <td width="96" valign="top" style="width: 1.0in;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Distribution </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Per Share </div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Investment </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Income </div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Short-Term Capital</div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Gains </div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Long-Term Capital</div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Gains </div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Return of Capital </div></div>
  </td>
 </tr>
 <tr style="height: 15.35pt">
  <td width="96" valign="top" style="width: 1.0in;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.2117 </div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0805 (38%)</div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0000 (0%)</div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.00 (0%)</div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.1312 (62%)</div></div>
  </td>
 </tr>
</table>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 9.5pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Shareholders
should not draw any conclusions about the Fund&#8217;s investment performance from
the amount of this distribution or from the terms of the
Plan.&#160; GIM estimates that it has distributed more than its income and net
realized capital gains; therefore, a portion of the GIM distribution to
shareholders may be a return of capital. A return of capital may occur, for
example, when some or all of the money that a shareholder invested in a Fund is
paid back to them. A return of capital distribution does not necessarily
reflect GIM&#8217;s investment performance and should not be confused with &#8216;yield&#8217; or
&#8216;income&#8217;. The amounts and sources of distributions reported herein are only
estimates and are not being provided for tax reporting purposes.&#160; The actual
amounts and sources of the amounts for tax reporting purposes will depend upon
the Fund&#8217;s investment experience during the remainder of its fiscal year and
may be subject to changes based on tax regulations. The Fund will send a Form
1099-DIV to shareholders for the calendar year that will describe how to report
the Fund&#8217;s distributions for federal income tax purposes.</div></b></div>

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

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></div>

<table border="1" cellspacing="0" cellpadding="0" width="0" style="border-collapse: collapse;border: none;margin-left: -.25pt">
 <tr style="height: 41.35pt">
  <td width="138" valign="top" style="width: 103.5pt;border: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 41.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 101%;text-autospace: none;margin-left: 6.35pt;margin-right: 4.3pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 101%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Average
  Annual Total Return (in relation to the change in net asset value (NAV) for
  the 5-year period ended on 06/30/2022)<sup>1</sup></div></div>
  </td>
  <td width="138" valign="top" style="width: 103.5pt;border: solid black 1.0pt;border-left: none;padding: 0in 0in 0in 0in;height: 41.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 101%;text-autospace: none;margin-left: 6.35pt;margin-right: 4.3pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 101%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Annualized
  Distribution Rate (as a percentage of NAV for the current fiscal period
  through 06/30/2022)<sup>2</sup></div></div>
  </td>
  <td width="138" valign="top" style="width: 103.5pt;border: solid black 1.0pt;border-left: none;padding: 0in 0in 0in 0in;height: 41.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 102%;text-autospace: none;margin-left: 12.25pt;margin-right: 10.9pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 102%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative
  Total Return (in relation to the change in NAV for the fiscal period through
  06/30/2022)<sup>3</sup></div></div>
  </td>
  <td width="156" valign="top" style="width: 117.0pt;border: solid black 1.0pt;border-left: none;padding: 0in 0in 0in 0in;height: 41.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 102%;text-autospace: none;margin-left: 17.45pt;margin-right: 15.85pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 102%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative
  Fiscal Year-To-Date Distribution Rate (as a percentage of&#160; NAV as of
  06/30/2022)<sup>4</sup></div></div>
  </td>
 </tr>
 <tr style="height: 12.2pt">
  <td width="138" valign="top" style="width: 103.5pt;border: solid black 1.0pt;border-top: none;padding: 0in 0in 0in 0in;height: 12.2pt">
  <div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;line-height: 106%;text-autospace: none;margin-left: 24.5pt;margin-right: 24.05pt;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">-3.62%</div></div>
  </td>
  <td width="138" valign="top" style="width: 103.5pt;border-top: none;border-left: none;border-bottom: solid black 1.0pt;border-right: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 12.2pt">
  <div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;line-height: 106%;text-autospace: none;margin-left: 24.5pt;margin-right: 24.05pt;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">8.26%</div></div>
  </td>
  <td width="138" valign="top" style="width: 103.5pt;border-top: none;border-left: none;border-bottom: solid black 1.0pt;border-right: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 12.2pt">
  <div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;line-height: 106%;text-autospace: none;margin-left: 24.65pt;margin-right: 24.05pt;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">-9.76%</div></div>
  </td>
  <td width="156" valign="top" style="width: 117.0pt;border-top: none;border-left: none;border-bottom: solid black 1.0pt;border-right: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 12.2pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 41.15pt;margin-right: 0in;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">4.46%</div></div>
  </td>
 </tr>
</table>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 1.0pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 1.0pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Fund Performance
and Distribution Rate Information:</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;text-indent: -36.05pt;text-autospace: none;margin-left: 41.2pt;margin-right: 22.0pt;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">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;&#160;&#160;
</div></div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Average
Annual Total Return in relation to NAV represents the compound average of the
Annual NAV Total Returns of the Fund for the five-year period ended through
June 30, 2022. Annual NAV Total Return is the percentage change in the Fund&#8217;s
NAV over a year, assuming reinvestment of distributions <div style="letter-spacing: -.15pt;display: inline;">paid.</div></div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-indent: -36.05pt;text-autospace: none;margin-left: 41.2pt;margin-right: 12.8pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">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;&#160;&#160;
</div></div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The
Annualized Distribution Rate is the current fiscal period&#8217;s distribution rate
annualized as a percentage of the Fund&#8217;s NAV through June 30, 2022.</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-indent: -36.05pt;text-autospace: none;margin-left: 41.2pt;margin-right: 21.35pt;margin-top: .4pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">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;&#160;&#160;
</div></div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative
Total Return is the percentage change in the Fund&#8217;s NAV from December 31, 2021
through June 30, 2022, assuming reinvestment of distributions <div style="letter-spacing: -.15pt;display: inline;">paid.</div></div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-indent: -36.05pt;text-autospace: none;margin-left: 41.0pt;margin-right: 12.2pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">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;&#160;&#160;
</div></div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The
Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of
distributions for the fiscal period December 31, 2021 through June 30, 2022, as
a percentage of the Fund&#8217;s NAV as of June 30, 2022.</div></b></div>

<div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;text-autospace: none;margin-left: 112.2pt;margin-right: 111.8pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The Fund&#8217;s Board </div><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">of
Trustees (the &#8220;Board&#8221;) </div><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">has authorized a managed distribution plan pursuant to
which the Fund makes monthly distributions to shareholders at an annual minimum
fixed rate of 8%, based on the average monthly NAV of the Fund&#8217;s common shares
(the &#8220;Plan&#8221;). The Fund calculates the average NAV from the previous month based
on the number of business days in the month on which the NAV is calculated. The
Plan is intended to provide shareholders with a constant, but not guaranteed,
fixed minimum rate of distribution each month and is intended to narrow the
discount between the market price and the NAV of the Fund&#8217;s common shares, but
there can be no assurance that the Plan will be successful in doing so. The
Fund is managed with a goal of generating as much of the distribution as
possible from net ordinary income and short-term capital gains, that is
consistent with the Fund&#8217;s investment strategy and risk profile. To the extent
that sufficient distributable income is not available on a monthly basis, the
Fund will distribute long-term capital gains and/or return of capital in order
to maintain its managed distribution rate. A return of capital may occur, for
example, when some or all of the money that was invested in the Fund is paid
back to shareholders. A return of capital distribution does not necessarily
reflect the Fund&#8217;s investment performance and should not be confused with
&#8220;yield&#8221; or &#8220;income&#8221;. Even though the Fund may realize current year capital
gains, such gains may be offset, in whole or in part, by the Fund&#8217;s capital
loss carryovers from prior years. </div></div>

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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The Board may
amend the terms of the Plan or terminate the Plan at any time without prior
notice to the Fund&#8217;s shareholders. The amendment or termination of the Plan
could have an adverse effect on the market price of the Fund&#8217;s common shares.
The Plan will be subject to the periodic review by the Board, including a
yearly review of the annual minimum fixed rate to determine if an adjustment should
be made.</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 111.8pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></b></div>

<div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;text-autospace: none;margin-left: 112.2pt;margin-right: 111.8pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">For
further information on Templeton Global Income Fund, please visit our web site
at: </div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">www.franklintempleton.com</div></b></div>

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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;letter-spacing: -.25pt;display: inline;">Franklin Resources,
Inc. [NYSE:BEN] is a global investment management organization with
subsidiaries operating as Franklin Templeton and serving clients in over 155
countries. Franklin Templeton&#8217;s mission is to help clients achieve better
outcomes through investment management expertise, wealth management and
technology solutions. Through its specialist investment managers, the company
offers boutique specialization on a global scale, bringing extensive
capabilities in equity, fixed income, multi-asset solutions and alternatives.
With offices in more than 30 countries and approximately 1,300 investment
professionals, the California-based company has 75 years of investment
experience and approximately $1.4 trillion in assets under management as of
June 30, 2022. For more information, please visit franklintempleton.com.</div></div>

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

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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;letter-spacing: -.25pt;display: inline;">&#160;</div></div>

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

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

<div style="border: none;border-bottom: solid windowtext 1.0pt;padding: 0in 0in 1.0pt 0in">

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 9.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">TEMPLETON
GLOBAL INCOME FUND</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;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;,serif;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;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;,serif;display: inline;">300
S.E. 2<sup>nd</sup> Street</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;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;,serif;display: inline;">Fort
Lauderdale, FL 33301</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;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;,serif;display: inline;">&#160;</div></div>

</div>

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

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

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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: &quot;Times New Roman&quot;,serif;display: inline;">For
more information, please contact Franklin Templeton at 1-800-342-5236.</div></div>

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

<div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-family: &quot;Times New Roman&quot;,serif;display: inline;">TEMPLETON GLOBAL INCOME FUND (&#8220;GIM&#8221;
or the &#8220;Fund&#8221;) </div></b></div>

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

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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Fort Lauderdale, Florida, August 30, 2022.
Templeton Global Income Fund [NYSE: GIM]<br>
<br>
</div></div>

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">

</div><table cellpadding="0" cellspacing="0" align="left">
 <tr>
  <td width="173" height="0"></td>
 </tr>
 <tr>
  <td></td>
  <td><div style="background-color: transparent;background-repeat: no-repeat;background-size: cover;height: 48px;width: 481px;background-image:url(data:image/png;base64, )"></div></td>
 </tr>
</table>

<br clear="ALL">


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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The Fund&#8217;s
estimated sources of the distribution to be paid on August 31, 2022, and for
the fiscal year 2022 year-to-date are as follows:</div></div>

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

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Estimated Allocations for August Monthly
Distribution as of July 31, 2022:</div></div>

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

<table border="0" cellspacing="0" cellpadding="0" width="0" style="border-collapse: collapse;margin-left: 9.0pt">
 <tr style="height: 15.35pt">
  <td width="96" valign="top" style="width: 1.0in;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Distribution </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Per Share </div></div>
  </td>
  <td width="114" valign="top" style="width: 85.5pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Investment </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Income </div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Short-Term Capital</div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Gains </div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Long-Term Capital</div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Gains </div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Return of Capital </div></div>
  </td>
 </tr>
 <tr style="height: 15.35pt">
  <td width="96" valign="top" style="width: 1.0in;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0311 </div></div>
  </td>
  <td width="114" valign="top" style="width: 85.5pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0162 (52%)</div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0000 (0%)</div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.00 (0%)</div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0149 (48%)</div></div>
  </td>
 </tr>
</table>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 9.5pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative Estimated Allocations fiscal year-to-date
as of July 31, 2022, for the fiscal year ending December 31, 2022:</div></div>

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

<table border="0" cellspacing="0" cellpadding="0" width="0" style="border-collapse: collapse;margin-left: 9.0pt">
 <tr style="height: 15.35pt">
  <td width="96" valign="top" style="width: 1.0in;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Distribution </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Per Share </div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Investment </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Income </div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Short-Term Capital</div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Gains </div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Long-Term Capital</div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Gains </div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Return of Capital </div></div>
  </td>
 </tr>
 <tr style="height: 15.35pt">
  <td width="96" valign="top" style="width: 1.0in;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.2444 </div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0963 (39%)</div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0000 (0%)</div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.00 (0%)</div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.1481 (61%)</div></div>
  </td>
 </tr>
</table>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 9.5pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Shareholders
should not draw any conclusions about the Fund&#8217;s investment performance from
the amount of this distribution or from the terms of the Plan.&#160; GIM estimates
that it has distributed more than its income and net realized capital gains;
therefore, a portion of the GIM distribution to shareholders may be a return of
capital. A return of capital may occur, for example, when some or all of the
money that a shareholder invested in a Fund is paid back to them. A return of
capital distribution does not necessarily reflect GIM&#8217;s investment performance
and should not be confused with &#8216;yield&#8217; or &#8216;income&#8217;. The amounts and sources of
distributions reported herein are only estimates and are not being provided for
tax reporting purposes.&#160; The actual amounts and sources of the amounts for tax
reporting purposes will depend upon the Fund&#8217;s investment experience during the
remainder of its fiscal year and may be subject to changes based on tax
regulations. The Fund will send a Form 1099-DIV to shareholders for the calendar
year that will describe how to report the Fund&#8217;s distributions for federal
income tax purposes.</div></b></div>

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

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></div>

<table border="1" cellspacing="0" cellpadding="0" width="0" style="border-collapse: collapse;border: none;margin-left: -.25pt">
 <tr style="height: 41.35pt">
  <td width="138" valign="top" style="width: 103.5pt;border: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 41.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 101%;text-autospace: none;margin-left: 6.35pt;margin-right: 4.3pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 101%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Average
  Annual Total Return (in relation to the change in net asset value (NAV) for
  the 5-year period ended on 07/31/2022)<sup>1</sup></div></div>
  </td>
  <td width="138" valign="top" style="width: 103.5pt;border: solid black 1.0pt;border-left: none;padding: 0in 0in 0in 0in;height: 41.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 101%;text-autospace: none;margin-left: 6.35pt;margin-right: 4.3pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 101%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Annualized
  Distribution Rate (as a percentage of NAV for the current fiscal period
  through 07/31/2022)<sup>2</sup></div></div>
  </td>
  <td width="138" valign="top" style="width: 103.5pt;border: solid black 1.0pt;border-left: none;padding: 0in 0in 0in 0in;height: 41.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 102%;text-autospace: none;margin-left: 12.25pt;margin-right: 10.9pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 102%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative
  Total Return (in relation to the change in NAV for the fiscal period through
  07/31/2022)<sup>3</sup></div></div>
  </td>
  <td width="156" valign="top" style="width: 117.0pt;border: solid black 1.0pt;border-left: none;padding: 0in 0in 0in 0in;height: 41.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 102%;text-autospace: none;margin-left: 17.45pt;margin-right: 15.85pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 102%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative
  Fiscal Year-To-Date Distribution Rate (as a percentage of&#160; NAV as of
  07/31/2022)<sup>4</sup></div></div>
  </td>
 </tr>
 <tr style="height: 12.2pt">
  <td width="138" valign="top" style="width: 103.5pt;border: solid black 1.0pt;border-top: none;padding: 0in 0in 0in 0in;height: 12.2pt">
  <div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;line-height: 106%;text-autospace: none;margin-left: 24.5pt;margin-right: 24.05pt;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">-3.24%</div></div>
  </td>
  <td width="138" valign="top" style="width: 103.5pt;border-top: none;border-left: none;border-bottom: solid black 1.0pt;border-right: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 12.2pt">
  <div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;line-height: 106%;text-autospace: none;margin-left: 24.5pt;margin-right: 24.05pt;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">7.81%</div></div>
  </td>
  <td width="138" valign="top" style="width: 103.5pt;border-top: none;border-left: none;border-bottom: solid black 1.0pt;border-right: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 12.2pt">
  <div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;line-height: 106%;text-autospace: none;margin-left: 24.65pt;margin-right: 24.05pt;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">-8.19%</div></div>
  </td>
  <td width="156" valign="top" style="width: 117.0pt;border-top: none;border-left: none;border-bottom: solid black 1.0pt;border-right: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 12.2pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 41.15pt;margin-right: 0in;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">5.11%</div></div>
  </td>
 </tr>
</table>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 1.0pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 1.0pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Fund Performance
and Distribution Rate Information:</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;text-indent: -36.05pt;text-autospace: none;margin-left: 41.2pt;margin-right: 22.0pt;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">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;&#160;&#160;
</div></div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Average
Annual Total Return in relation to NAV represents the compound average of the
Annual NAV Total Returns of the Fund for the five-year period ended through
July 31, 2022. Annual NAV Total Return is the percentage change in the Fund&#8217;s
NAV over a year, assuming reinvestment of distributions <div style="letter-spacing: -.15pt;display: inline;">paid.</div></div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-indent: -36.05pt;text-autospace: none;margin-left: 41.2pt;margin-right: 12.8pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">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;&#160;&#160;
</div></div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The
Annualized Distribution Rate is the current fiscal period&#8217;s distribution rate
annualized as a percentage of the Fund&#8217;s NAV through July 31, 2022.</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-indent: -36.05pt;text-autospace: none;margin-left: 41.2pt;margin-right: 21.35pt;margin-top: .4pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">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;&#160;&#160;
</div></div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative
Total Return is the percentage change in the Fund&#8217;s NAV from December 31, 2021
through July 31, 2022, assuming reinvestment of distributions <div style="letter-spacing: -.15pt;display: inline;">paid.</div></div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-indent: -36.05pt;text-autospace: none;margin-left: 41.0pt;margin-right: 12.2pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">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;&#160;&#160;
</div></div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The
Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of
distributions for the fiscal period December 31, 2021 through July 31, 2022, as
a percentage of the Fund&#8217;s NAV as of July 31, 2022.</div></b></div>

<div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;text-autospace: none;margin-left: 112.2pt;margin-right: 111.8pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The Fund&#8217;s Board of Trustees (the &#8220;Board&#8221;)
has authorized a managed distribution plan pursuant to which the Fund makes
monthly distributions to shareholders at an annual minimum fixed rate of 8%,
based on the average monthly NAV of the Fund&#8217;s common shares (the &#8220;Plan&#8221;). The
Fund calculates the average NAV from the previous month based on the number of
business days in the month on which the NAV is calculated. The Plan is intended
to provide shareholders with a constant, but not guaranteed, fixed minimum rate
of distribution each month and is intended to narrow the discount between the
market price and the NAV of the Fund&#8217;s common shares, but there can be no
assurance that the Plan will be successful in doing so. The Fund is managed
with a goal of generating as much of the distribution as possible from net
ordinary income and short-term capital gains, that is consistent with the
Fund&#8217;s investment strategy and risk profile. To the extent that sufficient
distributable income is not available on a monthly basis, the Fund will
distribute long-term capital gains and/or return of capital in order to
maintain its managed distribution rate. A return of capital may occur, for
example, when some or all of the money that was invested in the Fund is paid
back to shareholders. A return of capital distribution does not necessarily
reflect the Fund&#8217;s investment performance and should not be confused with
&#8220;yield&#8221; or &#8220;income&#8221;. Even though the Fund may realize current year capital
gains, such gains may be offset, in whole or in part, by the Fund&#8217;s capital
loss carryovers from prior years. </div></div>

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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The Board may amend the terms of the Plan
or terminate the Plan at any time without prior notice to the Fund&#8217;s
shareholders. The amendment or termination of the Plan could have an adverse
effect on the market price of the Fund&#8217;s common shares. The Plan will be
subject to the periodic review by the Board, including a yearly review of the
annual minimum fixed rate to determine if an adjustment should be made.</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 111.8pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></b></div>

<div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;text-autospace: none;margin-left: 112.2pt;margin-right: 111.8pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">For
further information on Templeton Global Income Fund, please visit our web site
at: </div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">www.franklintempleton.com</div></b></div>

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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;letter-spacing: -.25pt;display: inline;">Franklin Resources,
Inc. [NYSE:BEN] is a global investment management organization with
subsidiaries operating as Franklin Templeton and serving clients in over 155
countries. Franklin Templeton&#8217;s mission is to help clients achieve better
outcomes through investment management expertise, wealth management and
technology solutions. Through its specialist investment managers, the company
offers boutique specialization on a global scale, bringing extensive
capabilities in equity, fixed income, multi-asset solutions and alternatives.
With offices in more than 30 countries and approximately 1,300 investment
professionals, the California-based company has 75 years of investment
experience and approximately $1.4 trillion in assets under management as of
July 31, 2022. For more information, please visit franklintempleton.com.</div></div>

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

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

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

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

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

<div style="border: none;border-bottom: solid windowtext 1.0pt;padding: 0in 0in 1.0pt 0in">

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 9.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">TEMPLETON
GLOBAL INCOME FUND</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;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;,serif;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;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;,serif;display: inline;">300
S.E. 2<sup>nd</sup> Street</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;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;,serif;display: inline;">Fort
Lauderdale, FL 33301</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;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;,serif;display: inline;">&#160;</div></div>

</div>

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

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

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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: &quot;Times New Roman&quot;,serif;display: inline;">For
more information, please contact Franklin Templeton at 1-800-342-5236.</div></div>

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

<div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-family: &quot;Times New Roman&quot;,serif;display: inline;">TEMPLETON GLOBAL INCOME FUND (&#8220;GIM&#8221;
or the &#8220;Fund&#8221;) </div></b></div>

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

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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Fort Lauderdale, Florida, September 29,
2022. Templeton Global Income Fund [NYSE: GIM]<br>
<br>
</div></div>

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">

</div><table cellpadding="0" cellspacing="0" align="left">
 <tr>
  <td width="173" height="0"></td>
 </tr>
 <tr>
  <td></td>
  <td><div style="background-color: transparent;background-repeat: no-repeat;background-size: cover;height: 48px;width: 481px;background-image:url(data:image/png;base64, )"></div></td>
 </tr>
</table>

<br clear="ALL">


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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The Fund&#8217;s
estimated sources of the distribution to be paid on September 30, 2022, and for
the fiscal year 2022 year-to-date are as follows:</div></div>

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

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Estimated Allocations for September
Monthly Distribution as of August 31, 2022:</div></div>

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

<table border="0" cellspacing="0" cellpadding="0" width="0" style="border-collapse: collapse;margin-left: 9.0pt">
 <tr style="height: 15.35pt">
  <td width="96" valign="top" style="width: 1.0in;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Distribution </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Per Share </div></div>
  </td>
  <td width="114" valign="top" style="width: 85.5pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Investment </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Income </div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Short-Term Capital</div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Gains </div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Long-Term Capital</div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Gains </div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Return of Capital </div></div>
  </td>
 </tr>
 <tr style="height: 15.35pt">
  <td width="96" valign="top" style="width: 1.0in;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0318 </div></div>
  </td>
  <td width="114" valign="top" style="width: 85.5pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0178 (56%)</div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0000 (0%)</div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.00 (0%)</div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0140 (44%)</div></div>
  </td>
 </tr>
</table>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 9.5pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative Estimated Allocations fiscal
year-to-date as of August 31, 2022, for the fiscal year ending December 31,
2022:</div></div>

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

<table border="0" cellspacing="0" cellpadding="0" width="0" style="border-collapse: collapse;margin-left: 9.0pt">
 <tr style="height: 15.35pt">
  <td width="96" valign="top" style="width: 1.0in;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Distribution </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Per Share </div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Investment </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Income </div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Short-Term Capital</div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Gains </div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Long-Term Capital</div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Gains </div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Return of Capital </div></div>
  </td>
 </tr>
 <tr style="height: 15.35pt">
  <td width="96" valign="top" style="width: 1.0in;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.2755 </div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.1126 (41%)</div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0000 (0%)</div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.00 (0%)</div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.1629 (59%)</div></div>
  </td>
 </tr>
</table>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 9.5pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Shareholders
should not draw any conclusions about the Fund&#8217;s investment performance from
the amount of this distribution or from the terms of the Plan.&#160; GIM estimates
that it has distributed more than its income and net realized capital gains;
therefore, a portion of the GIM distribution to shareholders may be a return of
capital. A return of capital may occur, for example, when some or all of the
money that a shareholder invested in a Fund is paid back to them. A return of
capital distribution does not necessarily reflect GIM&#8217;s investment performance
and should not be confused with &#8216;yield&#8217; or &#8216;income&#8217;. The amounts and sources of
distributions reported herein are only estimates and are not being provided for
tax reporting purposes.&#160; The actual amounts and sources of the amounts for tax
reporting purposes will depend upon the Fund&#8217;s investment experience during the
remainder of its fiscal year and may be subject to changes based on tax
regulations. The Fund will send a Form 1099-DIV to shareholders for the
calendar year that will describe how to report the Fund&#8217;s distributions for
federal income tax purposes.</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></div>

<table border="1" cellspacing="0" cellpadding="0" width="0" style="border-collapse: collapse;border: none;margin-left: -.25pt">
 <tr style="height: 41.35pt">
  <td width="138" valign="top" style="width: 103.5pt;border: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 41.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 101%;text-autospace: none;margin-left: 6.35pt;margin-right: 4.3pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 101%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Average
  Annual Total Return (in relation to the change in net asset value (NAV) for
  the 5-year period ended on 08/31/2022)<sup>1</sup></div></div>
  </td>
  <td width="138" valign="top" style="width: 103.5pt;border: solid black 1.0pt;border-left: none;padding: 0in 0in 0in 0in;height: 41.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 101%;text-autospace: none;margin-left: 6.35pt;margin-right: 4.3pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 101%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Annualized
  Distribution Rate (as a percentage of NAV for the current fiscal period through
  08/31/2022)<sup>2</sup></div></div>
  </td>
  <td width="138" valign="top" style="width: 103.5pt;border: solid black 1.0pt;border-left: none;padding: 0in 0in 0in 0in;height: 41.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 102%;text-autospace: none;margin-left: 12.25pt;margin-right: 10.9pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 102%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative
  Total Return (in relation to the change in NAV for the fiscal period through
  08/31/2022)<sup>3</sup></div></div>
  </td>
  <td width="156" valign="top" style="width: 117.0pt;border: solid black 1.0pt;border-left: none;padding: 0in 0in 0in 0in;height: 41.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 102%;text-autospace: none;margin-left: 17.45pt;margin-right: 15.85pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 102%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative
  Fiscal Year-To-Date Distribution Rate (as a percentage of&#160; NAV as of
  08/31/2022)<sup>4</sup></div></div>
  </td>
 </tr>
 <tr style="height: 12.2pt">
  <td width="138" valign="top" style="width: 103.5pt;border: solid black 1.0pt;border-top: none;padding: 0in 0in 0in 0in;height: 12.2pt">
  <div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;line-height: 106%;text-autospace: none;margin-left: 24.5pt;margin-right: 24.05pt;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">-3.53%</div></div>
  </td>
  <td width="138" valign="top" style="width: 103.5pt;border-top: none;border-left: none;border-bottom: solid black 1.0pt;border-right: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 12.2pt">
  <div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;line-height: 106%;text-autospace: none;margin-left: 24.5pt;margin-right: 24.05pt;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">8.19%</div></div>
  </td>
  <td width="138" valign="top" style="width: 103.5pt;border-top: none;border-left: none;border-bottom: solid black 1.0pt;border-right: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 12.2pt">
  <div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;line-height: 106%;text-autospace: none;margin-left: 24.65pt;margin-right: 24.05pt;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">-9.89%</div></div>
  </td>
  <td width="156" valign="top" style="width: 117.0pt;border-top: none;border-left: none;border-bottom: solid black 1.0pt;border-right: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 12.2pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 41.15pt;margin-right: 0in;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">5.91%</div></div>
  </td>
 </tr>
</table>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 1.0pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 1.0pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Fund Performance
and Distribution Rate Information:</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;text-indent: -36.05pt;text-autospace: none;margin-left: 41.2pt;margin-right: 22.0pt;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">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;&#160;&#160;
</div></div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Average
Annual Total Return in relation to NAV represents the compound average of the
Annual NAV Total Returns of the Fund for the five-year period ended through
August 31, 2022. Annual NAV Total Return is the percentage change in the Fund&#8217;s
NAV over a year, assuming reinvestment of distributions <div style="letter-spacing: -.15pt;display: inline;">paid.</div></div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-indent: -36.05pt;text-autospace: none;margin-left: 41.2pt;margin-right: 12.8pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">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;&#160;&#160;
</div></div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The
Annualized Distribution Rate is the current fiscal period&#8217;s distribution rate
annualized as a percentage of the Fund&#8217;s NAV through August 31, 2022.</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-indent: -36.05pt;text-autospace: none;margin-left: 41.2pt;margin-right: 21.35pt;margin-top: .4pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">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;&#160;&#160;
</div></div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative
Total Return is the percentage change in the Fund&#8217;s NAV from December 31, 2021
through August 31, 2022, assuming reinvestment of distributions <div style="letter-spacing: -.15pt;display: inline;">paid.</div></div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-indent: -36.05pt;text-autospace: none;margin-left: 41.0pt;margin-right: 12.2pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">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;&#160;&#160;
</div></div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The
Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of
distributions for the fiscal period December 31, 2021 through August 31, 2022,
as a percentage of the Fund&#8217;s NAV as of August 31, 2022.</div></b></div>

<div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;text-autospace: none;margin-left: 112.2pt;margin-right: 111.8pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The Fund&#8217;s Board of Trustees (the &#8220;Board&#8221;)
has authorized a managed distribution plan pursuant to which the Fund makes
monthly distributions to shareholders at an annual minimum fixed rate of 8%,
based on the average monthly NAV of the Fund&#8217;s common shares (the &#8220;Plan&#8221;). The
Fund calculates the average NAV from the previous month based on the number of
business days in the month on which the NAV is calculated. The Plan is intended
to provide shareholders with a constant, but not guaranteed, fixed minimum rate
of distribution each month and is intended to narrow the discount between the
market price and the NAV of the Fund&#8217;s common shares, but there can be no
assurance that the Plan will be successful in doing so. The Fund is managed
with a goal of generating as much of the distribution as possible from net
ordinary income and short-term capital gains, that is consistent with the
Fund&#8217;s investment strategy and risk profile. To the extent that sufficient
distributable income is not available on a monthly basis, the Fund will
distribute long-term capital gains and/or return of capital in order to
maintain its managed distribution rate. A return of capital may occur, for
example, when some or all of the money that was invested in the Fund is paid
back to shareholders. A return of capital distribution does not necessarily
reflect the Fund&#8217;s investment performance and should not be confused with
&#8220;yield&#8221; or &#8220;income&#8221;. Even though the Fund may realize current year capital
gains, such gains may be offset, in whole or in part, by the Fund&#8217;s capital
loss carryovers from prior years. </div></div>

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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The Board may amend the terms of the Plan
or terminate the Plan at any time without prior notice to the Fund&#8217;s
shareholders. The amendment or termination of the Plan could have an adverse
effect on the market price of the Fund&#8217;s common shares. The Plan will be
subject to the periodic review by the Board, including a yearly review of the
annual minimum fixed rate to determine if an adjustment should be made.</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 111.8pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></b></div>

<div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;text-autospace: none;margin-left: 112.2pt;margin-right: 111.8pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">For
further information on Templeton Global Income Fund, please visit our web site
at: </div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">www.franklintempleton.com</div></b></div>

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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;letter-spacing: -.25pt;display: inline;">Franklin Resources,
Inc. is a global investment management organization with subsidiaries operating
as Franklin Templeton and serving clients in over 155 countries. Franklin
Templeton&#8217;s mission is to help clients achieve better outcomes through
investment management expertise, wealth management and technology solutions.
Through its specialist investment managers, the company offers boutique
specialization on a global scale, bringing extensive capabilities in equity,
fixed income, multi-asset solutions and alternatives. With offices in more than
30 countries and approximately 1,300 investment professionals, the
California-based company has 75 years of investment experience and
approximately $1.4 trillion in assets under management as of August 31, 2022.
For more information, please visit franklintempleton.com.</div></div>

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

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

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

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

<div style="border: none;border-bottom: solid windowtext 1.0pt;padding: 0in 0in 1.0pt 0in">

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 9.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">TEMPLETON
GLOBAL INCOME FUND</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;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;,serif;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;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;,serif;display: inline;">300
S.E. 2<sup>nd</sup> Street</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;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;,serif;display: inline;">Fort
Lauderdale, FL 33301</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;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;,serif;display: inline;">&#160;</div></div>

</div>

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

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

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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: &quot;Times New Roman&quot;,serif;display: inline;">For
more information, please contact Franklin Templeton at 1-800-342-5236.</div></div>

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

<div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-family: &quot;Times New Roman&quot;,serif;display: inline;">TEMPLETON GLOBAL INCOME FUND (&#8220;GIM&#8221;
or the &#8220;Fund&#8221;) </div></b></div>

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

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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Fort Lauderdale, Florida, October 28,
2022. Templeton Global Income Fund [NYSE: GIM]<br>
<br>
</div></div>

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">

</div><table cellpadding="0" cellspacing="0" align="left">
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  <td width="173" height="0"></td>
 </tr>
 <tr>
  <td></td>
  <td><div style="background-color: transparent;background-repeat: no-repeat;background-size: cover;height: 48px;width: 481px;background-image:url(data:image/png;base64, )"></div></td>
 </tr>
</table>

<br clear="ALL">


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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The Fund&#8217;s estimated
sources of the distribution to be paid on October 31, 2022, and for the fiscal
year 2022 year-to-date are as follows:</div></div>

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

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Estimated Allocations for October Monthly
Distribution as of September 30, 2022:</div></div>

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

<table border="0" cellspacing="0" cellpadding="0" width="0" style="border-collapse: collapse;margin-left: 9.0pt">
 <tr style="height: 15.35pt">
  <td width="96" valign="top" style="width: 1.0in;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Distribution </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Per Share </div></div>
  </td>
  <td width="114" valign="top" style="width: 85.5pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Investment </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Income </div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Short-Term Capital</div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Gains </div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Long-Term Capital</div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Gains </div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Return of Capital </div></div>
  </td>
 </tr>
 <tr style="height: 15.35pt">
  <td width="96" valign="top" style="width: 1.0in;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0302 </div></div>
  </td>
  <td width="114" valign="top" style="width: 85.5pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0157 (52%)</div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0000 (0%)</div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.00 (0%)</div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0145 (48%)</div></div>
  </td>
 </tr>
</table>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 9.5pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative Estimated Allocations fiscal
year-to-date as of September 30, 2022, for the fiscal year ending December 31,
2022:</div></div>

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

<table border="0" cellspacing="0" cellpadding="0" width="0" style="border-collapse: collapse;margin-left: 9.0pt">
 <tr style="height: 15.35pt">
  <td width="96" valign="top" style="width: 1.0in;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Distribution </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Per Share </div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Investment </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Income </div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Short-Term Capital</div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Gains </div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Long-Term Capital</div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Gains </div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Return of Capital </div></div>
  </td>
 </tr>
 <tr style="height: 15.35pt">
  <td width="96" valign="top" style="width: 1.0in;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.3073 </div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.1303 (42%)</div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0000 (0%)</div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.00 (0%)</div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.1770 (58%)</div></div>
  </td>
 </tr>
</table>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 9.5pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Shareholders should
not draw any conclusions about the Fund&#8217;s investment performance from the
amount of this distribution or from the terms of the Plan.&#160; GIM estimates that
it has distributed more than its income and net realized capital gains;
therefore, a portion of the GIM distribution to shareholders may be a return of
capital. A return of capital may occur, for example, when some or all of the
money that a shareholder invested in a Fund is paid back to them. A return of
capital distribution does not necessarily reflect GIM&#8217;s investment performance
and should not be confused with &#8216;yield&#8217; or &#8216;income&#8217;. The amounts and sources of
distributions reported herein are only estimates and are not being provided for
tax reporting purposes.&#160; The actual amounts and sources of the amounts for tax
reporting purposes will depend upon the Fund&#8217;s investment experience during the
remainder of its fiscal year and may be subject to changes based on tax
regulations. The Fund will send a Form 1099-DIV to shareholders for the
calendar year that will describe how to report the Fund&#8217;s distributions for
federal income tax purposes.</div></b></div>

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

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

<table border="1" cellspacing="0" cellpadding="0" width="0" style="border-collapse: collapse;border: none;margin-left: -.25pt">
 <tr style="height: 41.35pt">
  <td width="138" valign="top" style="width: 103.5pt;border: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 41.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 101%;text-autospace: none;margin-left: 6.35pt;margin-right: 4.3pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 101%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Average
  Annual Total Return (in relation to the change in net asset value (NAV) for
  the 5-year period ended on 09/30/2022)<sup>1</sup></div></div>
  </td>
  <td width="138" valign="top" style="width: 103.5pt;border: solid black 1.0pt;border-left: none;padding: 0in 0in 0in 0in;height: 41.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 101%;text-autospace: none;margin-left: 6.35pt;margin-right: 4.3pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 101%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Annualized
  Distribution Rate (as a percentage of NAV for the current fiscal period
  through 09/30/2022)<sup>2</sup></div></div>
  </td>
  <td width="138" valign="top" style="width: 103.5pt;border: solid black 1.0pt;border-left: none;padding: 0in 0in 0in 0in;height: 41.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 102%;text-autospace: none;margin-left: 12.25pt;margin-right: 10.9pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 102%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative
  Total Return (in relation to the change in NAV for the fiscal period through
  09/30/2022)<sup>3</sup></div></div>
  </td>
  <td width="156" valign="top" style="width: 117.0pt;border: solid black 1.0pt;border-left: none;padding: 0in 0in 0in 0in;height: 41.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 102%;text-autospace: none;margin-left: 17.45pt;margin-right: 15.85pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 102%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative
  Fiscal Year-To-Date Distribution Rate (as a percentage of&#160; NAV as of
  09/30/2022)<sup>4</sup></div></div>
  </td>
 </tr>
 <tr style="height: 12.2pt">
  <td width="138" valign="top" style="width: 103.5pt;border: solid black 1.0pt;border-top: none;padding: 0in 0in 0in 0in;height: 12.2pt">
  <div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;line-height: 106%;text-autospace: none;margin-left: 24.5pt;margin-right: 24.05pt;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">-5.09%</div></div>
  </td>
  <td width="138" valign="top" style="width: 103.5pt;border-top: none;border-left: none;border-bottom: solid black 1.0pt;border-right: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 12.2pt">
  <div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;line-height: 106%;text-autospace: none;margin-left: 24.5pt;margin-right: 24.05pt;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">8.37%</div></div>
  </td>
  <td width="138" valign="top" style="width: 103.5pt;border-top: none;border-left: none;border-bottom: solid black 1.0pt;border-right: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 12.2pt">
  <div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;line-height: 106%;text-autospace: none;margin-left: 24.65pt;margin-right: 24.05pt;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">-15.66%</div></div>
  </td>
  <td width="156" valign="top" style="width: 117.0pt;border-top: none;border-left: none;border-bottom: solid black 1.0pt;border-right: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 12.2pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 41.15pt;margin-right: 0in;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">7.10%</div></div>
  </td>
 </tr>
</table>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 1.0pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 1.0pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Fund Performance
and Distribution Rate Information:</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;text-indent: -36.05pt;text-autospace: none;margin-left: 41.2pt;margin-right: 22.0pt;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">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;&#160;&#160;
</div></div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Average
Annual Total Return in relation to NAV represents the compound average of the
Annual NAV Total Returns of the Fund for the five-year period ended through
September 30, 2022. Annual NAV Total Return is the percentage change in the
Fund&#8217;s NAV over a year, assuming reinvestment of distributions <div style="letter-spacing: -.15pt;display: inline;">paid.</div></div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-indent: -36.05pt;text-autospace: none;margin-left: 41.2pt;margin-right: 12.8pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">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;&#160;&#160;
</div></div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The
Annualized Distribution Rate is the current fiscal period&#8217;s distribution rate
annualized as a percentage of the Fund&#8217;s NAV through September 30, 2022.</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-indent: -36.05pt;text-autospace: none;margin-left: 41.2pt;margin-right: 21.35pt;margin-top: .4pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">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;&#160;&#160;
</div></div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative
Total Return is the percentage change in the Fund&#8217;s NAV from December 31, 2021
through September 30, 2022, assuming reinvestment of distributions <div style="letter-spacing: -.15pt;display: inline;">paid.</div></div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-indent: -36.05pt;text-autospace: none;margin-left: 41.0pt;margin-right: 12.2pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">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;&#160;&#160;
</div></div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The
Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of
distributions for the fiscal period December 31, 2021 through September 30,
2022, as a percentage of the Fund&#8217;s NAV as of September 30, 2022.</div></b></div>

<div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;text-autospace: none;margin-left: 112.2pt;margin-right: 111.8pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The Fund&#8217;s Board of Trustees (the &#8220;Board&#8221;)
has authorized a managed distribution plan pursuant to which the Fund makes
monthly distributions to shareholders at an annual minimum fixed rate of 8%,
based on the average monthly NAV of the Fund&#8217;s common shares (the &#8220;Plan&#8221;). The
Fund calculates the average NAV from the previous month based on the number of
business days in the month on which the NAV is calculated. The Plan is intended
to provide shareholders with a constant, but not guaranteed, fixed minimum rate
of distribution each month and is intended to narrow the discount between the
market price and the NAV of the Fund&#8217;s common shares, but there can be no
assurance that the Plan will be successful in doing so. The Fund is managed
with a goal of generating as much of the distribution as possible from net
ordinary income and short-term capital gains, that is consistent with the
Fund&#8217;s investment strategy and risk profile. To the extent that sufficient
distributable income is not available on a monthly basis, the Fund will
distribute long-term capital gains and/or return of capital in order to
maintain its managed distribution rate. A return of capital may occur, for
example, when some or all of the money that was invested in the Fund is paid
back to shareholders. A return of capital distribution does not necessarily
reflect the Fund&#8217;s investment performance and should not be confused with
&#8220;yield&#8221; or &#8220;income&#8221;. Even though the Fund may realize current year capital
gains, such gains may be offset, in whole or in part, by the Fund&#8217;s capital
loss carryovers from prior years. </div></div>

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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The Board may amend the terms of the Plan
or terminate the Plan at any time without prior notice to the Fund&#8217;s shareholders.
The amendment or termination of the Plan could have an adverse effect on the
market price of the Fund&#8217;s common shares. The Plan will be subject to the
periodic review by the Board, including a yearly review of the annual minimum
fixed rate to determine if an adjustment should be made.</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 111.8pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></b></div>

<div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;text-autospace: none;margin-left: 112.2pt;margin-right: 111.8pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">For
further information on Templeton Global Income Fund, please visit our web site
at: </div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">www.franklintempleton.com</div></b></div>

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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;letter-spacing: -.25pt;display: inline;">Franklin Resources,
Inc. is a global investment management organization with subsidiaries operating
as Franklin Templeton and serving clients in over 155 countries. Franklin
Templeton&#8217;s mission is to help clients achieve better outcomes through
investment management expertise, wealth management and technology solutions.
Through its specialist investment managers, the company offers boutique
specialization on a global scale, bringing extensive capabilities in equity,
fixed income, multi-asset solutions and alternatives. With offices in more than
30 countries and approximately 1,300 investment professionals, the
California-based company has 75 years of investment experience and
approximately $1.3 trillion in assets under management as of September 30,
2022. For more information, please visit franklintempleton.com.</div></div>

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

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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;letter-spacing: -.25pt;display: inline;">&#160;</div></div>

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

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

<div style="border: none;border-bottom: solid windowtext 1.0pt;padding: 0in 0in 1.0pt 0in">

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 9.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">TEMPLETON
GLOBAL INCOME FUND</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;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;,serif;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;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;,serif;display: inline;">300
S.E. 2<sup>nd</sup> Street</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;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;,serif;display: inline;">Fort
Lauderdale, FL 33301</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;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;,serif;display: inline;">&#160;</div></div>

</div>

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

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

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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: &quot;Times New Roman&quot;,serif;display: inline;">For
more information, please contact Franklin Templeton at 1-800-342-5236.</div></div>

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

<div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-family: &quot;Times New Roman&quot;,serif;display: inline;">TEMPLETON GLOBAL INCOME FUND (&#8220;GIM&#8221;
or the &#8220;Fund&#8221;) </div></b></div>

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

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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Fort Lauderdale, Florida, November 29,
2022. Templeton Global Income Fund [NYSE: GIM]<br>
<br>
</div></div>

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">

</div><table cellpadding="0" cellspacing="0" align="left">
 <tr>
  <td width="173" height="0"></td>
 </tr>
 <tr>
  <td></td>
  <td><div style="background-color: transparent;background-repeat: no-repeat;background-size: cover;height: 48px;width: 481px;background-image:url(data:image/png;base64, )"></div></td>
 </tr>
</table>

<br clear="ALL">


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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The Fund&#8217;s
estimated sources of the distribution to be paid on November 30, 2022, and for
the fiscal year 2022 year-to-date are as follows:</div></div>

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

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Estimated Allocations for November Monthly
Distribution as of October 31, 2022:</div></div>

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

<table border="0" cellspacing="0" cellpadding="0" width="0" style="border-collapse: collapse;margin-left: 9.0pt">
 <tr style="height: 15.35pt">
  <td width="96" valign="top" style="width: 1.0in;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Distribution </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Per Share </div></div>
  </td>
  <td width="114" valign="top" style="width: 85.5pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Investment </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Income </div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Short-Term Capital</div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Gains </div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Long-Term Capital</div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Gains </div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Return of Capital </div></div>
  </td>
 </tr>
 <tr style="height: 15.35pt">
  <td width="96" valign="top" style="width: 1.0in;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0288 </div></div>
  </td>
  <td width="114" valign="top" style="width: 85.5pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0163 (57%)</div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0000 (0%)</div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.00 (0%)</div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0125 (43%)</div></div>
  </td>
 </tr>
</table>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 9.5pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative Estimated Allocations fiscal
year-to-date as of October 31, 2022, for the fiscal year ending December 31,
2022:</div></div>

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

<table border="0" cellspacing="0" cellpadding="0" width="0" style="border-collapse: collapse;margin-left: 9.0pt">
 <tr style="height: 15.35pt">
  <td width="96" valign="top" style="width: 1.0in;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Distribution </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Per Share </div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Investment </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Income </div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Short-Term Capital</div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Gains </div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Long-Term Capital</div></div>
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Gains </div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Return of Capital </div></div>
  </td>
 </tr>
 <tr style="height: 15.35pt">
  <td width="96" valign="top" style="width: 1.0in;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.3375 </div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.1461 (43%)</div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0000 (0%)</div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.00 (0%)</div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.1914 (57%)</div></div>
  </td>
 </tr>
</table>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 9.5pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Shareholders
should not draw any conclusions about the Fund&#8217;s investment performance from
the amount of this distribution or from the terms of the Plan.&#160; GIM estimates
that it has distributed more than its income and net realized capital gains;
therefore, a portion of the GIM distribution to shareholders may be a return of
capital. A return of capital may occur, for example, when some or all of the
money that a shareholder invested in a Fund is paid back to them. A return of
capital distribution does not necessarily reflect GIM&#8217;s investment performance
and should not be confused with &#8216;yield&#8217; or &#8216;income&#8217;. The amounts and sources of
distributions reported herein are only estimates and are not being provided for
tax reporting purposes.&#160; The actual amounts and sources of the amounts for tax
reporting purposes will depend upon the Fund&#8217;s investment experience during the
remainder of its fiscal year and may be subject to changes based on tax
regulations. The Fund will send a Form 1099-DIV to shareholders for the calendar
year that will describe how to report the Fund&#8217;s distributions for federal
income tax purposes.</div></b></div>

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

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></div>

<table border="1" cellspacing="0" cellpadding="0" width="0" style="border-collapse: collapse;border: none;margin-left: -.25pt">
 <tr style="height: 41.35pt">
  <td width="138" valign="top" style="width: 103.5pt;border: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 41.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 101%;text-autospace: none;margin-left: 6.35pt;margin-right: 4.3pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 101%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Average
  Annual Total Return (in relation to the change in net asset value (NAV) for
  the 5-year period ended on 10/31/2022)<sup>1</sup></div></div>
  </td>
  <td width="138" valign="top" style="width: 103.5pt;border: solid black 1.0pt;border-left: none;padding: 0in 0in 0in 0in;height: 41.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 101%;text-autospace: none;margin-left: 6.35pt;margin-right: 4.3pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 101%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Annualized
  Distribution Rate (as a percentage of NAV for the current fiscal period
  through 10/31/2022)<sup>2</sup></div></div>
  </td>
  <td width="138" valign="top" style="width: 103.5pt;border: solid black 1.0pt;border-left: none;padding: 0in 0in 0in 0in;height: 41.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 102%;text-autospace: none;margin-left: 12.25pt;margin-right: 10.9pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 102%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative
  Total Return (in relation to the change in NAV for the fiscal period through
  10/31/2022)<sup>3</sup></div></div>
  </td>
  <td width="156" valign="top" style="width: 117.0pt;border: solid black 1.0pt;border-left: none;padding: 0in 0in 0in 0in;height: 41.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 102%;text-autospace: none;margin-left: 17.45pt;margin-right: 15.85pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 102%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative
  Fiscal Year-To-Date Distribution Rate (as a percentage of&#160; NAV as of
  10/31/2022)<sup>4</sup></div></div>
  </td>
 </tr>
 <tr style="height: 12.2pt">
  <td width="138" valign="top" style="width: 103.5pt;border: solid black 1.0pt;border-top: none;padding: 0in 0in 0in 0in;height: 12.2pt">
  <div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;line-height: 106%;text-autospace: none;margin-left: 24.5pt;margin-right: 24.05pt;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">-4.96%</div></div>
  </td>
  <td width="138" valign="top" style="width: 103.5pt;border-top: none;border-left: none;border-bottom: solid black 1.0pt;border-right: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 12.2pt">
  <div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;line-height: 106%;text-autospace: none;margin-left: 24.5pt;margin-right: 24.05pt;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">8.02%</div></div>
  </td>
  <td width="138" valign="top" style="width: 103.5pt;border-top: none;border-left: none;border-bottom: solid black 1.0pt;border-right: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 12.2pt">
  <div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;line-height: 106%;text-autospace: none;margin-left: 24.65pt;margin-right: 24.05pt;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">-15.46%</div></div>
  </td>
  <td width="156" valign="top" style="width: 117.0pt;border-top: none;border-left: none;border-bottom: solid black 1.0pt;border-right: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 12.2pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 106%;text-autospace: none;margin-left: 41.15pt;margin-right: 0in;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 106%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">7.83%</div></div>
  </td>
 </tr>
</table>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 1.0pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 1.0pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Fund Performance
and Distribution Rate Information:</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;text-indent: -36.05pt;text-autospace: none;margin-left: 41.2pt;margin-right: 22.0pt;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">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;&#160;&#160;
</div></div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Average
Annual Total Return in relation to NAV represents the compound average of the
Annual NAV Total Returns of the Fund for the five-year period ended through
October 31, 2022. Annual NAV Total Return is the percentage change in the
Fund&#8217;s NAV over a year, assuming reinvestment of distributions <div style="letter-spacing: -.15pt;display: inline;">paid.</div></div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-indent: -36.05pt;text-autospace: none;margin-left: 41.2pt;margin-right: 12.8pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">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;&#160;&#160;
</div></div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The
Annualized Distribution Rate is the current fiscal period&#8217;s distribution rate
annualized as a percentage of the Fund&#8217;s NAV through October 31, 2022.</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-indent: -36.05pt;text-autospace: none;margin-left: 41.2pt;margin-right: 21.35pt;margin-top: .4pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">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;&#160;&#160;
</div></div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative
Total Return is the percentage change in the Fund&#8217;s NAV from December 31, 2021
through October 31, 2022, assuming reinvestment of distributions <div style="letter-spacing: -.15pt;display: inline;">paid.</div></div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-indent: -36.05pt;text-autospace: none;margin-left: 41.0pt;margin-right: 12.2pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">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;&#160;&#160;
</div></div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The
Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of
distributions for the fiscal period December 31, 2021 through October 31, 2022,
as a percentage of the Fund&#8217;s NAV as of October 31, 2022.</div></b></div>

<div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;text-autospace: none;margin-left: 112.2pt;margin-right: 111.8pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The Fund&#8217;s Board of Trustees (the &#8220;Board&#8221;)
has authorized a managed distribution plan pursuant to which the Fund makes
monthly distributions to shareholders at an annual minimum fixed rate of 8%,
based on the average monthly NAV of the Fund&#8217;s common shares (the &#8220;Plan&#8221;). The
Fund calculates the average NAV from the previous month based on the number of
business days in the month on which the NAV is calculated. The Plan is intended
to provide shareholders with a constant, but not guaranteed, fixed minimum rate
of distribution each month and is intended to narrow the discount between the
market price and the NAV of the Fund&#8217;s common shares, but there can be no
assurance that the Plan will be successful in doing so. The Fund is managed
with a goal of generating as much of the distribution as possible from net
ordinary income and short-term capital gains, that is consistent with the
Fund&#8217;s investment strategy and risk profile. To the extent that sufficient
distributable income is not available on a monthly basis, the Fund will
distribute long-term capital gains and/or return of capital in order to
maintain its managed distribution rate. A return of capital may occur, for
example, when some or all of the money that was invested in the Fund is paid
back to shareholders. A return of capital distribution does not necessarily
reflect the Fund&#8217;s investment performance and should not be confused with
&#8220;yield&#8221; or &#8220;income&#8221;. Even though the Fund may realize current year capital
gains, such gains may be offset, in whole or in part, by the Fund&#8217;s capital
loss carryovers from prior years. </div></div>

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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The Board may amend the terms of the Plan
or terminate the Plan at any time without prior notice to the Fund&#8217;s
shareholders. The amendment or termination of the Plan could have an adverse
effect on the market price of the Fund&#8217;s common shares. The Plan will be
subject to the periodic review by the Board, including a yearly review of the
annual minimum fixed rate to determine if an adjustment should be made.</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 111.8pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></b></div>

<div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;text-autospace: none;margin-left: 112.2pt;margin-right: 111.8pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">For
further information on Templeton Global Income Fund, please visit our web site
at: </div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">www.franklintempleton.com</div></b></div>

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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;letter-spacing: -.25pt;display: inline;">Franklin Resources,
Inc. is a global investment management organization with subsidiaries operating
as Franklin Templeton and serving clients in over 155 countries. Franklin
Templeton&#8217;s mission is to help clients achieve better outcomes through
investment management expertise, wealth management and technology solutions.
Through its specialist investment managers, the company offers boutique
specialization on a global scale, bringing extensive capabilities in equity,
fixed income, multi-asset solutions and alternatives. With offices in more than
30 countries and approximately 1,300 investment professionals, the
California-based company has 75 years of investment experience and
approximately $1.3 trillion in assets under management as of October 31, 2022.
For more information, please visit franklintempleton.com.</div></div>

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

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

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

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

<div style="border: none;border-bottom: solid windowtext 1.0pt;padding: 0in 0in 1.0pt 0in">

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 9.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">TEMPLETON
GLOBAL INCOME FUND</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;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;,serif;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;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;,serif;display: inline;">300
S.E. 2<sup>nd</sup> Street</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;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;,serif;display: inline;">Fort
Lauderdale, FL 33301</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;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;,serif;display: inline;">&#160;</div></div>

</div>

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

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

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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: &quot;Times New Roman&quot;,serif;display: inline;">For
more information, please contact Franklin Templeton at 1-800-342-5236.</div></div>

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

<div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-family: &quot;Times New Roman&quot;,serif;display: inline;">TEMPLETON GLOBAL INCOME FUND (&#8220;GIM&#8221;
or the &#8220;Fund&#8221;) </div></b></div>

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

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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Fort Lauderdale, Florida, December 29,
2022. Templeton Global Income Fund [NYSE: GIM]<br>
<br>
</div></div>

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">

</div><table cellpadding="0" cellspacing="0" align="left">
 <tr>
  <td width="173" height="0"></td>
 </tr>
 <tr>
  <td></td>
  <td><div style="background-color: transparent;background-repeat: no-repeat;background-size: cover;height: 48px;width: 481px;background-image:url(data:image/png;base64, )"></div></td>
 </tr>
</table>

<br clear="ALL">


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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The Fund&#8217;s
estimated sources of the distribution to be paid on December 30, 2022, and for
the fiscal year 2022 year-to-date are as follows:</div></div>

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

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Estimated Allocations for December Monthly
Distribution as of November 30, 2022:</div></div>

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

<table border="1" cellspacing="0" cellpadding="0" width="0" style="border-collapse: collapse;border: none;margin-left: 9.0pt">
 <tr style="height: 15.35pt">
  <td width="96" valign="top" style="width: 1.0in;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Distribution </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Per Share </div></div>
  </td>
  <td width="114" valign="top" style="width: 85.5pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Investment </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Income </div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Short-Term Capital</div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Gains </div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Long-Term Capital</div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Gains </div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Return of Capital </div></div>
  </td>
 </tr>
 <tr style="height: 15.35pt">
  <td width="96" valign="top" style="width: 1.0in;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0296 </div></div>
  </td>
  <td width="114" valign="top" style="width: 85.5pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0177 (60%)</div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0000 (0%)</div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.00 (0%)</div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0119 (40%)</div></div>
  </td>
 </tr>
</table>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 9.5pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative Estimated Allocations fiscal
year-to-date as of November 30, 2022, for the fiscal year ending December 31,
2022:</div></div>

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

<table border="1" cellspacing="0" cellpadding="0" width="0" style="border-collapse: collapse;border: none;margin-left: 9.0pt">
 <tr style="height: 15.35pt">
  <td width="96" valign="top" style="width: 1.0in;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Distribution </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Per Share </div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Investment </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Income </div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Short-Term Capital</div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Gains </div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Long-Term Capital</div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Gains </div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Return of Capital </div></div>
  </td>
 </tr>
 <tr style="height: 15.35pt">
  <td width="96" valign="top" style="width: 1.0in;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.3663 </div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.1625 (44%)</div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0000 (0%)</div></div>
  </td>
  <td width="132" valign="top" style="width: 99.0pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.00 (0%)</div></div>
  </td>
  <td width="108" valign="top" style="width: 81.0pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 15.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.2038 (56%)</div></div>
  </td>
 </tr>
</table>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 9.5pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Shareholders
should not draw any conclusions about the Fund&#8217;s investment performance from
the amount of this distribution or from the terms of the Plan.&#160; GIM estimates
that it has distributed more than its income and net realized capital gains;
therefore, a portion of the GIM distribution to shareholders may be a return of
capital. A return of capital may occur, for example, when some or all of the
money that a shareholder invested in a Fund is paid back to them. A return of
capital distribution does not necessarily reflect GIM&#8217;s investment performance
and should not be confused with &#8216;yield&#8217; or &#8216;income&#8217;. The amounts and sources of
distributions reported herein are only estimates and are not being provided for
tax reporting purposes.&#160; The actual amounts and sources of the amounts for tax
reporting purposes will depend upon the Fund&#8217;s investment experience during the
remainder of its fiscal year and may be subject to changes based on tax
regulations. The Fund will send a Form 1099-DIV to shareholders for the calendar
year that will describe how to report the Fund&#8217;s distributions for federal
income tax purposes.</div></b></div>

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

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></div>

<table border="1" cellspacing="0" cellpadding="0" width="0" style="border-collapse: collapse;border: none;margin-left: -.25pt">
 <tr style="height: 41.35pt">
  <td width="138" valign="top" style="width: 103.5pt;border: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 41.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 102%;text-autospace: none;margin-left: 6.35pt;margin-right: 4.3pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 102%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Average
  Annual Total Return (in relation to the change in net asset value (NAV) for
  the 5-year period ended on 11/30/2022)<sup>1</sup></div></div>
  </td>
  <td width="138" valign="top" style="width: 103.5pt;border: solid black 1.0pt;border-left: none;padding: 0in 0in 0in 0in;height: 41.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 102%;text-autospace: none;margin-left: 6.35pt;margin-right: 4.3pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 102%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Annualized
  Distribution Rate (as a percentage of NAV for the current fiscal period
  through 11/30/2022)<sup>2</sup></div></div>
  </td>
  <td width="138" valign="top" style="width: 103.5pt;border: solid black 1.0pt;border-left: none;padding: 0in 0in 0in 0in;height: 41.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 103%;text-autospace: none;margin-left: 12.25pt;margin-right: 10.9pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 103%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative
  Total Return (in relation to the change in NAV for the fiscal period through 11/30/2022)<sup>3</sup></div></div>
  </td>
  <td width="156" valign="top" style="width: 117.0pt;border: solid black 1.0pt;border-left: none;padding: 0in 0in 0in 0in;height: 41.35pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 103%;text-autospace: none;margin-left: 17.45pt;margin-right: 15.85pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 103%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative
  Fiscal Year-To-Date Distribution Rate (as a percentage of&#160; NAV as of 11/30/2022)<sup>4</sup></div></div>
  </td>
 </tr>
 <tr style="height: 12.2pt">
  <td width="138" valign="top" style="width: 103.5pt;border: solid black 1.0pt;border-top: none;padding: 0in 0in 0in 0in;height: 12.2pt">
  <div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;text-autospace: none;margin-left: 24.5pt;margin-right: 24.05pt;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">-3.74%</div></div>
  </td>
  <td width="138" valign="top" style="width: 103.5pt;border-top: none;border-left: none;border-bottom: solid black 1.0pt;border-right: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 12.2pt">
  <div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;text-autospace: none;margin-left: 24.5pt;margin-right: 24.05pt;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">7.76%</div></div>
  </td>
  <td width="138" valign="top" style="width: 103.5pt;border-top: none;border-left: none;border-bottom: solid black 1.0pt;border-right: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 12.2pt">
  <div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;text-autospace: none;margin-left: 24.65pt;margin-right: 24.05pt;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">-9.60%</div></div>
  </td>
  <td width="156" valign="top" style="width: 117.0pt;border-top: none;border-left: none;border-bottom: solid black 1.0pt;border-right: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 12.2pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 41.15pt;margin-right: 0in;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">8.00%</div></div>
  </td>
 </tr>
</table>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 1.0pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 1.0pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Fund Performance
and Distribution Rate Information:</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;text-indent: -36.05pt;text-autospace: none;margin-left: 41.2pt;margin-right: 22.0pt;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">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;&#160;&#160;
</div></div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Average
Annual Total Return in relation to NAV represents the compound average of the
Annual NAV Total Returns of the Fund for the five-year period ended through November
30, 2022. Annual NAV Total Return is the percentage change in the Fund&#8217;s NAV
over a year, assuming reinvestment of distributions <div style="letter-spacing: -.15pt;display: inline;">paid.</div></div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-indent: -36.05pt;text-autospace: none;margin-left: 41.2pt;margin-right: 12.8pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">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;&#160;&#160;
</div></div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The
Annualized Distribution Rate is the current fiscal period&#8217;s distribution rate
annualized as a percentage of the Fund&#8217;s NAV through November 30, 2022.</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-indent: -36.05pt;text-autospace: none;margin-left: 41.2pt;margin-right: 21.35pt;margin-top: .4pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">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;&#160;&#160;
</div></div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative
Total Return is the percentage change in the Fund&#8217;s NAV from December 31, 2021
through November 30, 2022, assuming reinvestment of distributions <div style="letter-spacing: -.15pt;display: inline;">paid.</div></div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-indent: -36.05pt;text-autospace: none;margin-left: 41.0pt;margin-right: 12.2pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">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;&#160;&#160;
</div></div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The
Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of
distributions for the fiscal period December 31, 2021 through November 30, 2022,
as a percentage of the Fund&#8217;s NAV as of November 30, 2022.</div></b></div>

<div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;text-autospace: none;margin-left: 112.2pt;margin-right: 111.8pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The Fund&#8217;s Board of Trustees (the &#8220;Board&#8221;)
has authorized a managed distribution plan pursuant to which the Fund makes
monthly distributions to shareholders at an annual minimum fixed rate of 8%,
based on the average monthly NAV of the Fund&#8217;s common shares (the &#8220;Plan&#8221;). The
Fund calculates the average NAV from the previous month based on the number of
business days in the month on which the NAV is calculated. The Plan is intended
to provide shareholders with a constant, but not guaranteed, fixed minimum rate
of distribution each month and is intended to narrow the discount between the
market price and the NAV of the Fund&#8217;s common shares, but there can be no
assurance that the Plan will be successful in doing so. The Fund is managed with
a goal of generating as much of the distribution as possible from net ordinary
income and short-term capital gains, that is consistent with the Fund&#8217;s
investment strategy and risk profile. To the extent that sufficient
distributable income is not available on a monthly basis, the Fund will
distribute long-term capital gains and/or return of capital in order to
maintain its managed distribution rate. A return of capital may occur, for
example, when some or all of the money that was invested in the Fund is paid
back to shareholders. A return of capital distribution does not necessarily
reflect the Fund&#8217;s investment performance and should not be confused with
&#8220;yield&#8221; or &#8220;income&#8221;. Even though the Fund may realize current year capital
gains, such gains may be offset, in whole or in part, by the Fund&#8217;s capital
loss carryovers from prior years. </div></div>

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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The Board may amend the terms of the Plan
or terminate the Plan at any time without prior notice to the Fund&#8217;s
shareholders. The amendment or termination of the Plan could have an adverse
effect on the market price of the Fund&#8217;s common shares. The Plan will be
subject to the periodic review by the Board, including a yearly review of the
annual minimum fixed rate to determine if an adjustment should be made.</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 111.8pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></b></div>

<div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;text-autospace: none;margin-left: 112.2pt;margin-right: 111.8pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">For
further information on Templeton Global Income Fund, please visit our web site
at: </div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">www.franklintempleton.com</div></b></div>

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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;letter-spacing: -.25pt;display: inline;">Franklin Resources,
Inc. is a global investment management organization with subsidiaries operating
as Franklin Templeton and serving clients in over 155 countries. Franklin
Templeton&#8217;s mission is to help clients achieve better outcomes through
investment management expertise, wealth management and technology solutions.
Through its specialist investment managers, the company offers specialization
on a global scale, bringing extensive capabilities in equity, fixed income,
multi-asset solutions and alternatives. With offices in more than 30 countries
and approximately 1,300 investment professionals, the California-based company
has over 75 years of investment experience and approximately $1.4 trillion in
assets under management as of November 30, 2022. For more information, please
visit franklintempleton.com.</div></div>

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

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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

</div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>4
<FILENAME>tgif302.htm
<TEXT>
<html><head></head><body><div style="page: WordSection1">

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

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

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

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

<div align="left" style="text-align: left;font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;text-indent: -.25in;margin-left: .25in;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;
</div>I have reviewed this report on Form N-CSR of <b>Templeton Global Income
Fund</b>;</div>

<div style="text-align: justify;font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;text-indent: -.25in;margin-left: .25in;margin-right: 0in;margin-top: 6.0pt;margin-bottom: .0001pt">2.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160; </div>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 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;,serif;margin-top: 6.0pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: .25in"><div style="font-size: 11.0pt;display: inline;">3.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;
</div></div><div style="font-size: 11.0pt;display: inline;">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: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;text-indent: -.25in;margin-left: .25in;margin-right: 0in;margin-top: 6.0pt;margin-bottom: .0001pt">4.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160; </div>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) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
1940) for the registrant and have:</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;,serif;margin-top: 6.0pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: .5in"><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: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;text-indent: -.25in;line-height: 50%;margin-left: .5in;margin-right: 0in;margin-top: 6.0pt;margin-bottom: .0001pt">&#160;</div>

<div style="text-align: justify;font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;text-indent: -.25in;text-autospace: none;margin-left: .5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">(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 style="text-align: justify;font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;text-indent: -.25in;line-height: 50%;text-autospace: none;margin-left: .5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

<div style="text-align: justify;font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;text-indent: -.25in;text-autospace: none;margin-left: .5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">(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 style="text-align: justify;font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;text-indent: -.25in;line-height: 50%;text-autospace: none;margin-left: .5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

<div style="text-align: justify;font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;text-indent: -.25in;text-autospace: none;margin-left: .5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">(d) Disclosed in this report any change in the registrant&#8217;s internal
control over financial reporting that occurred during 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 style="text-align: justify;font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;text-indent: -.25in;margin-left: .25in;margin-right: 0in;margin-top: 6.0pt;margin-bottom: .0001pt">5.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160; </div>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 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;,serif;margin-top: 6.0pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: .5in"><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="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;,serif;margin-top: 6.0pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: .5in"><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;,serif;display: inline;">&#160;</div></div>

<div style="text-align: justify;font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">2/27/2023</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;,serif;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;,serif;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;,serif;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: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">S\MATTHEW T. HINKLE</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;,serif;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: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">Matthew T. Hinkle</div>

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

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

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

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

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

<div align="left" style="text-align: left;font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;text-indent: -.25in;margin-left: .25in;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;
</div>I have reviewed this report on Form N-CSR of <b>Templeton Global Income
Fund</b>;</div>

<div style="text-align: justify;font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;text-indent: -.25in;margin-left: .25in;margin-right: 0in;margin-top: 6.0pt;margin-bottom: .0001pt">2.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160; </div>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 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;,serif;margin-top: 6.0pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: .25in"><div style="font-size: 11.0pt;display: inline;">3.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;
</div></div><div style="font-size: 11.0pt;display: inline;">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: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;text-indent: -.25in;margin-left: .25in;margin-right: 0in;margin-top: 6.0pt;margin-bottom: .0001pt">4.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160; </div>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) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
1940) for the registrant and have:</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;,serif;margin-top: 6.0pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: .5in"><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: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;text-indent: -.25in;line-height: 50%;margin-left: .5in;margin-right: 0in;margin-top: 6.0pt;margin-bottom: .0001pt">&#160;</div>

<div style="text-align: justify;font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;text-indent: -.25in;text-autospace: none;margin-left: .5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">(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 style="text-align: justify;font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;text-indent: -.25in;line-height: 50%;text-autospace: none;margin-left: .5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

<div style="text-align: justify;font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;text-indent: -.25in;text-autospace: none;margin-left: .5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">(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 style="text-align: justify;font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;text-indent: -.25in;line-height: 50%;text-autospace: none;margin-left: .5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

<div style="text-align: justify;font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;text-indent: -.25in;text-autospace: none;margin-left: .5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">(d) Disclosed in this report any change in the registrant&#8217;s internal
control over financial reporting that occurred during 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 style="text-align: justify;font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;text-indent: -.25in;margin-left: .25in;margin-right: 0in;margin-top: 6.0pt;margin-bottom: .0001pt">5.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160; </div>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 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;,serif;margin-top: 6.0pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: .5in"><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="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;,serif;margin-top: 6.0pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: .5in"><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;,serif;display: inline;">&#160;</div></div>

<div style="text-align: justify;font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">2/27/2023</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;,serif;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;,serif;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;,serif;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: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">S\CHRISTOPHER KINGS</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;,serif;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: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">Christopher Kings</div>

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

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

</div><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;"><br clear="all" style="page-break-before: always">
</div><div style="page: WordSection3">

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

</div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>5
<FILENAME>tgif906.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;,serif;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: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;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;,serif;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: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

<div style="text-align: justify;font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">I, Matthew T. Hinkle, Chief Executive Officer of the <b>Templeton
Global Income Fund</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: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

<div align="left" style="text-align: left;font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;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;&#160;
</div>The periodic report on Form N-CSR of the Registrant for the period ended
12/31/2022 (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: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

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

<div style="text-align: justify;font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">Dated:&#160; 2/27/2023</div>

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

<div style="text-align: justify;font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;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: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;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; <u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></div>

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

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

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

<div style="mso-style-link: &quot;Title Char&quot;;text-align: center;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,serif;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: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;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;,serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">OF THE SARBANES-OXLEY ACT OF 2002</h1>

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<div style="text-align: justify;font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">I, Christopher Kings, Chief Financial Officer of the <b>Templeton
Global Income Fund</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>

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<div align="left" style="text-align: left;font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;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;&#160;
</div>The periodic report on Form N-CSR of the Registrant for the period ended
12/31/2022 (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>

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<div align="left" style="text-align: left;font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;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;&#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>

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<div style="text-align: justify;font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">Dated:&#160; 2/27/2023</div>

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<div style="text-align: justify;font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;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\CHRISTOPHER
KINGS</div>

<div style="text-align: justify;font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;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; <u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></div>

<div style="text-align: justify;font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;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; Christopher
Kings </div>

<div style="text-align: justify;font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;margin-left: 2.0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">Chief Financial Officer, Chief
Accounting Officer and Treasurer</div>

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