<SEC-DOCUMENT>0001133228-25-004699.txt : 20250429
<SEC-HEADER>0001133228-25-004699.hdr.sgml : 20250429
<ACCEPTANCE-DATETIME>20250429165333
ACCESSION NUMBER:		0001133228-25-004699
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250228
FILED AS OF DATE:		20250429
DATE AS OF CHANGE:		20250429
EFFECTIVENESS DATE:		20250429

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEMPLETON EMERGING MARKETS FUND
		CENTRAL INDEX KEY:			0000809708
		ORGANIZATION NAME:           	
		EIN:				592767040
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04985
		FILM NUMBER:		25888799

	BUSINESS ADDRESS:	
		STREET 1:		300 S.E. 2ND STREET
		CITY:			FORT LAUDERDALE
		STATE:			FL
		ZIP:			33301-1923
		BUSINESS PHONE:		954-527-7500

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TEMPLETON EMERGING MARKETS FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>temf-efp15345_ncsrs.htm
<DESCRIPTION>TEMPLETON EMERGING MARKETS FUND - N-CSRS
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 12pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>FORM N-CSR</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">CERTIFIED SHAREHOLDER REPORT OF REGISTERED</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">MANAGEMENT INVESTMENT COMPANIES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Investment Company Act file number <B>811-04985</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Templeton Emerging Markets Fund</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">(Exact name of registrant as specified in charter)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>300 S.E. 2nd Street, Fort Lauderdale, FL 33301-1923
</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">(Address of principal executive offices) (Zip code)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Alison Baur</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Franklin Templeton</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">One Franklin Parkway,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">San Mateo, CA 94403-1906</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">(Name and address of agent for service)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Registrant&rsquo;s telephone number, including area
code: <B>954 527-7500</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Date of fiscal year end: <B>August 31</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Date of reporting period: <B>February 28, 2025</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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    <TD STYLE="width: 48pt; text-align: left">ITEM 1.</TD>
    <TD STYLE="text-align: justify">REPORT TO STOCKHOLDERS.</TD> </TR>
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    <TD STYLE="width: 48pt">&nbsp;</TD>
    <TD STYLE="width: 15pt; text-align: left">(a)</TD>
    <TD STYLE="text-align: justify">The Report to Shareholders is filed herewith</TD> </TR>
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAfIAAAA8CAYAAACdBDigAAAACXBIWXMAABcRAAAXEQHKJvM/AAABJUlEQVR4Xu3YsQ0DMQwEQb3xhblnF+Dk+3ApdAlKtcBMfPmCvGZmAQBNr90AADjX/Xl+790IADjTvdb67kYAwJm81gEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASDsmpndBgA4lIscAML++PYJyv3VRfUAAAAASUVORK5CYII=);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:-0.26px;white-space:nowrap">Semiannual
</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:1423.74px;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:525px;font-weight:bold;text-transform:uppercase;position:absolute;top:-88.3px;left:0px;letter-spacing:-0.93px;white-space:nowrap">Templeton
</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:525px;font-weight:bold;text-transform:uppercase;position:absolute;top:-88.3px;left:3478.54px;white-space:nowrap">Emerging
</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:525px;font-weight:bold;text-transform:uppercase;position:absolute;top:611.7px;left:0px;white-space:nowrap">Markets
</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:525px;font-weight:bold;text-transform:uppercase;position:absolute;top:611.7px;left:2825.63px;white-space:nowrap">Fund</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:2020.23px;left:0px;white-space:nowrap">February
</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:2020.23px;left:941.45px;white-space:nowrap">28,
</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:2020.23px;left:1308.4px;white-space:nowrap">2025</div></div>
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</div>

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAg4AAAApCAYAAABdjaGeAAAACXBIWXMAABcRAAAXEQHKJvM/AAAA40lEQVR4Xu3WsWEDMQDEsFPiwb1aJpOr1M/eQM0BeO69AwAozjbnAAAkr227956nEAD4buec+/MUAQD8Mw4AQGYcAIDMOAAAmXEAADLjAABkxgEAyIwDAJAZBwAgMw4AQGYcAIDMOAAAmXEAADLjAABkxgEAyIwDAJAZBwAgMw4AQGYcAIDMOAAAmXEAADLjAABkxgEAyIwDAJAZBwAgMw4AQGYcAIDMOAAAmXEAADLjAABkxgEAyIwDAJAZBwAgMw4AQGYcAIDstW3nnPdDBwCw323nKQIA2PZ37r1PEQDAtu0DMooMkyPnyacAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:19.50px;left:0px;position:absolute;top:0px;transform:translate(308.989px,734.620px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:252.50px">

<div style="width:5030px;height:350px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0.5px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:75.44px;left:291.12px;white-space:nowrap">Not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:75.44px;left:609.87px;white-space:nowrap">FDIC
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:75.44px;left:1038px;white-space:nowrap">Insured
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:75.44px;left:1812.8px;white-space:nowrap">No
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:75.44px;left:2076.96px;white-space:nowrap">Bank
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:75.44px;left:2523.54px;white-space:nowrap">Guarantee
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:75.44px;left:3517.2px;white-space:nowrap">May
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:75.44px;left:3881.85px;white-space:nowrap">Lose
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:75.44px;left:4310.26px;letter-spacing:-1.8px;white-space:nowrap">Value</div></div>
</div>

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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:522.00px">

<div style="width:10440px;height:9230.4px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.95px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:-21.36px;left:0px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:-21.36px;left:830.13px;white-space:nowrap">Distribution
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:-21.36px;left:1890px;white-space:nowrap">Policy</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2420.24px;white-space:nowrap">:
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2520.26px;text-rendering:optimizeLegibility;white-space:nowrap">Effective
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3256.7px;white-space:nowrap">March
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3806.81px;white-space:nowrap">1,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4006.93px;white-space:nowrap">2025,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4507.38px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4807.62px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5267.9px;white-space:nowrap">has
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5608.13px;white-space:nowrap">implemented
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6688.65px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6838.77px;white-space:nowrap">managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7639.37px;white-space:nowrap">distribution
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8559.84px;white-space:nowrap">plan
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8950.17px;white-space:nowrap">whereby
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9680.54px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:194.64px;left:0px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:194.64px;left:460.28px;white-space:nowrap">will
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:194.64px;left:760.25px;white-space:nowrap">distribute
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:194.64px;left:1540.63px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:194.64px;left:1690.75px;white-space:nowrap">level
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:194.64px;left:2110.96px;white-space:nowrap">distribution
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:194.64px;left:3031.44px;white-space:nowrap">amount
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:194.64px;left:3681.83px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:194.64px;left:3881.95px;white-space:nowrap">shareholders.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:194.64px;left:5019.35px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:194.64px;left:5379.52px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:194.64px;left:5839.8px;white-space:nowrap">intends
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:194.64px;left:6470.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:194.64px;left:6670.37px;white-space:nowrap">make
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:194.64px;left:7160.54px;white-space:nowrap">quarterly
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:194.64px;left:7910.86px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:194.64px;left:8921.34px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:194.64px;left:9121.46px;white-space:nowrap">shareholders
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:410.64px;left:0px;white-space:nowrap">at </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:410.64px;left:200.13px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:410.64px;left:500.36px;text-rendering:optimizeLegibility;white-space:nowrap">fixed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:410.64px;left:930.59px;white-space:nowrap">rate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:410.64px;left:1290.76px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:410.64px;left:1490.89px;white-space:nowrap">$0.22
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:410.64px;left:1991.34px;white-space:nowrap">per
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:410.64px;left:2301.5px;white-space:nowrap">share.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:410.64px;left:2851.79px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:410.64px;left:3952.44px;white-space:nowrap">will
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:410.64px;left:4252.41px;white-space:nowrap">generally
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:410.64px;left:5032.88px;white-space:nowrap">distribute
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:410.64px;left:5813.26px;white-space:nowrap">amounts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:410.64px;left:6553.65px;white-space:nowrap">necessary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:410.64px;left:7424.03px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:410.64px;left:7624.16px;white-space:nowrap">satisfy
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:410.64px;left:8184.29px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:410.64px;left:8484.52px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:410.64px;left:9069.17px;white-space:nowrap">plan
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:410.64px;left:9459.49px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:410.64px;left:9809.82px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:626.64px;left:0px;white-space:nowrap">requirements
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:626.64px;left:1100.48px;white-space:nowrap">prescribed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:626.64px;left:1990.9px;white-space:nowrap">by
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:626.64px;left:2231.02px;white-space:nowrap">excise
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:626.64px;left:2791.23px;white-space:nowrap">tax
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:626.64px;left:3081.36px;white-space:nowrap">rules
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:626.64px;left:3521.51px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:626.64px;left:3871.85px;white-space:nowrap">Subchapter
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:626.64px;left:4842.51px;white-space:nowrap">M
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:626.64px;left:5042.46px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:626.64px;left:5242.59px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:626.64px;left:5542.82px;white-space:nowrap">Internal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:626.64px;left:6193.21px;white-space:nowrap">Revenue
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:626.64px;left:6963.75px;white-space:nowrap">Code.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:626.64px;left:7490.83px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:626.64px;left:7851.01px;white-space:nowrap">plan
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:626.64px;left:8241.33px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:626.64px;left:8421.33px;white-space:nowrap">intended
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:626.64px;left:9161.98px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:626.64px;left:9362.11px;white-space:nowrap">provide
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:842.64px;left:0px;white-space:nowrap">shareholders
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:842.64px;left:1090.63px;white-space:nowrap">with
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:842.64px;left:1460.74px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:842.64px;left:1610.86px;white-space:nowrap">consistent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:842.64px;left:2471.31px;white-space:nowrap">distribution
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:842.64px;left:3391.79px;white-space:nowrap">each
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:842.64px;left:3832.12px;white-space:nowrap">quarter
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:842.64px;left:4452.45px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:842.64px;left:4802.78px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:842.64px;left:4982.78px;white-space:nowrap">intended
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:842.64px;left:5723.44px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:842.64px;left:5923.56px;white-space:nowrap">narrow
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:842.64px;left:6523.77px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:842.64px;left:6824px;white-space:nowrap">discount
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:842.64px;left:7544.44px;white-space:nowrap">between
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:842.64px;left:8274.99px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:842.64px;left:8575.22px;white-space:nowrap">market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:842.64px;left:9175.34px;white-space:nowrap">price
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:842.64px;left:9615.5px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:842.64px;left:9965.83px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:0px;letter-spacing:-3.34px;white-space:nowrap">NAV
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:406.76px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:606.88px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:907.12px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:1491.77px;white-space:nowrap">shares,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:2132.05px;white-space:nowrap">but
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:2432.29px;white-space:nowrap">there
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:2892.57px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:3072.57px;white-space:nowrap">no
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:3322.79px;white-space:nowrap">assurance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:4203.28px;white-space:nowrap">that
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:4553.53px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:4853.76px;white-space:nowrap">plan
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:5244.08px;white-space:nowrap">will
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:5544.05px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:5794.28px;white-space:nowrap">successful
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:6684.61px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:6874.72px;white-space:nowrap">doing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:7365.15px;white-space:nowrap">so.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1514.64px;left:0px;white-space:nowrap">Under
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1514.64px;left:540.26px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1514.64px;left:840.5px;white-space:nowrap">managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1514.64px;left:1641.09px;white-space:nowrap">distribution
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1514.64px;left:2561.57px;white-space:nowrap">plan,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1514.64px;left:3001.9px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1514.64px;left:3202.03px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1514.64px;left:3502.27px;white-space:nowrap">extent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1514.64px;left:4042.62px;white-space:nowrap">that
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1514.64px;left:4392.86px;text-rendering:optimizeLegibility;white-space:nowrap">sufficient
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1514.64px;left:5148.72px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1514.64px;left:6069.11px;white-space:nowrap">income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1514.64px;left:6699.38px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1514.64px;left:6879.38px;white-space:nowrap">not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1514.64px;left:7179.61px;white-space:nowrap">available
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1514.64px;left:7940.13px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1514.64px;left:8190.35px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1514.64px;left:8340.47px;white-space:nowrap">quarterly
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1514.64px;left:9090.79px;white-space:nowrap">basis,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1514.64px;left:9611.02px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1514.64px;left:9911.25px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:0px;white-space:nowrap">will
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:299.97px;white-space:nowrap">distribute
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:1080.35px;white-space:nowrap">long-term
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:1890.62px;white-space:nowrap">capital
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:2460.94px;white-space:nowrap">gains
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:2941.26px;white-space:nowrap">and/or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:3501.65px;white-space:nowrap">return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:4021.88px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:4222px;white-space:nowrap">capital
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:4792.32px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:4982.43px;white-space:nowrap">order
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:5452.65px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:5652.77px;white-space:nowrap">maintain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:6383.14px;white-space:nowrap">its
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:6613.15px;white-space:nowrap">managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:7413.75px;white-space:nowrap">distribution
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:8334.23px;white-space:nowrap">rate.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:8744.41px;white-space:nowrap">No
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:9024.52px;white-space:nowrap">conclusions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1946.64px;left:0px;white-space:nowrap">should
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1946.64px;left:580.43px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1946.64px;left:830.65px;white-space:nowrap">drawn
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1946.64px;left:1370.92px;white-space:nowrap">about
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1946.64px;left:1871.37px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1946.64px;left:2171.6px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1946.64px;left:2756.25px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1946.64px;left:3676.64px;white-space:nowrap">performance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1946.64px;left:4737.13px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1946.64px;left:5147.14px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1946.64px;left:5447.37px;white-space:nowrap">amount
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1946.64px;left:6097.76px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1946.64px;left:6297.89px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1946.64px;left:6598.13px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1946.64px;left:7182.77px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1946.64px;left:8193.25px;white-space:nowrap">or
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1946.64px;left:8813.32px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1946.64px;left:9113.55px;white-space:nowrap">terms
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1946.64px;left:9613.56px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1946.64px;left:9813.69px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2162.64px;left:0px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2162.64px;left:584.65px;white-space:nowrap">managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2162.64px;left:1385.24px;white-space:nowrap">distribution
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2162.64px;left:2305.72px;white-space:nowrap">plan.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2618.64px;left:0px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2618.64px;left:360.18px;white-space:nowrap">Board
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2618.64px;left:890.51px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2618.64px;left:1280.57px;white-space:nowrap">amend
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2618.64px;left:1880.95px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2618.64px;left:2181.18px;white-space:nowrap">terms
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2618.64px;left:2681.19px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2618.64px;left:2881.32px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2618.64px;left:3181.55px;white-space:nowrap">Plan
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2618.64px;left:3591.83px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2618.64px;left:3801.88px;white-space:nowrap">terminate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2618.64px;left:4602.22px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2618.64px;left:4902.45px;white-space:nowrap">Plan
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2618.64px;left:5312.72px;white-space:nowrap">at
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4826.64px;left:3065.54px;white-space:nowrap">to
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4826.64px;left:6151.29px;white-space:nowrap">information.</div></div>
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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:13356px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,6.61px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:360px;position:absolute;top:-42.71px;left:0px;white-space:nowrap">Contents</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:595.69px;left:0px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:595.69px;left:460.28px;white-space:nowrap">Overview</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:595.69px;left:4759.89px;white-space:nowrap">2</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:851.69px;left:0px;white-space:nowrap">Performance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:851.69px;left:1080.44px;white-space:nowrap">Summary</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:851.69px;left:4759.89px;white-space:nowrap">4</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1107.69px;left:0px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1107.69px;left:770.36px;white-space:nowrap">Highlights
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1107.69px;left:1610.77px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1107.69px;left:1961.1px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1107.69px;left:2761.7px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1107.69px;left:2961.83px;white-space:nowrap">Investments</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1107.69px;left:4759.89px;white-space:nowrap">6</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1363.69px;left:0px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1363.69px;left:770.36px;white-space:nowrap">Statements</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1363.69px;left:4673.14px;letter-spacing:-6.68px;white-space:nowrap">11</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1619.69px;left:0px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1619.69px;left:520.22px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1619.69px;left:720.35px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1619.69px;left:1490.71px;white-space:nowrap">Statements</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1619.69px;left:4659.79px;white-space:nowrap">14</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1875.69px;left:0px;white-space:nowrap">Important
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1875.69px;left:810.35px;white-space:nowrap">Information
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1875.69px;left:1760.8px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1875.69px;left:1960.93px;white-space:nowrap">Shareholders</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1875.69px;left:4659.79px;white-space:nowrap">23</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2131.69px;left:0px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2131.69px;left:610.49px;white-space:nowrap">Meeting
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2131.69px;left:1300.87px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2131.69px;left:1501px;white-space:nowrap">Shareholders</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2131.69px;left:4659.79px;white-space:nowrap">25</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2387.69px;left:0px;white-space:nowrap">Dividend
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2387.69px;left:750.41px;white-space:nowrap">Reinvestment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2387.69px;left:1900.9px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2387.69px;left:2251.23px;white-space:nowrap">Cash
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2387.69px;left:2721.45px;white-space:nowrap">Purchase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2387.69px;left:3531.88px;white-space:nowrap">Plan</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2387.69px;left:4659.79px;white-space:nowrap">26</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2643.69px;left:0px;white-space:nowrap">Shareholder
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2643.69px;left:1030.69px;white-space:nowrap">Information</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2643.69px;left:4659.79px;white-space:nowrap">28</div></div>
</div>

<div style="background-image:url(data:image/png;base64,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);background-repeat:no-repeat;background-size:cover;height:51.60px;left:0px;position:absolute;top:0px;transform:translate(54.000px,271.616px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:243.00px">

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:-34.79px;left:2984.14px;white-space:nowrap">for
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:-34.79px;left:3292.26px;white-space:nowrap">fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:-34.79px;left:3766.55px;white-space:nowrap">updates,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:-34.79px;left:4643.93px;white-space:nowrap">to
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:277.21px;left:180px;white-space:nowrap">access
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:277.21px;left:903px;white-space:nowrap">your
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:277.21px;left:1377.04px;white-space:nowrap">account,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:277.21px;left:2242.48px;white-space:nowrap">or
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:277.21px;left:2491.31px;white-space:nowrap">to
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:277.21px;left:2728.46px;text-rendering:optimizeLegibility;white-space:nowrap">find
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:277.21px;left:3131.53px;white-space:nowrap">helpful
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:277.21px;left:3819.11px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:589.21px;left:180px;white-space:nowrap">planning
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:589.21px;left:1045.44px;white-space:nowrap">tools.</div></div>
</div> </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="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:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">2</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:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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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:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Semiannual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:729.38px;white-space:nowrap">Report</div></div>
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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:513.00px">

<div style="width:10080px;height:13896px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,6.92px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:380px;position:absolute;top:-45.09px;left:0px;letter-spacing:-4.21px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:380px;position:absolute;top:-45.09px;left:1858.81px;white-space:nowrap">Emerging
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2219.85px;left:9091.85px;white-space:nowrap">Subchapter
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5219.85px;left:9362.11px;white-space:nowrap">section
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5469.85px;left:5220px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5469.85px;left:5480.07px;white-space:nowrap">additional
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5469.85px;left:6300.7px;white-space:nowrap">information.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5899.85px;left:5220px;white-space:nowrap">Performance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5899.85px;left:6300.44px;white-space:nowrap">data
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5899.85px;left:6700.78px;white-space:nowrap">represent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5899.85px;left:7511.22px;white-space:nowrap">past
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5899.85px;left:7901.46px;white-space:nowrap">performance,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5899.85px;left:9011.95px;white-space:nowrap">which
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5899.85px;left:9522.16px;white-space:nowrap">does
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6149.85px;left:5220px;white-space:nowrap">not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6149.85px;left:5520.23px;white-space:nowrap">guarantee
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6149.85px;left:6380.95px;white-space:nowrap">future
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6149.85px;left:6891.24px;white-space:nowrap">results.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6149.85px;left:7521.42px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6149.85px;left:8451.83px;white-space:nowrap">return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6149.85px;left:8972.05px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6149.85px;left:9322.38px;white-space:nowrap">principal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6399.85px;left:5220px;white-space:nowrap">value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6399.85px;left:5700.32px;white-space:nowrap">will
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6399.85px;left:6000.29px;text-rendering:optimizeLegibility;white-space:nowrap">fluctuate,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6399.85px;left:6780.76px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6399.85px;left:7131.09px;white-space:nowrap">you
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6399.85px;left:7471.32px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6399.85px;left:7861.38px;white-space:nowrap">have
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6399.85px;left:8301.71px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6399.85px;left:8451.83px;white-space:nowrap">gain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6399.85px;left:8842.15px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6399.85px;left:9052.21px;white-space:nowrap">loss
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6399.85px;left:9422.31px;white-space:nowrap">when
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6649.85px;left:5220px;white-space:nowrap">you
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6649.85px;left:5560.22px;white-space:nowrap">sell
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6649.85px;left:5880.32px;white-space:nowrap">your
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6649.85px;left:6280.49px;white-space:nowrap">shares.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6649.85px;left:6920.77px;white-space:nowrap">Current
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6649.85px;left:7570.99px;white-space:nowrap">performance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6649.85px;left:8631.47px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6649.85px;left:9021.53px;text-rendering:optimizeLegibility;white-space:nowrap">differ
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6649.85px;left:9467.14px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6899.85px;left:5220px;text-rendering:optimizeLegibility;white-space:nowrap">figures
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6899.85px;left:5810.27px;white-space:nowrap">shown.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:9254.51px;left:0px;white-space:nowrap">Geographic
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:9254.51px;left:1108.55px;white-space:nowrap">Composition</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9452.39px;left:0px;white-space:nowrap">2/28/25</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9740.88px;left:3927.5px;white-space:nowrap">%
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9740.88px;left:4114.22px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9740.88px;left:4309.69px;letter-spacing:-2.37px;white-space:nowrap">Total</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9932.88px;left:3858.91px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9932.88px;left:4155.23px;white-space:nowrap">Assets</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10274.82px;left:0px;white-space:nowrap">Asia</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10274.82px;left:4226.33px;white-space:nowrap">78.4%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10535.3px;left:0px;white-space:nowrap">Latin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10535.3px;left:382.58px;white-space:nowrap">America
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10535.3px;left:1013.83px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10535.3px;left:1165px;white-space:nowrap">Caribbean</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10535.3px;left:4238.2px;letter-spacing:-2.37px;white-space:nowrap">11.5%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10795.78px;left:0px;white-space:nowrap">North
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10795.78px;left:426.88px;white-space:nowrap">America</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10795.78px;left:4315.31px;white-space:nowrap">3.9%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11056.27px;left:0px;letter-spacing:-0.44px;white-space:nowrap">Middle&#160;East&#160;&amp;&#160;Africa</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11056.27px;left:4315.31px;white-space:nowrap">3.1%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11316.75px;left:0px;white-space:nowrap">Europe</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11316.75px;left:4315.31px;white-space:nowrap">1.3%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11577.24px;left:0px;letter-spacing:-1.61px;white-space:nowrap">Short-Term
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11577.24px;left:835.7px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11577.24px;left:1742.73px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11577.24px;left:1893.91px;white-space:nowrap">Other
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11577.24px;left:2338.52px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11577.24px;left:2623.13px;white-space:nowrap">Assets</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11577.24px;left:4315.31px;white-space:nowrap">1.8%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:7329.71px;left:5220px;letter-spacing:-3.53px;white-space:nowrap">Top
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:7329.71px;left:5606.87px;white-space:nowrap">10
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:7329.71px;left:5870.99px;white-space:nowrap">Countries*</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7527.59px;left:5220px;white-space:nowrap">2/28/25</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8008.08px;left:5264.45px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7816.08px;left:9363.5px;white-space:nowrap">%
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7816.08px;left:9550.22px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7816.08px;left:9745.69px;letter-spacing:-2.37px;white-space:nowrap">Total</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8008.08px;left:9294.91px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8008.08px;left:9591.23px;white-space:nowrap">Assets</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:8253.17px;left:5220px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:8253.17px;left:10104.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8331.12px;left:5220px;white-space:nowrap">China</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8331.12px;left:9662.33px;white-space:nowrap">25.0%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8602.6px;left:5220px;letter-spacing:-2.96px;white-space:nowrap">Taiwan</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8602.6px;left:9662.33px;white-space:nowrap">18.5%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8874.09px;left:5220px;white-space:nowrap">South
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8874.09px;left:5682.58px;white-space:nowrap">Korea</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8874.09px;left:9662.33px;white-space:nowrap">17.0%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9145.57px;left:5220px;white-space:nowrap">India</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9145.57px;left:9674.2px;letter-spacing:-2.37px;white-space:nowrap">11.7%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9417.06px;left:5220px;white-space:nowrap">Brazil</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9417.06px;left:9751.31px;white-space:nowrap">7.9%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9688.54px;left:5220px;white-space:nowrap">United
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9688.54px;left:5726.95px;white-space:nowrap">States</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9688.54px;left:9751.31px;white-space:nowrap">3.9%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9960.03px;left:5220px;white-space:nowrap">Thailand</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9960.03px;left:9751.31px;white-space:nowrap">3.0%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10231.51px;left:5220px;white-space:nowrap">South
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10231.51px;left:5673.75px;white-space:nowrap">Africa</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10231.51px;left:9751.31px;white-space:nowrap">2.3%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10503px;left:5220px;white-space:nowrap">Mexico</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10503px;left:9751.31px;white-space:nowrap">2.1%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10774.48px;left:5220px;white-space:nowrap">Hong
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10774.48px;left:5646.95px;white-space:nowrap">Kong</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10774.48px;left:9751.31px;white-space:nowrap">2.1%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:11132.76px;left:5220px;white-space:nowrap">*</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11128.54px;left:5249.74px;white-space:nowrap">Does
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11128.54px;left:5592.48px;white-space:nowrap">not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11128.54px;left:5811.38px;white-space:nowrap">include
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11128.54px;left:6263.65px;white-space:nowrap">cash
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11128.54px;left:6577.32px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11128.54px;left:6832.71px;white-space:nowrap">cash
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11128.54px;left:7146.38px;white-space:nowrap">equivalents.</div></div>
</div>

<div style="height:78.36px;left:0px;position:absolute;top:0px;transform:translate(36.000px,652.002px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:1469.89px;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:130px;position:absolute;top:-21.41px;left:0px;white-space:nowrap">1. </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:145.94px;white-space:nowrap">Source:
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;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:130px;position:absolute;top:187.39px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:262.58px;white-space:nowrap">index
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:612.73px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:743.98px;white-space:nowrap">unmanaged
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:1473.52px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:1728.91px;white-space:nowrap">includes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:2246.8px;white-space:nowrap">reinvestment
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:367.39px;left:3966.02px;white-space:nowrap">Return
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:367.39px;left:4396.25px;white-space:nowrap">(NR)
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:576.19px;left:3165.63px;letter-spacing:-0.19px;white-space:nowrap">www.franklintempletondatasources.com.</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:784.99px;left:1072.03px;white-space:nowrap">number
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:784.99px;left:2960.47px;white-space:nowrap">amount,
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</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:784.99px;left:5956.95px;white-space:nowrap">listed
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:784.99px;left:7184.38px;white-space:nowrap">Schedule
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:784.99px;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:993.79px;left:0px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:993.79px;left:991.72px;white-space:nowrap">on
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:993.79px;left:1531.25px;white-space:nowrap">7</div>

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<div style="width:10080px;height:296.48px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.05px) rotate(0deg) scale(0.05)">
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<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:51.66px;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: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="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8913.16px;letter-spacing:10.5px;white-space:nowrap">Markets
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:644.15px;white-space:nowrap">3</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="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">

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;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:130px;position:absolute;top:121.31px;left:5369.08px;white-space:nowrap">Semiannual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6098.45px;white-space:nowrap">Report</div></div>
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</div>

<div 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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12960px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.11px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5778.14px;left:0px;white-space:nowrap">Thank
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5778.14px;left:550.28px;white-space:nowrap">you
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5778.14px;left:890.51px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5778.14px;left:1150.58px;white-space:nowrap">your
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5778.14px;left:1550.74px;white-space:nowrap">continued
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5778.14px;left:2381.4px;white-space:nowrap">participation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5778.14px;left:3401.98px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5778.14px;left:3588.84px;letter-spacing:-2px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6028.14px;left:0px;white-space:nowrap">Emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6028.14px;left:820.37px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6028.14px;left:1510.49px;white-space:nowrap">Fund.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6028.14px;left:2020.78px;letter-spacing:-1.08px;white-space:nowrap">We
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6028.14px;left:2337.54px;white-space:nowrap">look
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6028.14px;left:2717.75px;white-space:nowrap">forward
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6028.14px;left:3367.97px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6028.14px;left:3568.1px;white-space:nowrap">serving
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6028.14px;left:4198.36px;white-space:nowrap">your
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6278.14px;left:0px;white-space:nowrap">future
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6278.14px;left:510.29px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6278.14px;left:1430.68px;white-space:nowrap">needs.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6708.14px;left:0px;letter-spacing:-1.34px;white-space:nowrap">Sincerely,</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7138.14px;left:0px;white-space:nowrap">Chetan
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7138.14px;left:630.44px;white-space:nowrap">Sehgal,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7138.14px;left:1290.94px;letter-spacing:-6.62px;white-space:nowrap">CFA</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7388.14px;left:0px;white-space:nowrap">Andrew
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7388.14px;left:660.32px;white-space:nowrap">Ness,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7388.14px;left:1160.51px;letter-spacing:-0.81px;white-space:nowrap">ASIP</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7888.14px;left:0px;white-space:nowrap">Portfolio
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7888.14px;left:710.33px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7888.14px;left:1807.73px;letter-spacing:-4.99px;white-space:nowrap">Team</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:17.46px;left:0px;letter-spacing:-3.53px;white-space:nowrap">Top
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:17.46px;left:386.87px;white-space:nowrap">10
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:17.46px;left:650.99px;white-space:nowrap">Holdings</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:215.34px;left:0px;white-space:nowrap">2/28/25</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:503.83px;left:0px;white-space:nowrap">Company</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:695.83px;left:0px;white-space:nowrap">Industry</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;font-weight:bold;position:absolute;top:695.83px;left:631.17px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;font-weight:bold;position:absolute;top:695.83px;left:720.08px;white-space:nowrap">Country</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:503.83px;left:4143.5px;white-space:nowrap">%
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:503.83px;left:4330.22px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:503.83px;left:4525.69px;letter-spacing:-2.37px;white-space:nowrap">Total</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:695.83px;left:4074.91px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:695.83px;left:4371.23px;white-space:nowrap">Assets</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:940.92px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:940.92px;left:4873.75px;white-space:nowrap">aa</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1021.87px;left:0px;letter-spacing:-2.53px;white-space:nowrap">Taiwan
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1021.87px;left:542.5px;white-space:nowrap">Semiconductor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1021.87px;left:1654.14px;white-space:nowrap">Manufacturing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1021.87px;left:2712.5px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1021.87px;left:3005.94px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1021.87px;left:4442.33px;white-space:nowrap">12.6%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:1180.35px;left:0px;white-space:nowrap">Semiconductors
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:1180.35px;left:1191.64px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:1180.35px;left:1342.81px;white-space:nowrap">Semiconductor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:1180.35px;left:2454.45px;white-space:nowrap">Equipment,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:1372.35px;left:144px;letter-spacing:-2.45px;white-space:nowrap">Taiwan</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1588.84px;left:0px;white-space:nowrap">ICICI
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1588.84px;left:408.91px;white-space:nowrap">Bank
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1588.84px;left:818.05px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1588.84px;left:4531.31px;white-space:nowrap">4.8%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:1747.32px;left:0px;white-space:nowrap">Banks,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:1747.32px;left:533.59px;white-space:nowrap">India</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1963.81px;left:0px;white-space:nowrap">Alibaba
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1963.81px;left:578.2px;white-space:nowrap">Group
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1963.81px;left:1067.34px;white-space:nowrap">Holding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1963.81px;left:1654.38px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1963.81px;left:4531.31px;white-space:nowrap">4.8%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:2122.29px;left:0px;white-space:nowrap">Broadline
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:2122.29px;left:720.47px;white-space:nowrap">Retail,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:2122.29px;left:1218.44px;white-space:nowrap">China</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2338.78px;left:0px;white-space:nowrap">Prosus
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2338.78px;left:542.42px;white-space:nowrap">NV</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2338.78px;left:4531.31px;white-space:nowrap">4.5%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:2497.26px;left:0px;white-space:nowrap">Broadline
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:2497.26px;left:720.47px;white-space:nowrap">Retail,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:2497.26px;left:1218.44px;white-space:nowrap">China</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2713.75px;left:0px;white-space:nowrap">Samsung
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2713.75px;left:720.39px;white-space:nowrap">Electronics
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2713.75px;left:1547.34px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2713.75px;left:1840.78px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2713.75px;left:4531.31px;white-space:nowrap">3.7%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:2872.23px;left:0px;letter-spacing:-1.34px;white-space:nowrap">Technology
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:2872.23px;left:856.95px;white-space:nowrap">Hardware,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:2872.23px;left:1639.45px;white-space:nowrap">Storage
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:2872.23px;left:2244.3px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:2872.23px;left:2395.47px;white-space:nowrap">Peripherals,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3064.23px;left:144px;white-space:nowrap">South
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3064.23px;left:606.58px;white-space:nowrap">Korea</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3280.71px;left:0px;white-space:nowrap">SK </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3280.71px;left:257.89px;white-space:nowrap">Hynix,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3280.71px;left:746.88px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3280.71px;left:4531.31px;white-space:nowrap">3.4%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3439.2px;left:0px;white-space:nowrap">Semiconductors
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3439.2px;left:1191.64px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3439.2px;left:1342.81px;white-space:nowrap">Semiconductor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3439.2px;left:2454.45px;white-space:nowrap">Equipment,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3631.2px;left:144px;white-space:nowrap">South
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3631.2px;left:606.58px;white-space:nowrap">Korea</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3847.68px;left:0px;letter-spacing:-2.22px;white-space:nowrap">Tencent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3847.68px;left:604.84px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3847.68px;left:1271.88px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3847.68px;left:4531.31px;white-space:nowrap">3.3%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4006.17px;left:0px;white-space:nowrap">Interactive
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4006.17px;left:782.58px;white-space:nowrap">Media
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4006.17px;left:1262.81px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4006.17px;left:1413.98px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4006.17px;left:2116.41px;white-space:nowrap">China</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4222.65px;left:0px;letter-spacing:-1.77px;white-space:nowrap">MediaTek,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4222.65px;left:773.67px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4222.65px;left:4531.31px;white-space:nowrap">3.1%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4381.14px;left:0px;white-space:nowrap">Semiconductors
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4381.14px;left:1191.64px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4381.14px;left:1342.81px;white-space:nowrap">Semiconductor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4381.14px;left:2454.45px;white-space:nowrap">Equipment,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4573.14px;left:144px;letter-spacing:-2.45px;white-space:nowrap">Taiwan</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4789.62px;left:0px;white-space:nowrap">HDFC
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4789.62px;left:488.83px;white-space:nowrap">Bank
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4789.62px;left:897.97px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4789.62px;left:4531.31px;white-space:nowrap">2.6%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4948.1px;left:0px;white-space:nowrap">Banks,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4948.1px;left:533.59px;white-space:nowrap">India</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5164.59px;left:0px;white-space:nowrap">Petroleo
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5164.59px;left:640.39px;white-space:nowrap">Brasileiro
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5164.59px;left:1351.72px;letter-spacing:-4.41px;white-space:nowrap">SA</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5164.59px;left:4531.31px;white-space:nowrap">2.3%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5323.07px;left:0px;white-space:nowrap">Oil,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5323.07px;left:284.45px;white-space:nowrap">Gas
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5323.07px;left:622.34px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5323.07px;left:773.52px;white-space:nowrap">Consumable
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5323.07px;left:1716.25px;white-space:nowrap">Fuels,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5323.07px;left:2196.41px;white-space:nowrap">Brazil</div></div>
</div>

<div style="height:23.58px;left:0px;position:absolute;top:0px;transform:translate(54.000px,709.232px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:325.28px;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:130px;position:absolute;top:-21.41px;left:0px;letter-spacing:-2.4px;white-space:nowrap">CFA</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:-17.19px;left:255.16px;white-space:nowrap">&#174;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:347.98px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:479.23px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:588.68px;white-space:nowrap">trademark
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:1215.79px;white-space:nowrap">owned
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:1638.84px;white-space:nowrap">by
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:1813.92px;letter-spacing:-3.59px;white-space:nowrap">CFA
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:2098.37px;white-space:nowrap">Institute.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:0px;letter-spacing:-0.45px;white-space:nowrap">ASIP
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:333.2px;white-space:nowrap">stands
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:756.33px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:938.75px;white-space:nowrap">Associate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:1544.14px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:1690.08px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:1908.98px;white-space:nowrap">United
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:2324.69px;white-space:nowrap">Kingdom
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:2878.98px;white-space:nowrap">Society
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:3345.78px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:3535.39px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:4213.75px;white-space:nowrap">Professionals
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:5037.89px;white-space:nowrap">(now
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:5358.67px;letter-spacing:-3.59px;white-space:nowrap">CFA
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:5643.13px;white-space:nowrap">Society
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:6109.92px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:6255.86px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:6474.77px;white-space:nowrap">United
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:6890.47px;white-space:nowrap">Kingdom).</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:967.50px;width:742.50px;transform-origin:top left;transform:scale(1.25,1.25)">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:36.52px;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:561.6px;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">Performance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:1772.05px;white-space:nowrap">Summary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:3117.13px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:3511.05px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:3839.41px;white-space:nowrap">February
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:5102.75px;white-space:nowrap">28,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:5595.29px;white-space:nowrap">2025</div></div>
</div>

<div style="height:51.66px;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:936px;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:130px;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:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:956.09px;letter-spacing:10.67px;white-space:nowrap">Emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1814.95px;letter-spacing:10.5px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2581.58px;letter-spacing:9px;white-space:nowrap">Fund</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:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">4</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:130px;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:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:729.38px;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="background-image:url(data:image/png;base64,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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, Helvetica, 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, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:430.22px;white-space:nowrap">return
</div>

<div style="font-family:Arial, Helvetica, 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, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1580.63px;white-space:nowrap">reinvestment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2661.06px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2861.19px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, 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, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3748.45px;white-space:nowrap">dividends
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4558.97px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4909.31px;white-space:nowrap">capital
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5479.63px;white-space:nowrap">gain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5869.95px;white-space:nowrap">distributions,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6930.44px;white-space:nowrap">if
</div>

<div style="font-family:Arial, Helvetica, 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, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7447.32px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7797.66px;white-space:nowrap">any
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8137.88px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9018.46px;white-space:nowrap">gains
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9498.78px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">losses.
</div>

<div style="font-family:Arial, Helvetica, 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, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1037.2px;white-space:nowrap">returns
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1647.42px;white-space:nowrap">do
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3548.5px;white-space:nowrap">charges
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4829.33px;white-space:nowrap">inception
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5809.92px;white-space:nowrap">brokerage
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6670.46px;white-space:nowrap">commissions
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9281.69px;white-space:nowrap">market
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">purchases.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1287.42px;white-space:nowrap">performance
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4409.21px;white-space:nowrap">taxes
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5389.8px;white-space:nowrap">shareholder
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6390.44px;white-space:nowrap">would
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6910.75px;white-space:nowrap">pay
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7501.2px;white-space:nowrap">Fund
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7961.48px;white-space:nowrap">dividends,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8822.02px;white-space:nowrap">capital
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9392.34px;white-space:nowrap">gain
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">distributions,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1060.49px;white-space:nowrap">if
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1577.37px;white-space:nowrap">or
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2127.66px;white-space:nowrap">realized
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2808.02px;white-space:nowrap">gains
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3288.34px;white-space:nowrap">on
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3538.56px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4219.01px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4879.42px;white-space:nowrap">shares.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5516.46px;letter-spacing:-3.3px;white-space:nowrap">Your
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5930.16px;white-space:nowrap">dividend
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6650.68px;white-space:nowrap">income
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7580.92px;white-space:nowrap">vary
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7970.98px;white-space:nowrap">depending
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8861.84px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:9112.06px;white-space:nowrap">dividends
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:0px;white-space:nowrap">or </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:210.06px;white-space:nowrap">interest
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:850.34px;white-space:nowrap">paid
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1240.66px;white-space:nowrap">by
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1480.78px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2291.04px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2481.15px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2781.39px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3368.41px;white-space:nowrap">portfolio,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:4108.8px;white-space:nowrap">adjusted
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:4839.35px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5099.41px;white-space:nowrap">operating
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5900.01px;white-space:nowrap">expenses.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6770.57px;white-space:nowrap">Capital
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7380.88px;white-space:nowrap">gain
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7771.2px;white-space:nowrap">distributions
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8781.68px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:9091.85px;white-space:nowrap">net
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:9392.08px;text-rendering:optimizeLegibility;white-space:nowrap">profits
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:0px;white-space:nowrap">realized
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:680.36px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1090.37px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1390.61px;white-space:nowrap">sale
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1770.82px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1970.95px;white-space:nowrap">portfolio
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2661.33px;white-space:nowrap">securities.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:1804.91px;left:0px;white-space:nowrap">Performance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:1804.91px;left:1560.63px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:1804.91px;left:1907.47px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:1804.91px;left:2196.54px;white-space:nowrap">2/28/25</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:151.6px;position:absolute;top:1810.13px;left:3064.01px;white-space:nowrap">1</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4407.6px;left:0px;white-space:nowrap">Performance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4407.6px;left:1080.44px;white-space:nowrap">data
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4407.6px;left:1480.78px;white-space:nowrap">represent
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4407.6px;left:2291.22px;white-space:nowrap">past
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4407.6px;left:2681.46px;white-space:nowrap">performance,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4407.6px;left:3791.95px;white-space:nowrap">which
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4407.6px;left:4302.16px;white-space:nowrap">does
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4407.6px;left:4742.49px;white-space:nowrap">not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4407.6px;left:5042.72px;white-space:nowrap">guarantee
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4407.6px;left:5903.44px;white-space:nowrap">future
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4407.6px;left:6413.73px;white-space:nowrap">results.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4407.6px;left:7043.91px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4407.6px;left:7974.32px;white-space:nowrap">return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4407.6px;left:8494.54px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4407.6px;left:8844.87px;white-space:nowrap">principal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4407.6px;left:9565.22px;white-space:nowrap">value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4657.6px;left:0px;white-space:nowrap">will
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4657.6px;left:299.97px;text-rendering:optimizeLegibility;white-space:nowrap">fluctuate,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4657.6px;left:1080.44px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4657.6px;left:1430.77px;white-space:nowrap">you
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4657.6px;left:1771px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4657.6px;left:2161.05px;white-space:nowrap">have
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4657.6px;left:2601.39px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4657.6px;left:2751.5px;white-space:nowrap">gain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4657.6px;left:3141.83px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4657.6px;left:3351.88px;white-space:nowrap">loss
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4657.6px;left:3721.99px;white-space:nowrap">when
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4657.6px;left:4202.31px;white-space:nowrap">you
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4657.6px;left:4542.54px;white-space:nowrap">sell
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4657.6px;left:4862.64px;white-space:nowrap">your
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4657.6px;left:5262.8px;white-space:nowrap">shares.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4657.6px;left:5903.09px;white-space:nowrap">Current
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4657.6px;left:6553.3px;white-space:nowrap">performance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4657.6px;left:7613.79px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4657.6px;left:8003.85px;text-rendering:optimizeLegibility;white-space:nowrap">differ
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4657.6px;left:8449.45px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4657.6px;left:8859.46px;text-rendering:optimizeLegibility;white-space:nowrap">figures
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4657.6px;left:9449.74px;white-space:nowrap">shown.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:5233.87px;left:0px;white-space:nowrap">Share
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:5233.87px;left:766.04px;white-space:nowrap">Prices</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2215.66px;left:4244.47px;white-space:nowrap">Cumulative
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;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, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2215.66px;left:5566.11px;white-space:nowrap">Return</div>

<div style="font-family:Arial, Helvetica, 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, Helvetica, sans-serif;font-size:155px;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, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2215.66px;left:8048.62px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;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, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2215.66px;left:9050.02px;white-space:nowrap">Return</div>

<div style="font-family:Arial, Helvetica, 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, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2476.14px;left:4468.84px;white-space:nowrap">Based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2476.14px;left:4993.53px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;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, Helvetica, 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, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2476.14px;left:6052.84px;white-space:nowrap">Based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2476.14px;left:6577.53px;white-space:nowrap">on</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2668.14px;left:5769.48px;white-space:nowrap">market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2668.14px;left:6338.7px;white-space:nowrap">price</div>

<div style="font-family:Arial, Helvetica, 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, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2476.14px;left:7780.84px;white-space:nowrap">Based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2476.14px;left:8305.53px;white-space:nowrap">on</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;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, Helvetica, 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, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2476.14px;left:9364.84px;white-space:nowrap">Based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2476.14px;left:9889.53px;white-space:nowrap">on</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2668.14px;left:9081.48px;white-space:nowrap">market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2668.14px;left:9650.7px;white-space:nowrap">price</div>

<div style="font-family:Arial, Helvetica, 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, Helvetica, sans-serif;font-size:160px;position:absolute;top:3146.09px;left:0px;white-space:nowrap">6-Month</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3146.09px;left:4641.89px;white-space:nowrap">+4.26%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3146.09px;left:6225.89px;white-space:nowrap">+3.37%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3146.09px;left:7953.89px;white-space:nowrap">+4.26%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3146.09px;left:9537.89px;white-space:nowrap">+3.37%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3406.57px;left:0px;letter-spacing:-2.45px;white-space:nowrap">1-Year</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3406.57px;left:4552.91px;white-space:nowrap">+15.40%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3406.57px;left:6136.91px;white-space:nowrap">+14.84%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3406.57px;left:7864.91px;white-space:nowrap">+15.40%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3406.57px;left:9448.91px;white-space:nowrap">+14.84%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3667.05px;left:0px;letter-spacing:-2.45px;white-space:nowrap">5-Year</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3667.05px;left:4552.91px;white-space:nowrap">+22.14%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3667.05px;left:6136.91px;white-space:nowrap">+24.13%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3667.05px;left:7953.89px;white-space:nowrap">+4.08%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3667.05px;left:9537.89px;white-space:nowrap">+4.42%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3927.54px;left:0px;letter-spacing:-2.1px;white-space:nowrap">10-Year</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3927.54px;left:4552.91px;white-space:nowrap">+49.09%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3927.54px;left:6136.91px;white-space:nowrap">+50.16%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3927.54px;left:7953.89px;white-space:nowrap">+4.07%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3927.54px;left:9537.89px;white-space:nowrap">+4.15%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5644.62px;left:0px;white-space:nowrap">Symbol:
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5644.62px;left:675.63px;white-space:nowrap">EMF</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5644.62px;left:6383.17px;white-space:nowrap">2/28/25</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5644.62px;left:7967.17px;white-space:nowrap">8/31/24</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5644.62px;left:9498.28px;white-space:nowrap">Change</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5964.56px;left:0px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5964.56px;left:284.61px;white-space:nowrap">Asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5964.56px;left:729.22px;letter-spacing:-1.98px;white-space:nowrap">Value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5964.56px;left:1171.02px;letter-spacing:-2.37px;white-space:nowrap">(NAV)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5964.56px;left:6427.63px;white-space:nowrap">$14.90</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5964.56px;left:8011.63px;white-space:nowrap">$14.81</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5964.56px;left:9591.17px;white-space:nowrap">+$0.09</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6225.05px;left:0px;white-space:nowrap">Market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6225.05px;left:533.44px;white-space:nowrap">Price
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6225.05px;left:942.42px;white-space:nowrap">(NYSE)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6225.05px;left:6427.63px;white-space:nowrap">$12.70</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6225.05px;left:8011.63px;white-space:nowrap">$12.81</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6225.05px;left:9643.2px;letter-spacing:-1.98px;white-space:nowrap">-$0.11</div></div>
</div>

<div style="height:13.32px;left:0px;position:absolute;top:0px;transform:translate(35.999px,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">5</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></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:967.50px;width:742.50px;transform-origin:top left;transform:scale(1.25,1.25)">

<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:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7098.2px;letter-spacing:10.57px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8054.3px;letter-spacing:10.67px;white-space:nowrap">Emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8913.16px;letter-spacing:10.5px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;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:130px;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:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9342.06px;letter-spacing:9.64px;white-space:nowrap">Summary</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:130px;position:absolute;top:121.31px;left:644.15px;white-space:nowrap">5</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:130px;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:130px;position:absolute;top:121.31px;left:5369.08px;white-space:nowrap">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;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 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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,1.45px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1772.28px;left:0px;white-space:nowrap">Events
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1772.28px;left:437.66px;white-space:nowrap">such
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1772.28px;left:751.33px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1772.28px;left:926.41px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1772.28px;left:1145.31px;white-space:nowrap">spread
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1772.28px;left:1582.97px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1772.28px;left:1728.91px;white-space:nowrap">deadly
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1772.28px;left:2152.03px;white-space:nowrap">diseases,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1772.28px;left:2742.89px;white-space:nowrap">disasters,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1772.28px;left:3340.94px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1772.28px;left:3596.33px;text-rendering:optimizeLegibility;white-space:nowrap">financial,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1772.28px;left:4150.7px;white-space:nowrap">political
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1772.28px;left:4624.77px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1772.28px;left:4777.89px;white-space:nowrap">social
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1772.28px;left:5149.84px;white-space:nowrap">disruptions,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1772.28px;left:5857.34px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1772.28px;left:6141.72px;white-space:nowrap">heighten
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1772.28px;left:6681.64px;white-space:nowrap">risks
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1772.28px;left:6987.81px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1772.28px;left:7243.2px;white-space:nowrap">adversely
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1772.28px;left:7841.25px;letter-spacing:-0.32px;white-space:nowrap">affect
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1772.28px;left:8196.48px;white-space:nowrap">performance.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1772.28px;left:9003.75px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1772.28px;left:9266.33px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1772.28px;left:9601.88px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1952.28px;left:0px;white-space:nowrap">actively
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1952.28px;left:474.06px;white-space:nowrap">managed
</div>

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</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8756.28px;left:3506.02px;white-space:nowrap">invasion.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9145.08px;left:0px;white-space:nowrap">1. </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9145.08px;left:145.94px;white-space:nowrap">Gross
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9145.08px;left:532.42px;white-space:nowrap">expenses
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9145.08px;left:1130.63px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9145.08px;left:1356.72px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9145.08px;left:1575.63px;letter-spacing:-0.32px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9145.08px;left:2003.67px;white-space:nowrap">total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9145.08px;left:2288.2px;white-space:nowrap">annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9145.08px;left:2718.67px;white-space:nowrap">operating
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9145.08px;left:3302.27px;white-space:nowrap">expenses
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9145.08px;left:3900.47px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9145.08px;left:4075.55px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9145.08px;left:4221.48px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9145.08px;left:4440.39px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9145.08px;left:4866.72px;white-space:nowrap">annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9145.08px;left:5297.19px;white-space:nowrap">report
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9145.08px;left:5676.41px;white-space:nowrap">available
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9145.08px;left:6230.78px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9145.08px;left:6376.72px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9145.08px;left:6595.63px;white-space:nowrap">time
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9145.08px;left:6880px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9145.08px;left:7025.94px;white-space:nowrap">publication.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9145.08px;left:7719.06px;white-space:nowrap">Actual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9145.08px;left:8120.23px;white-space:nowrap">expenses
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9145.08px;left:8718.44px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9145.08px;left:9002.81px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9145.08px;left:9185.23px;white-space:nowrap">higher
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9145.08px;left:9586.41px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9325.08px;left:0px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9325.08px;left:284.38px;white-space:nowrap">impact
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9325.08px;left:707.34px;white-space:nowrap">portfolio
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9325.08px;left:1210.63px;white-space:nowrap">returns.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9325.08px;left:1691.95px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9325.08px;left:1932.58px;white-space:nowrap">expenses
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9325.08px;left:2530.78px;text-rendering:optimizeLegibility;white-space:nowrap">reflect
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9325.08px;left:2924.61px;white-space:nowrap">voluntary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9325.08px;left:3493.52px;white-space:nowrap">fee
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9325.08px;left:3712.42px;white-space:nowrap">waivers,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9325.08px;left:4230.08px;white-space:nowrap">expense
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9325.08px;left:4762.66px;white-space:nowrap">caps
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9325.08px;left:5076.33px;white-space:nowrap">and/or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9325.08px;left:5484.84px;white-space:nowrap">reimbursements.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9325.08px;left:6498.44px;letter-spacing:-0.72px;white-space:nowrap">Voluntary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9325.08px;left:7082.03px;white-space:nowrap">waivers
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9325.08px;left:7563.2px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9325.08px;left:7847.58px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9325.08px;left:8030px;text-rendering:optimizeLegibility;white-space:nowrap">modified
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9325.08px;left:8562.42px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9325.08px;left:8715.55px;white-space:nowrap">discontinued
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9325.08px;left:9488.83px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9325.08px;left:9634.77px;white-space:nowrap">any
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9505.08px;left:0px;white-space:nowrap">time
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9505.08px;left:284.38px;white-space:nowrap">without
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9505.08px;left:736.56px;white-space:nowrap">notice.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9713.88px;left:0px;white-space:nowrap">2. </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9713.88px;left:143.67px;letter-spacing:-2.42px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9713.88px;left:457.34px;white-space:nowrap">return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9713.88px;left:836.56px;white-space:nowrap">calculations
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9713.88px;left:1558.67px;white-space:nowrap">represent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9713.88px;left:2149.45px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9713.88px;left:2368.36px;white-space:nowrap">cumulative
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9713.88px;left:3032.03px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9713.88px;left:3287.42px;white-space:nowrap">average
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9713.88px;left:3798.05px;white-space:nowrap">annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9713.88px;left:4228.52px;white-space:nowrap">changes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9713.88px;left:4761.09px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9713.88px;left:4899.69px;white-space:nowrap">value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9713.88px;left:5249.84px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9713.88px;left:5395.78px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9713.88px;left:5578.2px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9713.88px;left:6249.22px;white-space:nowrap">over
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9713.88px;left:6540.94px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9713.88px;left:6759.84px;white-space:nowrap">periods
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9713.88px;left:7226.64px;white-space:nowrap">indicated.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9713.88px;left:7824.84px;white-space:nowrap">Return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9713.88px;left:8255.08px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9713.88px;left:8444.69px;white-space:nowrap">less
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9713.88px;left:8714.53px;white-space:nowrap">than
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9713.88px;left:9006.41px;white-space:nowrap">one
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9713.88px;left:9261.8px;letter-spacing:-1.2px;white-space:nowrap">year,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9713.88px;left:9582.81px;white-space:nowrap">if
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9713.88px;left:9684.92px;letter-spacing:-1.92px;white-space:nowrap">any,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9893.88px;left:0px;white-space:nowrap">has
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9893.88px;left:248.05px;white-space:nowrap">not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9893.88px;left:466.95px;white-space:nowrap">been
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9893.88px;left:795.31px;white-space:nowrap">annualized.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10102.68px;left:0px;white-space:nowrap">3.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10102.68px;left:138.75px;white-space:nowrap">Assumes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10102.68px;left:714.84px;white-space:nowrap">reinvestment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10102.68px;left:1502.5px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10102.68px;left:1648.44px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10102.68px;left:2385.08px;white-space:nowrap">based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10102.68px;left:2779.06px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10102.68px;left:2961.48px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10102.68px;left:3180.39px;white-space:nowrap">asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10102.68px;left:3530.55px;white-space:nowrap">value.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10311.48px;left:0px;white-space:nowrap">4.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10311.48px;left:138.75px;white-space:nowrap">Assumes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10311.48px;left:714.84px;white-space:nowrap">reinvestment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10311.48px;left:1502.5px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10311.48px;left:1648.44px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10311.48px;left:2385.08px;white-space:nowrap">based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10311.48px;left:2779.06px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10311.48px;left:2961.48px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10311.48px;left:3180.39px;white-space:nowrap">dividend
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10311.48px;left:3705.63px;white-space:nowrap">reinvestment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10311.48px;left:4493.28px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10311.48px;left:4748.67px;white-space:nowrap">cash
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10311.48px;left:5062.34px;white-space:nowrap">purchase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10311.48px;left:5638.59px;white-space:nowrap">plan.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10520.28px;left:0px;white-space:nowrap">Important
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10520.28px;left:590.78px;white-space:nowrap">data
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10520.28px;left:882.66px;white-space:nowrap">provider
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10520.28px;left:1393.13px;white-space:nowrap">notices
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10520.28px;left:1845.39px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10520.28px;left:2100.78px;white-space:nowrap">terms
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10520.28px;left:2465.31px;white-space:nowrap">available
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10520.28px;left:3019.69px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10520.28px;left:3165.63px;letter-spacing:-0.19px;white-space:nowrap">www.franklintempletondatasources.com.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:41.15px;left:0px;white-space:nowrap">Distributions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:41.15px;left:1502.74px;white-space:nowrap">Per
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:41.15px;left:1979.58px;white-space:nowrap">Share</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:317.82px;left:0px;white-space:nowrap">(9/1/24&#8211;2/28/25)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:723.76px;left:4181.05px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:723.76px;left:4483.31px;white-space:nowrap">Investment</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:915.76px;left:4767.84px;white-space:nowrap">Income</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:723.76px;left:6061.61px;letter-spacing:-1.19px;white-space:nowrap">Short-Term</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:915.76px;left:5978.48px;white-space:nowrap">Capital
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:915.76px;left:6556.38px;white-space:nowrap">Gain</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:723.76px;left:7672.41px;letter-spacing:-1.32px;white-space:nowrap">Long-Term</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:915.76px;left:7562.48px;white-space:nowrap">Capital
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:915.76px;left:8140.38px;white-space:nowrap">Gain</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:915.76px;left:9709.69px;letter-spacing:-2.37px;white-space:nowrap">Total</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1252.7px;left:4749.64px;white-space:nowrap">$0.1491</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1252.7px;left:6333.64px;white-space:nowrap">$0.0401</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1252.7px;left:7917.64px;white-space:nowrap">$0.3222</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1252.7px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">$0.5114</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:967.50px;width:742.50px;transform-origin:top left;transform:scale(1.25,1.25)">

<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:130px;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:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:956.09px;letter-spacing:10.67px;white-space:nowrap">Emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1814.95px;letter-spacing:10.5px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2581.58px;letter-spacing:9px;white-space:nowrap">Fund</div></div>
</div>

<div style="height:42.29px;left:0px;position:absolute;top:0px;transform:translate(36.000px,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, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:0px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1112.74px;white-space:nowrap">Highlights</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:17.16px;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:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(81.780px,739.229px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:458.22px">

<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(1196.093px,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:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:729.38px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1279.06px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1541.64px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2424.22px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2781.72px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3007.81px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3190.23px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3657.03px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3919.61px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4065.55px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4423.05px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4940.94px;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:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">6</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: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,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:821.02px;left:0px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:53.02px;left:3317.32px;white-space:nowrap">Six
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:53.02px;left:3601.93px;white-space:nowrap">Months
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:245.02px;left:3499.55px;white-space:nowrap">Ended
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:437.02px;left:3401.66px;white-space:nowrap">February
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:629.02px;left:3432.59px;white-space:nowrap">28,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:629.02px;left:3699.47px;white-space:nowrap">2025
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:821.02px;left:3308.53px;white-space:nowrap">(unaudited)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:53.02px;left:6336.05px;letter-spacing:-1.77px;white-space:nowrap">Year
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:53.02px;left:6718.63px;white-space:nowrap">Ended
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:53.02px;left:7246.05px;white-space:nowrap">August
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:53.02px;left:7841.52px;white-space:nowrap">31,</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:821.02px;left:4718.03px;white-space:nowrap">2024</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:821.02px;left:5870.03px;white-space:nowrap">2023</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:821.02px;left:7022.03px;white-space:nowrap">2022</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:821.02px;left:8174.03px;white-space:nowrap">2021</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:821.02px;left:9326.03px;white-space:nowrap">2020</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1133.96px;left:0px;white-space:nowrap">Per
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1133.96px;left:302.42px;white-space:nowrap">share
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1133.96px;left:773.83px;white-space:nowrap">operating
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1133.96px;left:1547.19px;white-space:nowrap">performance</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1336.44px;left:0px;white-space:nowrap">(for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1336.44px;left:284.45px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1336.44px;left:417.89px;white-space:nowrap">share
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1336.44px;left:862.58px;white-space:nowrap">outstanding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1336.44px;left:1734.38px;white-space:nowrap">throughout
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1336.44px;left:2543.91px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1528.44px;left:144px;white-space:nowrap">period)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1730.92px;left:0px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1730.92px;left:293.44px;white-space:nowrap">asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1730.92px;left:720.31px;white-space:nowrap">value,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1730.92px;left:1191.72px;white-space:nowrap">beginning
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1730.92px;left:1930.16px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1730.92px;left:2108.05px;white-space:nowrap">period</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1730.92px;left:2615.57px;letter-spacing:56.24px;white-space:nowrap">.....</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1730.92px;left:3830.62px;white-space:nowrap">$14.81</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1730.92px;left:4982.62px;white-space:nowrap">$13.63</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1730.92px;left:6134.62px;white-space:nowrap">$13.72</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1730.92px;left:7286.62px;white-space:nowrap">$20.09</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1730.92px;left:8438.62px;white-space:nowrap">$17.58</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1730.92px;left:9590.62px;white-space:nowrap">$16.09</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1933.41px;left:0px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1933.41px;left:569.14px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1933.41px;left:933.59px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1933.41px;left:1751.72px;white-space:nowrap">operations:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2135.89px;left:144px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2135.89px;left:437.44px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2135.89px;left:1255.56px;white-space:nowrap">income</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:2139.1px;left:1771.34px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2135.89px;left:1868.26px;letter-spacing:51.76px;white-space:nowrap">.............</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2135.89px;left:4008.59px;white-space:nowrap">0.05</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2135.89px;left:5160.59px;white-space:nowrap">0.28</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2135.89px;left:6312.59px;white-space:nowrap">0.35</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2135.89px;left:7464.59px;white-space:nowrap">0.30</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2135.89px;left:8628.47px;letter-spacing:-2.97px;white-space:nowrap">0.11</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2135.89px;left:9768.59px;white-space:nowrap">0.15</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2338.38px;left:144px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2338.38px;left:437.44px;white-space:nowrap">realized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2338.38px;left:1042.2px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2338.38px;left:1353.61px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2338.38px;left:2136.34px;white-space:nowrap">gains
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2338.38px;left:2563.3px;white-space:nowrap">(losses)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2338.38px;left:4008.59px;white-space:nowrap">0.51</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2338.38px;left:5160.59px;white-space:nowrap">1.58</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2338.38px;left:6312.59px;white-space:nowrap">0.68</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2338.38px;left:7358.03px;white-space:nowrap">(5.60)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2338.38px;left:8616.59px;white-space:nowrap">3.04</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2338.38px;left:9768.59px;white-space:nowrap">2.44</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2569.86px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2569.86px;left:382.42px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2569.86px;left:746.88px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2569.86px;left:1565px;white-space:nowrap">operations</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2569.86px;left:2335.33px;letter-spacing:53.51px;white-space:nowrap">........</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2569.86px;left:4008.59px;white-space:nowrap">0.56</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2569.86px;left:5160.59px;white-space:nowrap">1.86</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2569.86px;left:6312.59px;white-space:nowrap">1.03</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2569.86px;left:7358.03px;white-space:nowrap">(5.30)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2569.86px;left:8616.59px;white-space:nowrap">3.15</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2569.86px;left:9768.59px;white-space:nowrap">2.59</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2801.35px;left:0px;white-space:nowrap">Less
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2801.35px;left:382.42px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2801.35px;left:1280.63px;white-space:nowrap">from:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3003.83px;left:144px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3003.83px;left:437.44px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3003.83px;left:1255.56px;white-space:nowrap">income</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3003.83px;left:1774.85px;letter-spacing:51.56px;white-space:nowrap">..............</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3003.83px;left:3902.03px;white-space:nowrap">(0.15)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3003.83px;left:5054.03px;white-space:nowrap">(0.73)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3003.83px;left:6206.03px;white-space:nowrap">(0.41)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3003.83px;left:7358.03px;white-space:nowrap">(0.41)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3003.83px;left:8510.03px;white-space:nowrap">(0.18)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3003.83px;left:9662.03px;white-space:nowrap">(0.60)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3206.32px;left:144px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3206.32px;left:437.44px;white-space:nowrap">realized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3206.32px;left:1042.2px;white-space:nowrap">gains</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3206.32px;left:1494.61px;letter-spacing:51.1px;white-space:nowrap">.................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3206.32px;left:3902.03px;white-space:nowrap">(0.36)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3206.32px;left:5312px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3206.32px;left:6206.03px;white-space:nowrap">(0.72)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3206.32px;left:7358.03px;white-space:nowrap">(0.70)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3206.32px;left:8510.03px;white-space:nowrap">(0.48)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3206.32px;left:9662.03px;white-space:nowrap">(0.55)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3437.8px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3437.8px;left:382.42px;white-space:nowrap">distributions</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3437.8px;left:1307.78px;letter-spacing:50.88px;white-space:nowrap">...................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3437.8px;left:3902.03px;white-space:nowrap">(0.51)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3437.8px;left:5054.03px;white-space:nowrap">(0.73)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3437.8px;left:6206.03px;white-space:nowrap">(1.13)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3437.8px;left:7369.91px;letter-spacing:-1.98px;white-space:nowrap">(1.11)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3437.8px;left:8510.03px;white-space:nowrap">(0.66)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3437.8px;left:9662.03px;white-space:nowrap">(1.15)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3669.28px;left:0px;white-space:nowrap">Repurchase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3669.28px;left:907.19px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3669.28px;left:1085.08px;white-space:nowrap">shares</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3669.28px;left:1588.02px;letter-spacing:51.24px;white-space:nowrap">................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3669.28px;left:4008.59px;white-space:nowrap">0.04</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3669.28px;left:5160.59px;white-space:nowrap">0.05</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3669.28px;left:6312.59px;white-space:nowrap">0.01</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3669.28px;left:7464.59px;white-space:nowrap">0.04</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3669.28px;left:8616.59px;white-space:nowrap">0.02</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3669.28px;left:9768.59px;white-space:nowrap">0.05</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:0px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:293.44px;white-space:nowrap">asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:720.31px;white-space:nowrap">value,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:1191.72px;white-space:nowrap">end
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:1503.13px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:1681.02px;white-space:nowrap">period</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:2148.5px;letter-spacing:52.6px;white-space:nowrap">..........</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:3830.62px;white-space:nowrap">$14.90</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:4982.62px;white-space:nowrap">$14.81</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:6134.62px;white-space:nowrap">$13.63</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:7286.62px;white-space:nowrap">$13.72</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:8438.62px;white-space:nowrap">$20.09</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:9590.62px;white-space:nowrap">$17.58</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4161.25px;left:0px;white-space:nowrap">Market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4161.25px;left:533.44px;white-space:nowrap">value,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4161.25px;left:1004.84px;white-space:nowrap">end
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4161.25px;left:1316.25px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4161.25px;left:1494.14px;white-space:nowrap">period</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:4164.46px;left:1938.91px;white-space:nowrap">b</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4161.25px;left:2055.09px;letter-spacing:52.27px;white-space:nowrap">...........</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4161.25px;left:3830.62px;white-space:nowrap">$12.70</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4161.25px;left:4982.62px;white-space:nowrap">$12.81</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4161.25px;left:6146.5px;letter-spacing:-1.98px;white-space:nowrap">$11.71</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4161.25px;left:7298.5px;letter-spacing:-1.98px;white-space:nowrap">$11.85</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4161.25px;left:8438.62px;white-space:nowrap">$17.89</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4161.25px;left:9590.62px;white-space:nowrap">$15.38</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4480.19px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4480.19px;left:382.42px;white-space:nowrap">return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4480.19px;left:844.84px;white-space:nowrap">(based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4480.19px;left:1378.52px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4480.19px;left:1600.94px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4480.19px;left:1867.81px;white-space:nowrap">asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4480.19px;left:2294.69px;white-space:nowrap">value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4480.19px;left:2721.64px;white-space:nowrap">per
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4672.19px;left:0px;white-space:nowrap">share)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:4675.4px;left:453.52px;white-space:nowrap">c</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4672.19px;left:560.48px;letter-spacing:50.31px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4672.19px;left:3866.33px;white-space:nowrap">4.26%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4672.19px;left:4929.34px;white-space:nowrap">14.50%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4672.19px;left:6170.33px;white-space:nowrap">8.26%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4672.19px;left:7126.78px;white-space:nowrap">(27.44)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4672.19px;left:8385.34px;white-space:nowrap">18.04%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4672.19px;left:9537.34px;white-space:nowrap">16.34%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4874.68px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4874.68px;left:382.42px;white-space:nowrap">return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4874.68px;left:844.84px;white-space:nowrap">(based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4874.68px;left:1378.52px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4874.68px;left:1600.94px;white-space:nowrap">market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4874.68px;left:2134.38px;white-space:nowrap">value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4874.68px;left:2561.33px;white-space:nowrap">per
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5066.68px;left:0px;white-space:nowrap">share)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:5069.89px;left:453.52px;white-space:nowrap">c</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5066.68px;left:560.48px;letter-spacing:50.31px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5066.68px;left:3866.33px;white-space:nowrap">3.37%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5066.68px;left:4941.22px;letter-spacing:-1.98px;white-space:nowrap">16.11%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5066.68px;left:6170.33px;white-space:nowrap">8.59%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5066.68px;left:7126.78px;white-space:nowrap">(29.18)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5066.68px;left:8385.34px;white-space:nowrap">20.40%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5066.68px;left:9537.34px;white-space:nowrap">16.45%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5356.62px;left:0px;white-space:nowrap">Ratios
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5356.62px;left:533.44px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5356.62px;left:728.91px;white-space:nowrap">average
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5356.62px;left:1378.28px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5356.62px;left:1662.73px;white-space:nowrap">assets</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:5359.83px;left:2160.94px;white-space:nowrap">d</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5559.1px;left:0px;white-space:nowrap">Expenses
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5559.1px;left:747.11px;white-space:nowrap">before
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5559.1px;left:1245.23px;white-space:nowrap">waiver
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5559.1px;left:1752.03px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5559.1px;left:2063.44px;white-space:nowrap">payments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5559.1px;left:2801.56px;white-space:nowrap">by
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5751.1px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5751.1px;left:653.89px;letter-spacing:50.36px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5751.1px;left:3866.33px;white-space:nowrap">1.40%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5751.1px;left:5018.33px;white-space:nowrap">1.44%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5751.1px;left:6170.33px;white-space:nowrap">1.49%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5751.1px;left:7322.33px;white-space:nowrap">1.50%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5751.1px;left:8474.33px;white-space:nowrap">1.49%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5751.1px;left:9626.33px;white-space:nowrap">1.52%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5953.59px;left:0px;white-space:nowrap">Expenses
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5953.59px;left:747.11px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5953.59px;left:1013.98px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5953.59px;left:1191.88px;white-space:nowrap">waiver
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5953.59px;left:1698.67px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5953.59px;left:2010.08px;white-space:nowrap">payments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5953.59px;left:2748.2px;white-space:nowrap">by
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6145.59px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6145.59px;left:653.89px;letter-spacing:50.36px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6145.59px;left:3866.33px;white-space:nowrap">1.38%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6145.59px;left:5018.33px;white-space:nowrap">1.43%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6145.59px;left:6170.33px;white-space:nowrap">1.47%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6145.59px;left:7322.33px;white-space:nowrap">1.49%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6145.59px;left:8474.33px;white-space:nowrap">1.48%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6145.59px;left:9626.33px;white-space:nowrap">1.50%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6348.07px;left:0px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6348.07px;left:293.44px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6348.07px;left:1111.56px;white-space:nowrap">income</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6348.07px;left:1681.44px;letter-spacing:51.39px;white-space:nowrap">...............</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6348.07px;left:3866.33px;white-space:nowrap">0.70%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6348.07px;left:5018.33px;white-space:nowrap">2.06%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6348.07px;left:6170.33px;white-space:nowrap">2.63%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6348.07px;left:7322.33px;white-space:nowrap">1.81%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6348.07px;left:8474.33px;white-space:nowrap">0.52%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6348.07px;left:9626.33px;white-space:nowrap">0.90%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6638.01px;left:0px;white-space:nowrap">Supplemental
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6638.01px;left:1093.52px;white-space:nowrap">data</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6840.5px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6840.5px;left:293.44px;white-space:nowrap">assets</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6840.5px;left:755.86px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6840.5px;left:844.77px;white-space:nowrap">end
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6840.5px;left:1156.17px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6840.5px;left:1334.06px;white-space:nowrap">period</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6840.5px;left:1823.28px;letter-spacing:-0.41px;white-space:nowrap">(000&#8217;s)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6840.5px;left:2335.33px;letter-spacing:53.51px;white-space:nowrap">........</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6840.5px;left:3652.66px;white-space:nowrap">$223,970</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6840.5px;left:4804.66px;white-space:nowrap">$226,225</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6840.5px;left:5956.66px;white-space:nowrap">$213,497</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6840.5px;left:7108.66px;white-space:nowrap">$216,704</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6840.5px;left:8260.66px;white-space:nowrap">$323,924</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6840.5px;left:9412.66px;white-space:nowrap">$285,668</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7042.98px;left:0px;white-space:nowrap">Portfolio
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7042.98px;left:631.41px;white-space:nowrap">turnover
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7042.98px;left:1262.81px;white-space:nowrap">rate</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7042.98px;left:1588.02px;letter-spacing:51.24px;white-space:nowrap">................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7042.98px;left:3866.33px;white-space:nowrap">7.61%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7042.98px;left:4929.34px;white-space:nowrap">19.14%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7042.98px;left:6081.34px;white-space:nowrap">26.18%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7042.98px;left:7233.34px;white-space:nowrap">20.05%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7042.98px;left:8385.34px;white-space:nowrap">23.19%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7042.98px;left:9537.34px;white-space:nowrap">17.56%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7245.46px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7245.46px;left:382.42px;white-space:nowrap">credit
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7245.46px;left:818.13px;white-space:nowrap">facility
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7245.46px;left:1307.11px;white-space:nowrap">outstanding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7245.46px;left:2178.91px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7245.46px;left:2356.8px;white-space:nowrap">end
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7245.46px;left:2668.2px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7437.46px;left:0px;white-space:nowrap">period</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7437.46px;left:489.22px;letter-spacing:-0.41px;white-space:nowrap">(000&#8217;s)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7437.46px;left:1027.54px;letter-spacing:50.61px;white-space:nowrap">......................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7437.46px;left:3830.62px;white-space:nowrap">$5,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7437.46px;left:4982.62px;white-space:nowrap">$5,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7437.46px;left:6045.64px;white-space:nowrap">$10,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7437.46px;left:7197.64px;white-space:nowrap">$25,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7437.46px;left:8349.64px;white-space:nowrap">$15,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7437.46px;left:9501.64px;white-space:nowrap">$15,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7639.95px;left:0px;white-space:nowrap">Asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7639.95px;left:444.61px;white-space:nowrap">coverage
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7639.95px;left:1147.27px;white-space:nowrap">per
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7639.95px;left:1422.97px;white-space:nowrap">$1,000
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7639.95px;left:1956.8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7639.95px;left:2134.69px;white-space:nowrap">debt</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7639.95px;left:2522.15px;letter-spacing:55.03px;white-space:nowrap">......</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7639.95px;left:3741.64px;white-space:nowrap">$45,794</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7639.95px;left:4893.64px;white-space:nowrap">$46,245</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7639.95px;left:6045.64px;white-space:nowrap">$22,350</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7639.95px;left:7286.62px;white-space:nowrap">$9,668</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7639.95px;left:8349.64px;white-space:nowrap">$22,595</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7639.95px;left:9501.64px;white-space:nowrap">$20,045</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:130px;position:absolute;top:18.59px;left:42.54px;white-space:nowrap">Based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:451.06px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:633.48px;white-space:nowrap">average
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:1144.1px;white-space:nowrap">daily
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:1450.43px;white-space:nowrap">shares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:1880.74px;white-space:nowrap">outstanding.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:219.3px;left:0px;white-space:nowrap">b</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:42.54px;white-space:nowrap">Based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:451.06px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:633.48px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:852.38px;white-space:nowrap">last
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:1093.09px;white-space:nowrap">sale
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:1370.27px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:1552.7px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:1771.6px;white-space:nowrap">New
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:2068.17px;letter-spacing:-2.41px;white-space:nowrap">York
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:2362.38px;white-space:nowrap">Stock
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:2727.07px;white-space:nowrap">Exchange.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:415.78px;left:0px;white-space:nowrap">c</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:38.26px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:300.84px;white-space:nowrap">Market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:738.34px;letter-spacing:-1.6px;white-space:nowrap">Value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:1098.49px;letter-spacing:-2.42px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:1412.17px;white-space:nowrap">Return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:1842.4px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:1973.65px;white-space:nowrap">calculated
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:2600.99px;white-space:nowrap">assuming
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:3199.04px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:3308.49px;white-space:nowrap">purchase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:3884.74px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:4030.68px;white-space:nowrap">common
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:4570.29px;white-space:nowrap">shares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:5000.6px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:5183.02px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:5401.93px;white-space:nowrap">opening
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:5905.37px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:6051.31px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:6270.21px;text-rendering:optimizeLegibility;white-space:nowrap">first
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:6518.1px;white-space:nowrap">business
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:7072.48px;white-space:nowrap">day
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:7320.52px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:7575.92px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:7685.37px;white-space:nowrap">sale
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:7962.56px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:8144.98px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:8363.88px;white-space:nowrap">closing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:8808.81px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:8954.74px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:9173.65px;white-space:nowrap">last
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:9414.35px;white-space:nowrap">business
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:603.56px;left:0px;white-space:nowrap">day </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:603.56px;left:248.05px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:603.56px;left:393.98px;white-space:nowrap">each
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:603.56px;left:715px;white-space:nowrap">period.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:603.56px;left:1152.66px;white-space:nowrap">Dividends
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:603.56px;left:1765.23px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:603.56px;left:2020.63px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:603.56px;left:2757.27px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:603.56px;left:2983.36px;white-space:nowrap">assumed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:603.56px;left:3552.27px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:603.56px;left:3741.88px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:603.56px;left:3960.78px;white-space:nowrap">purposes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:603.56px;left:4537.03px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:603.56px;left:4682.97px;white-space:nowrap">this
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:603.56px;left:4923.67px;white-space:nowrap">calculation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:603.56px;left:5580.16px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:603.56px;left:5726.09px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:603.56px;left:5908.52px;white-space:nowrap">reinvested
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:603.56px;left:6550.39px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:603.56px;left:6696.33px;white-space:nowrap">prices
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:603.56px;left:7082.81px;white-space:nowrap">obtained
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:603.56px;left:7622.73px;white-space:nowrap">under
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:603.56px;left:7994.77px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:603.56px;left:8213.67px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:603.56px;left:8640px;white-space:nowrap">Dividend
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:603.56px;left:9186.95px;white-space:nowrap">Reinvestment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:795.56px;left:0px;white-space:nowrap">and </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:795.56px;left:255.39px;white-space:nowrap">Cash
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:795.56px;left:598.13px;white-space:nowrap">Purchase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:795.56px;left:1188.91px;white-space:nowrap">Plan.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:795.56px;left:1524.45px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:795.56px;left:1757.89px;white-space:nowrap">Asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:795.56px;left:2122.58px;letter-spacing:-1.6px;white-space:nowrap">Value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:795.56px;left:2482.73px;letter-spacing:-2.42px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:795.56px;left:2796.41px;white-space:nowrap">Return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:795.56px;left:3226.64px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:795.56px;left:3357.89px;white-space:nowrap">calculated
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:795.56px;left:3985.23px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:795.56px;left:4167.66px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:795.56px;left:4386.56px;white-space:nowrap">same
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:795.56px;left:4743.91px;white-space:nowrap">basis,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:795.56px;left:5123.2px;white-space:nowrap">except
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:795.56px;left:5546.33px;white-space:nowrap">that
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:795.56px;left:5801.72px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:795.56px;left:6020.63px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:795.56px;left:6446.95px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:795.56px;left:6665.86px;white-space:nowrap">asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:795.56px;left:7016.02px;white-space:nowrap">value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:795.56px;left:7366.17px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:795.56px;left:7497.42px;white-space:nowrap">used
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:795.56px;left:7818.44px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:795.56px;left:8000.86px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:795.56px;left:8219.77px;white-space:nowrap">purchase,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:795.56px;left:8832.5px;white-space:nowrap">sale
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:795.56px;left:9109.69px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:795.56px;left:9365.08px;white-space:nowrap">dividend
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:0px;white-space:nowrap">reinvestment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:787.66px;white-space:nowrap">dates
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:1145.16px;white-space:nowrap">instead
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:1604.77px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:1750.7px;white-space:nowrap">market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:2188.2px;white-space:nowrap">value.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:2572.58px;letter-spacing:-2.42px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:2886.25px;white-space:nowrap">return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:3265.47px;white-space:nowrap">does
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:3586.48px;white-space:nowrap">not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:3805.39px;text-rendering:optimizeLegibility;white-space:nowrap">reflect
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:4199.22px;white-space:nowrap">brokerage
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:4826.48px;white-space:nowrap">commissions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:5621.25px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:5774.38px;white-space:nowrap">sales
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:6117.19px;white-space:nowrap">charges
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:6620.47px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:6759.06px;white-space:nowrap">connection
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:7430.23px;white-space:nowrap">with
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:7700px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:7918.91px;white-space:nowrap">purchase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:8495.16px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:8648.28px;white-space:nowrap">sale
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:8925.47px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:9071.41px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:9406.95px;white-space:nowrap">shares.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1179.56px;left:0px;letter-spacing:-2.42px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1179.56px;left:313.67px;white-space:nowrap">return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1179.56px;left:692.89px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1179.56px;left:824.14px;white-space:nowrap">not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1179.56px;left:1043.05px;white-space:nowrap">annualized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1179.56px;left:1714.22px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1179.56px;left:1903.83px;white-space:nowrap">periods
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1179.56px;left:2370.63px;white-space:nowrap">less
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1179.56px;left:2640.47px;white-space:nowrap">than
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1179.56px;left:2932.34px;white-space:nowrap">one
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1179.56px;left:3187.73px;letter-spacing:-1.44px;white-space:nowrap">year.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:1380.27px;left:0px;white-space:nowrap">d</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1376.05px;left:42.54px;white-space:nowrap">Ratios
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1376.05px;left:450.9px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1376.05px;left:676.99px;white-space:nowrap">annualized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1376.05px;left:1348.17px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1376.05px;left:1537.77px;white-space:nowrap">periods
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1376.05px;left:2004.57px;white-space:nowrap">less
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1376.05px;left:2274.42px;white-space:nowrap">than
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1376.05px;left:2566.29px;white-space:nowrap">one
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1376.05px;left:2821.68px;letter-spacing:-1.44px;white-space:nowrap">year.</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:967.50px;width:742.50px;transform-origin:top left;transform:scale(1.25,1.25)">

<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:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7098.2px;letter-spacing:10.57px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8054.3px;letter-spacing:10.67px;white-space:nowrap">Emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8913.16px;letter-spacing:10.5px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9679.78px;letter-spacing:9px;white-space:nowrap">Fund</div></div>
</div>

<div style="height:42.29px;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, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:0px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1156.42px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1445.49px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2919.41px;white-space:nowrap">(unaudited),
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:4379.25px;white-space:nowrap">February
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:5491.87px;white-space:nowrap">28,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:5925.54px;white-space:nowrap">2025</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="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:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(54.000px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:459.61px">

<div style="width:9192.2px;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(7986.106px,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:130px;position:absolute;top:121.31px;left:3572.9px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3835.48px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4718.06px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5075.56px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5301.65px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5484.08px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5950.87px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6213.45px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6359.39px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6716.89px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7234.78px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8069.08px;white-space:nowrap">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;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:130px;position:absolute;top:121.31px;left:644.15px;white-space:nowrap">7</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,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<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, Helvetica, sans-serif;font-size:160px;position:absolute;top:21.02px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:21.02px;left:432px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:21.02px;left:5992.83px;white-space:nowrap">Industry</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:21.02px;left:7530.33px;white-space:nowrap">Shares</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:21.02px;left:8407.02px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:21.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:20px;position:absolute;top:234.11px;left:432px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:321.88px;left:432px;white-space:nowrap">Common
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:321.88px;left:1354.17px;white-space:nowrap">Stocks
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:321.88px;left:2065.59px;white-space:nowrap">93.0%
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:595.91px;left:432px;white-space:nowrap">Brazil
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:595.91px;left:912.16px;white-space:nowrap">2.7%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:795.6px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:432px;white-space:nowrap">Hypera
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:992.23px;letter-spacing:-4.41px;white-space:nowrap">SA</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:1272.72px;letter-spacing:50.32px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:5441.27px;white-space:nowrap">Pharmaceuticals</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:7485.64px;white-space:nowrap">254,773</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:9501.64px;white-space:nowrap">824,340</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:992.09px;left:380.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:988.88px;left:432px;white-space:nowrap">Oncoclinicas
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:988.88px;left:1383.48px;white-space:nowrap">do
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:988.88px;left:1605.91px;white-space:nowrap">Brasil
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:988.88px;left:2050.44px;white-space:nowrap">Servicos
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:988.88px;left:2708.41px;white-space:nowrap">Medicos
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:576px;letter-spacing:-4.41px;white-space:nowrap">SA</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:805.65px;letter-spacing:50.06px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:4240.88px;white-space:nowrap">Health
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:4747.83px;white-space:nowrap">Care
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:5139.08px;white-space:nowrap">Providers
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:5859.31px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:6010.48px;white-space:nowrap">Services</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:7485.64px;white-space:nowrap">723,907</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:9501.64px;white-space:nowrap">690,999</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:432px;letter-spacing:-0.48px;white-space:nowrap">TOTVS
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:1006.92px;letter-spacing:-4.41px;white-space:nowrap">SA</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:1272.72px;letter-spacing:50.32px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:5992.59px;white-space:nowrap">Software</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:7485.64px;white-space:nowrap">205,148</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:9368.2px;white-space:nowrap">1,218,139</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:432px;letter-spacing:-2.37px;white-space:nowrap">Vale
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:784.81px;letter-spacing:-4.41px;white-space:nowrap">SA</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:992.48px;letter-spacing:50.15px;white-space:nowrap">........................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:5485.8px;white-space:nowrap">Metals
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:6001.5px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:6152.67px;white-space:nowrap">Mining</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:7485.64px;white-space:nowrap">231,595</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:9368.2px;white-space:nowrap">2,169,365</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:1773.54px;left:385.36px;white-space:nowrap">c</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:432px;letter-spacing:-5.16px;white-space:nowrap">XP,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:713.72px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:971.61px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:1051.69px;letter-spacing:-8.83px;white-space:nowrap">A</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:1179.3px;letter-spacing:50.26px;white-space:nowrap">......................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:5512.52px;white-space:nowrap">Capital
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:6055.02px;white-space:nowrap">Markets</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:7574.63px;white-space:nowrap">80,429</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:9368.2px;white-space:nowrap">1,138,070</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2054.09px;left:9368.2px;white-space:nowrap">6,040,913</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2381.54px;left:432px;white-space:nowrap">Cambodia
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2381.54px;left:1249.89px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:2581.24px;left:307.57px;white-space:nowrap">b,c</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2578.03px;left:432px;white-space:nowrap">NagaCorp
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2578.03px;left:1205.75px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2578.03px;left:1552.96px;letter-spacing:50.55px;white-space:nowrap">..................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2578.03px;left:4498.53px;white-space:nowrap">Hotels,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2578.03px;left:5040.95px;white-space:nowrap">Restaurants
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2578.03px;left:5948.06px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2578.03px;left:6099.23px;white-space:nowrap">Leisure</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2578.03px;left:7485.64px;white-space:nowrap">743,786</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2578.03px;left:9501.64px;white-space:nowrap">299,538</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2905.47px;left:432px;white-space:nowrap">Chile
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2905.47px;left:867.62px;white-space:nowrap">1.0%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3101.96px;left:432px;white-space:nowrap">Banco
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3101.96px;left:930.12px;white-space:nowrap">Santander
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3101.96px;left:1712.94px;white-space:nowrap">Chile</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3101.96px;left:2077.55px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3101.96px;left:2157.63px;white-space:nowrap">ADR</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3101.96px;left:2580.5px;letter-spacing:53.05px;white-space:nowrap">.......</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3101.96px;left:6179.31px;white-space:nowrap">Banks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3101.96px;left:7485.64px;white-space:nowrap">103,137</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3101.96px;left:9368.2px;white-space:nowrap">2,231,885</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3429.4px;left:432px;white-space:nowrap">China
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3429.4px;left:920.91px;white-space:nowrap">25.0%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:3629.1px;left:380.12px;white-space:nowrap">d</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3625.89px;left:432px;white-space:nowrap">Alibaba
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3625.89px;left:1010.2px;white-space:nowrap">Group
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3625.89px;left:1499.34px;white-space:nowrap">Holding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3625.89px;left:2086.38px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3625.89px;left:2393.68px;letter-spacing:52.14px;white-space:nowrap">.........</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3625.89px;left:5494.47px;white-space:nowrap">Broadline
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3625.89px;left:6214.94px;white-space:nowrap">Retail</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3625.89px;left:7497.52px;letter-spacing:-1.7px;white-space:nowrap">647,311</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3625.89px;left:9279.22px;white-space:nowrap">10,703,090</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:3825.58px;left:302.33px;white-space:nowrap">b,d</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3822.37px;left:432px;white-space:nowrap">Baidu,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3822.37px;left:930.12px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3822.37px;left:1188.02px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3822.37px;left:1268.09px;letter-spacing:-8.83px;white-space:nowrap">A</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3822.37px;left:1366.13px;letter-spacing:50.39px;white-space:nowrap">....................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3822.37px;left:4596.5px;white-space:nowrap">Interactive
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3822.37px;left:5379.08px;white-space:nowrap">Media
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3822.37px;left:5859.31px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3822.37px;left:6010.48px;white-space:nowrap">Services</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3822.37px;left:7485.64px;white-space:nowrap">237,340</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3822.37px;left:9368.2px;white-space:nowrap">2,585,540</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4018.86px;left:432px;white-space:nowrap">Beijing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4018.86px;left:956.77px;white-space:nowrap">Oriental
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4018.86px;left:1558.56px;letter-spacing:-1.26px;white-space:nowrap">Yuhong
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4018.86px;left:2145.83px;letter-spacing:-0.54px;white-space:nowrap">Waterproof
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4210.86px;left:576px;letter-spacing:-1.61px;white-space:nowrap">Technology
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4210.86px;left:1429.91px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4210.86px;left:1723.34px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4210.86px;left:1990.22px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4210.86px;left:2070.3px;letter-spacing:-8.83px;white-space:nowrap">A</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4210.86px;left:2206.85px;letter-spacing:51.56px;white-space:nowrap">...........</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4210.86px;left:5032.28px;white-space:nowrap">Construction
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4210.86px;left:5974.94px;white-space:nowrap">Materials</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4210.86px;left:7485.64px;white-space:nowrap">183,175</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4210.86px;left:9501.64px;white-space:nowrap">325,248</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:4410.55px;left:380.12px;white-space:nowrap">e</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4407.34px;left:432px;white-space:nowrap">Budweiser
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4407.34px;left:1223.48px;white-space:nowrap">Brewing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4407.34px;left:1845.98px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4407.34px;left:2130.59px;letter-spacing:-2.37px;white-space:nowrap">APAC
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4407.34px;left:2598.88px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4407.34px;left:2865.75px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4599.34px;left:576px;white-space:nowrap">144A</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4599.34px;left:949.67px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4599.34px;left:1038.58px;white-space:nowrap">Reg
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4599.34px;left:1376.55px;white-space:nowrap">S</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4599.34px;left:1552.96px;letter-spacing:50.55px;white-space:nowrap">..................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4599.34px;left:5859.08px;white-space:nowrap">Beverages</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4599.34px;left:7352.2px;white-space:nowrap">2,949,455</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4599.34px;left:9368.2px;white-space:nowrap">3,162,853</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4795.82px;left:432px;white-space:nowrap">China
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4795.82px;left:894.5px;white-space:nowrap">Merchants
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4795.82px;left:1685.91px;white-space:nowrap">Bank
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4795.82px;left:2095.05px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4795.82px;left:2388.48px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4795.82px;left:2655.36px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4795.82px;left:2735.44px;letter-spacing:-8.83px;white-space:nowrap">A</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4795.82px;left:2860.74px;letter-spacing:56.12px;white-space:nowrap">....</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4795.82px;left:6179.31px;white-space:nowrap">Banks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4795.82px;left:7485.64px;white-space:nowrap">186,562</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4795.82px;left:9368.2px;white-space:nowrap">1,080,145</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4992.31px;left:432px;white-space:nowrap">China
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4992.31px;left:894.5px;white-space:nowrap">Merchants
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4992.31px;left:1685.91px;white-space:nowrap">Bank
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4992.31px;left:2095.05px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4992.31px;left:2388.48px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4992.31px;left:2655.36px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4992.31px;left:2744.27px;white-space:nowrap">H</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4992.31px;left:2860.74px;letter-spacing:56.12px;white-space:nowrap">....</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4992.31px;left:6179.31px;white-space:nowrap">Banks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4992.31px;left:7485.64px;white-space:nowrap">586,210</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4992.31px;left:9368.2px;white-space:nowrap">3,441,207</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5188.79px;left:432px;white-space:nowrap">China
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5188.79px;left:894.5px;white-space:nowrap">Resources
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5188.79px;left:1703.72px;white-space:nowrap">Building
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5188.79px;left:2317.47px;white-space:nowrap">Materials
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5380.79px;left:576px;letter-spacing:-1.61px;white-space:nowrap">Technology
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5380.79px;left:1429.91px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5380.79px;left:2096.94px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5380.79px;left:2393.68px;letter-spacing:52.14px;white-space:nowrap">.........</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5380.79px;left:5032.28px;white-space:nowrap">Construction
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5380.79px;left:5974.94px;white-space:nowrap">Materials</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5380.79px;left:7485.64px;white-space:nowrap">174,714</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5380.79px;left:9590.63px;white-space:nowrap">34,227</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:5580.49px;left:385.36px;white-space:nowrap">c</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5577.28px;left:432px;white-space:nowrap">COSCO
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5577.28px;left:1063.17px;white-space:nowrap">SHIPPING
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5577.28px;left:1872.23px;white-space:nowrap">Ports
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5577.28px;left:2290.13px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5577.28px;left:2580.5px;letter-spacing:53.05px;white-space:nowrap">.......</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5577.28px;left:4611.27px;letter-spacing:-0.4px;white-space:nowrap">Transportation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5577.28px;left:5681.42px;white-space:nowrap">Infrastructure</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5577.28px;left:7352.2px;white-space:nowrap">1,169,704</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5577.28px;left:9501.64px;white-space:nowrap">657,604</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:5776.97px;left:307.57px;white-space:nowrap">b,c</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5773.76px;left:432px;white-space:nowrap">Daqo
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5773.76px;left:858.95px;white-space:nowrap">New
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5773.76px;left:1223.48px;white-space:nowrap">Energy
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5773.76px;left:1774.89px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5773.76px;left:2166.14px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5773.76px;left:2246.22px;white-space:nowrap">ADR</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5773.76px;left:2673.91px;letter-spacing:53.73px;white-space:nowrap">......</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5773.76px;left:3404.63px;white-space:nowrap">Semiconductors
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5773.76px;left:4596.27px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5773.76px;left:4747.44px;white-space:nowrap">Semiconductor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5773.76px;left:5859.08px;white-space:nowrap">Equipment</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5773.76px;left:7574.63px;white-space:nowrap">48,253</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5773.76px;left:9501.64px;white-space:nowrap">977,123</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:5973.46px;left:380.12px;white-space:nowrap">e</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5970.25px;left:432px;white-space:nowrap">Greentown
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5970.25px;left:1259.11px;white-space:nowrap">Service
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5970.25px;left:1837.08px;white-space:nowrap">Group
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5970.25px;left:2326.22px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5970.25px;left:2619.66px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5970.25px;left:2886.53px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5970.25px;left:2975.44px;white-space:nowrap">Reg
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6162.25px;left:576px;white-space:nowrap">S</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6162.25px;left:712.24px;letter-spacing:50.02px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6162.25px;left:3680.17px;white-space:nowrap">Real
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6162.25px;left:4053.69px;white-space:nowrap">Estate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6162.25px;left:4551.73px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6162.25px;left:5530.09px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6162.25px;left:5681.27px;white-space:nowrap">Development</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6162.25px;left:7485.64px;white-space:nowrap">732,186</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6162.25px;left:9501.64px;white-space:nowrap">366,056</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:6361.94px;left:385.36px;white-space:nowrap">c</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6358.73px;left:432px;white-space:nowrap">Haier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6358.73px;left:858.8px;white-space:nowrap">Smart
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6358.73px;left:1329.97px;white-space:nowrap">Home
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6358.73px;left:1801.22px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6358.73px;left:2094.66px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6358.73px;left:2361.53px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6358.73px;left:2450.44px;white-space:nowrap">D</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6358.73px;left:2580.5px;letter-spacing:53.05px;white-space:nowrap">.......</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6358.73px;left:5174.23px;white-space:nowrap">Household
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6358.73px;left:5983.69px;white-space:nowrap">Durables</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6358.73px;left:7485.64px;white-space:nowrap">710,943</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6358.73px;left:9368.2px;white-space:nowrap">1,395,786</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6555.21px;left:432px;white-space:nowrap">Health
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6555.21px;left:938.95px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6555.21px;left:1090.13px;white-space:nowrap">Happiness
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6555.21px;left:1890.59px;white-space:nowrap">H&amp;H
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6555.21px;left:2272.86px;white-space:nowrap">International
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6747.21px;left:576px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6747.21px;left:1243.03px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6747.21px;left:1552.96px;letter-spacing:50.55px;white-space:nowrap">..................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6747.21px;left:5583.45px;white-space:nowrap">Food
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6747.21px;left:5992.59px;white-space:nowrap">Products</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6747.21px;left:7485.64px;white-space:nowrap">501,316</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6747.21px;left:9501.64px;white-space:nowrap">587,293</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:6946.91px;left:380.12px;white-space:nowrap">d</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6943.7px;left:432px;white-space:nowrap">JD.com,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6943.7px;left:1063.17px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6943.7px;left:1321.06px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6943.7px;left:1401.14px;letter-spacing:-8.83px;white-space:nowrap">A</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6943.7px;left:1552.96px;letter-spacing:50.55px;white-space:nowrap">..................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6943.7px;left:5494.47px;white-space:nowrap">Broadline
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6943.7px;left:6214.94px;white-space:nowrap">Retail</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6943.7px;left:7586.5px;letter-spacing:-1.98px;white-space:nowrap">11,101</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6943.7px;left:9501.64px;white-space:nowrap">232,134</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:7143.39px;left:224.53px;white-space:nowrap">b,d,e</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7140.18px;left:432px;white-space:nowrap">Kuaishou
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7140.18px;left:1140.75px;letter-spacing:-2.96px;white-space:nowrap">Technology</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7140.18px;left:1938.33px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7140.18px;left:2027.23px;white-space:nowrap">144A</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7140.18px;left:2400.91px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7140.18px;left:2489.81px;white-space:nowrap">Reg
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7140.18px;left:2827.78px;white-space:nowrap">S</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7140.18px;left:2954.15px;letter-spacing:58.51px;white-space:nowrap">...</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7140.18px;left:4596.5px;white-space:nowrap">Interactive
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7140.18px;left:5379.08px;white-space:nowrap">Media
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7140.18px;left:5859.31px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7140.18px;left:6010.48px;white-space:nowrap">Services</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7140.18px;left:7485.64px;white-space:nowrap">358,478</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7140.18px;left:9368.2px;white-space:nowrap">2,341,195</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:7339.88px;left:380.12px;white-space:nowrap">d</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7336.67px;left:432px;white-space:nowrap">NetEase,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7336.67px;left:1134.58px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7336.67px;left:1459.54px;letter-spacing:50.47px;white-space:nowrap">...................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7336.67px;left:5627.91px;white-space:nowrap">Entertainment</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7336.67px;left:7485.64px;white-space:nowrap">100,637</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7336.67px;left:9368.2px;white-space:nowrap">2,003,624</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7533.15px;left:432px;white-space:nowrap">Ping
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7533.15px;left:787.86px;white-space:nowrap">An
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7533.15px;left:1028.02px;white-space:nowrap">Insurance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7533.15px;left:1775.13px;white-space:nowrap">Group
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7533.15px;left:2264.27px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7533.15px;left:2557.7px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7533.15px;left:2735.59px;white-space:nowrap">China
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7725.15px;left:576px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7725.15px;left:842.88px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7725.15px;left:931.78px;white-space:nowrap">H</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7725.15px;left:1085.89px;letter-spacing:50.21px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7725.15px;left:5921.34px;white-space:nowrap">Insurance</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7725.15px;left:7485.64px;white-space:nowrap">441,337</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7725.15px;left:9368.2px;white-space:nowrap">2,615,918</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7921.64px;left:432px;white-space:nowrap">Prosus
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7921.64px;left:974.42px;white-space:nowrap">NV</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7921.64px;left:1272.72px;letter-spacing:50.32px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7921.64px;left:5494.47px;white-space:nowrap">Broadline
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7921.64px;left:6214.94px;white-space:nowrap">Retail</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7921.64px;left:7485.64px;white-space:nowrap">230,610</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7921.64px;left:9279.22px;white-space:nowrap">10,155,164</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:8121.33px;left:380.12px;white-space:nowrap">d</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8118.12px;left:432px;letter-spacing:-2.22px;white-space:nowrap">Tencent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8118.12px;left:1036.84px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8118.12px;left:1703.88px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8118.12px;left:2020.02px;letter-spacing:51.16px;white-space:nowrap">.............</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8118.12px;left:4596.5px;white-space:nowrap">Interactive
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8118.12px;left:5379.08px;white-space:nowrap">Media
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8118.12px;left:5859.31px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8118.12px;left:6010.48px;white-space:nowrap">Services</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8118.12px;left:7485.64px;white-space:nowrap">121,662</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8118.12px;left:9368.2px;white-space:nowrap">7,487,873</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8314.61px;left:432px;white-space:nowrap">Uni-President
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8314.61px;left:1445.75px;white-space:nowrap">China
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8314.61px;left:1908.25px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8314.61px;left:2575.28px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8314.61px;left:2860.74px;letter-spacing:56.12px;white-space:nowrap">....</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8314.61px;left:5583.45px;white-space:nowrap">Food
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8314.61px;left:5992.59px;white-space:nowrap">Products</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8314.61px;left:7352.2px;white-space:nowrap">1,717,050</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8314.61px;left:9368.2px;white-space:nowrap">1,806,015</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8511.09px;left:432px;letter-spacing:-0.36px;white-space:nowrap">Weichai
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8511.09px;left:1042.63px;white-space:nowrap">Power
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8511.09px;left:1540.59px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8511.09px;left:1834.03px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8511.09px;left:2100.91px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8511.09px;left:2189.81px;white-space:nowrap">H</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8511.09px;left:2393.68px;letter-spacing:52.14px;white-space:nowrap">.........</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8511.09px;left:5885.95px;white-space:nowrap">Machinery</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8511.09px;left:7485.64px;white-space:nowrap">921,336</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8511.09px;left:9368.2px;white-space:nowrap">1,814,442</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8707.57px;left:432px;letter-spacing:-0.48px;white-space:nowrap">Weifu
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8707.57px;left:882.55px;letter-spacing:-1.11px;white-space:nowrap">High-Technology
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8707.57px;left:2118.8px;white-space:nowrap">Group
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8707.57px;left:2607.94px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8707.57px;left:2901.38px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8707.57px;left:3168.25px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8899.57px;left:576px;white-space:nowrap">B</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8899.57px;left:712.24px;letter-spacing:50.02px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8899.57px;left:4871.89px;white-space:nowrap">Automobile
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8899.57px;left:5716.81px;white-space:nowrap">Components</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8899.57px;left:7485.64px;white-space:nowrap">269,612</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8899.57px;left:9501.64px;white-space:nowrap">460,733</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:9099.27px;left:302.33px;white-space:nowrap">b,e</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9096.06px;left:432px;letter-spacing:-0.58px;white-space:nowrap">Wuxi
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9096.06px;left:829.11px;white-space:nowrap">Biologics
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9096.06px;left:1513.88px;white-space:nowrap">Cayman,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9096.06px;left:2198.56px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9096.06px;left:2456.45px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9096.06px;left:2545.36px;white-space:nowrap">144A</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9096.06px;left:2919.03px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9096.06px;left:3007.94px;white-space:nowrap">Reg
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9288.06px;left:576px;white-space:nowrap">S</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9288.06px;left:712.24px;letter-spacing:50.02px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9288.06px;left:4448.14px;white-space:nowrap">Life
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9288.06px;left:4750.56px;white-space:nowrap">Sciences
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9288.06px;left:5441.34px;letter-spacing:-2.96px;white-space:nowrap">Tools
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9288.06px;left:5859.31px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9288.06px;left:6010.48px;white-space:nowrap">Services</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9288.06px;left:7485.64px;white-space:nowrap">594,480</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9288.06px;left:9368.2px;white-space:nowrap">1,723,240</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9571.82px;left:9279.22px;white-space:nowrap">55,956,510</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9899.27px;left:432px;white-space:nowrap">Hong
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9899.27px;left:885.2px;white-space:nowrap">Kong
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9899.27px;left:1338.41px;white-space:nowrap">2.1%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10095.75px;left:432px;letter-spacing:-1.61px;white-space:nowrap">Techtronic
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10095.75px;left:1205.67px;white-space:nowrap">Industries
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10095.75px;left:1943.8px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10095.75px;left:2237.23px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10095.75px;left:2580.5px;letter-spacing:53.05px;white-space:nowrap">.......</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10095.75px;left:5885.95px;white-space:nowrap">Machinery</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10095.75px;left:7485.64px;white-space:nowrap">331,096</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10095.75px;left:9368.2px;white-space:nowrap">4,633,590</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10423.2px;left:432px;white-space:nowrap">Hungary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10423.2px;left:1125.44px;white-space:nowrap">1.2%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10619.68px;left:432px;white-space:nowrap">Richter
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10619.68px;left:983.25px;white-space:nowrap">Gedeon
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10619.68px;left:1597.08px;white-space:nowrap">Nyrt.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10619.68px;left:2020.02px;letter-spacing:51.16px;white-space:nowrap">.............</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10619.68px;left:5441.27px;white-space:nowrap">Pharmaceuticals</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10619.68px;left:7574.63px;white-space:nowrap">94,148</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10619.68px;left:9368.2px;white-space:nowrap">2,612,786</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10947.13px;left:432px;white-space:nowrap">India
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10947.13px;left:849.81px;letter-spacing:-0.68px;white-space:nowrap">11.7%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11143.62px;left:432px;white-space:nowrap">ACC
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11143.62px;left:814.27px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11143.62px;left:1085.89px;letter-spacing:50.21px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11143.62px;left:5032.28px;white-space:nowrap">Construction
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11143.62px;left:5974.94px;white-space:nowrap">Materials</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11143.62px;left:7574.63px;white-space:nowrap">44,570</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11143.62px;left:9501.64px;white-space:nowrap">930,479</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11340.1px;left:432px;white-space:nowrap">Bajaj
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11340.1px;left:832.23px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11340.1px;left:1499.27px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11340.1px;left:1650.44px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11340.1px;left:2477.47px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11340.1px;left:2767.33px;letter-spacing:54.69px;white-space:nowrap">.....</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11340.1px;left:5325.72px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11340.1px;left:6010.48px;white-space:nowrap">Services</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11340.1px;left:7574.63px;white-space:nowrap">10,158</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11340.1px;left:9368.2px;white-space:nowrap">1,347,874</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11536.58px;left:432px;white-space:nowrap">Federal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11536.58px;left:1018.95px;white-space:nowrap">Bank
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11536.58px;left:1428.09px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11536.58px;left:1739.78px;letter-spacing:50.75px;white-space:nowrap">................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11536.58px;left:6179.31px;white-space:nowrap">Banks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11536.58px;left:7485.64px;white-space:nowrap">776,706</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11536.58px;left:9368.2px;white-space:nowrap">1,585,512</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11733.07px;left:432px;white-space:nowrap">HDFC
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11733.07px;left:920.83px;white-space:nowrap">Bank
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11733.07px;left:1329.97px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11733.07px;left:1646.37px;letter-spacing:50.65px;white-space:nowrap">.................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11733.07px;left:6179.31px;white-space:nowrap">Banks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11733.07px;left:7485.64px;white-space:nowrap">297,704</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11733.07px;left:9368.2px;white-space:nowrap">5,925,577</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11929.55px;left:432px;white-space:nowrap">ICICI
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11929.55px;left:840.91px;white-space:nowrap">Bank
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11929.55px;left:1250.05px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11929.55px;left:1552.96px;letter-spacing:50.55px;white-space:nowrap">..................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11929.55px;left:6179.31px;white-space:nowrap">Banks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11929.55px;left:7485.64px;white-space:nowrap">775,572</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11929.55px;left:9291.09px;letter-spacing:-1.19px;white-space:nowrap">10,758,911</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:967.50px;width:742.50px;transform-origin:top left;transform:scale(1.25,1.25)">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:51.66px;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:936px;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:130px;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:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:956.09px;letter-spacing:10.67px;white-space:nowrap">Emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1814.95px;letter-spacing:10.5px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2581.58px;letter-spacing:9px;white-space:nowrap">Fund</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:11px;white-space:nowrap">Investments
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</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)">

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Semiannual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:729.38px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1313.28px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1575.86px;white-space:nowrap">accompanying
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2815.94px;white-space:nowrap">are
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3042.03px;white-space:nowrap">an
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3224.45px;white-space:nowrap">integral
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3691.25px;white-space:nowrap">part
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3953.83px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4099.77px;white-space:nowrap">these
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4457.27px;text-rendering:optimizeLegibility;white-space:nowrap">financial
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4975.16px;white-space:nowrap">statements.</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">8</div></div>
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style="background-image:url(data:image/png;base64,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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,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:21.02px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:21.02px;left:432px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:21.02px;left:5992.83px;white-space:nowrap">Industry</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:21.02px;left:7530.33px;white-space:nowrap">Shares</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:21.02px;left:8407.02px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:21.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:20px;position:absolute;top:234.11px;left:432px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:321.88px;left:432px;white-space:nowrap">Common
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:321.88px;left:1354.17px;white-space:nowrap">Stocks
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:355.74px;left:2065.59px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:595.91px;left:432px;white-space:nowrap">India
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:595.91px;left:849.81px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:432px;white-space:nowrap">Infosys
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:983.33px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:1272.72px;letter-spacing:50.32px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:5826.73px;letter-spacing:-0.96px;white-space:nowrap">IT
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:6010.48px;white-space:nowrap">Services</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:7485.64px;white-space:nowrap">107,652</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:9279.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:9368.2px;white-space:nowrap">2,104,967</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:988.88px;left:432px;white-space:nowrap">Natco
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:988.88px;left:894.42px;white-space:nowrap">Pharma
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:988.88px;left:1499.11px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:988.88px;left:1833.2px;letter-spacing:50.87px;white-space:nowrap">...............</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:988.88px;left:5441.27px;white-space:nowrap">Pharmaceuticals</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:988.88px;left:7663.61px;white-space:nowrap">3,470</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:988.88px;left:9590.63px;white-space:nowrap">30,668</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:1188.57px;left:380.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1185.36px;left:432px;white-space:nowrap">Niva
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1185.36px;left:796.53px;white-space:nowrap">Bupa
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1185.36px;left:1214.66px;white-space:nowrap">Health
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1185.36px;left:1721.61px;white-space:nowrap">Insurance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1185.36px;left:2468.72px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1185.36px;left:2762.16px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1185.36px;left:3047.57px;letter-spacing:63.28px;white-space:nowrap">..</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1185.36px;left:5921.34px;white-space:nowrap">Insurance</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1185.36px;left:7485.64px;white-space:nowrap">675,800</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1185.36px;left:9501.64px;white-space:nowrap">568,998</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:1385.06px;left:307.57px;white-space:nowrap">b,c</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1381.85px;left:432px;white-space:nowrap">ReNew
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1381.85px;left:1001.06px;white-space:nowrap">Energy
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1381.85px;left:1552.47px;white-space:nowrap">Global
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1381.85px;left:2059.42px;white-space:nowrap">plc</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1381.85px;left:2263.95px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1381.85px;left:2344.03px;letter-spacing:-8.83px;white-space:nowrap">A</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1381.85px;left:2487.09px;letter-spacing:52.54px;white-space:nowrap">........</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1381.85px;left:3350.88px;white-space:nowrap">Independent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1381.85px;left:4285.09px;white-space:nowrap">Power
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1381.85px;left:4783.06px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1381.85px;left:5094.47px;white-space:nowrap">Renewable
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1381.85px;left:5939.47px;white-space:nowrap">Electricity
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:5894.78px;white-space:nowrap">Producers</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:7485.64px;white-space:nowrap">151,276</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:9501.64px;white-space:nowrap">953,039</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:1773.54px;left:380.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:432px;white-space:nowrap">Zomato
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:1018.88px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:1366.13px;letter-spacing:50.39px;white-space:nowrap">....................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:4498.53px;white-space:nowrap">Hotels,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:5040.95px;white-space:nowrap">Restaurants
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:5948.06px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:6099.23px;white-space:nowrap">Leisure</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:7485.64px;white-space:nowrap">788,953</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:9368.2px;white-space:nowrap">2,015,071</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2054.09px;left:9279.22px;white-space:nowrap">26,221,096</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2381.54px;left:432px;white-space:nowrap">Indonesia
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2381.54px;left:1223.25px;white-space:nowrap">0.5%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2578.03px;left:432px;white-space:nowrap">Astra
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2578.03px;left:849.89px;white-space:nowrap">International
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2578.03px;left:1772.08px;white-space:nowrap">Tbk.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2578.03px;left:2127.7px;letter-spacing:-1.45px;white-space:nowrap">PT</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2578.03px;left:2393.68px;letter-spacing:52.14px;white-space:nowrap">.........</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2578.03px;left:4845.33px;white-space:nowrap">Industrial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2578.03px;left:5539px;white-space:nowrap">Conglomerates</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2578.03px;left:7352.2px;white-space:nowrap">4,288,099</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2578.03px;left:9368.2px;white-space:nowrap">1,172,640</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2905.47px;left:432px;white-space:nowrap">Italy
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2905.47px;left:796.61px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:3105.17px;left:302.33px;white-space:nowrap">b,e</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3101.96px;left:432px;white-space:nowrap">Wizz
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3101.96px;left:814.19px;white-space:nowrap">Air
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3101.96px;left:1054.19px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3101.96px;left:1721.22px;white-space:nowrap">plc</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3101.96px;left:1925.75px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3101.96px;left:2014.66px;white-space:nowrap">144A</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3101.96px;left:2388.33px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3101.96px;left:2477.23px;white-space:nowrap">Reg
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3101.96px;left:2815.2px;white-space:nowrap">S</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3101.96px;left:2954.15px;letter-spacing:58.51px;white-space:nowrap">...</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3101.96px;left:5298.84px;white-space:nowrap">Passenger
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3101.96px;left:6099.39px;white-space:nowrap">Airlines</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3101.96px;left:7574.63px;white-space:nowrap">13,187</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3101.96px;left:9501.64px;white-space:nowrap">278,674</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3429.4px;left:432px;white-space:nowrap">Mexico
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3429.4px;left:1018.88px;white-space:nowrap">2.2%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3625.89px;left:432px;white-space:nowrap">Grupo
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3625.89px;left:921.14px;white-space:nowrap">Financiero
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3625.89px;left:1712.63px;white-space:nowrap">Banorte
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3625.89px;left:2317.47px;white-space:nowrap">SAB
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3625.89px;left:2682.08px;white-space:nowrap">de
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3625.89px;left:2904.5px;letter-spacing:-7.34px;white-space:nowrap">CV</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3625.89px;left:3112.08px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3817.89px;left:576px;white-space:nowrap">O</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3817.89px;left:712.24px;letter-spacing:50.02px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3817.89px;left:6179.31px;white-space:nowrap">Banks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3817.89px;left:7485.64px;white-space:nowrap">654,192</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3817.89px;left:9368.2px;white-space:nowrap">4,609,963</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:4017.58px;left:302.33px;white-space:nowrap">b,e</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4014.37px;left:432px;white-space:nowrap">Nemak
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4014.37px;left:983.25px;white-space:nowrap">SAB
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4014.37px;left:1347.86px;white-space:nowrap">de
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4014.37px;left:1570.28px;letter-spacing:-7.34px;white-space:nowrap">CV</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4014.37px;left:1777.86px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4014.37px;left:1866.77px;white-space:nowrap">144A</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4014.37px;left:2240.44px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4014.37px;left:2329.34px;white-space:nowrap">Reg
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4014.37px;left:2667.31px;white-space:nowrap">S</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4014.37px;left:2860.74px;letter-spacing:56.12px;white-space:nowrap">....</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4014.37px;left:4871.89px;white-space:nowrap">Automobile
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4014.37px;left:5716.81px;white-space:nowrap">Components</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4014.37px;left:7352.2px;white-space:nowrap">1,469,302</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4014.37px;left:9501.64px;white-space:nowrap">193,009</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4298.14px;left:9368.2px;white-space:nowrap">4,802,972</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4625.58px;left:432px;white-space:nowrap">Peru
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4625.58px;left:832.16px;white-space:nowrap">0.5%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4822.07px;left:432px;white-space:nowrap">Intercorp
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4822.07px;left:1107.86px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4822.07px;left:1792.63px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4822.07px;left:2495.05px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4822.07px;left:2767.33px;letter-spacing:54.69px;white-space:nowrap">.....</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4822.07px;left:6179.31px;white-space:nowrap">Banks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4822.07px;left:7574.63px;white-space:nowrap">32,081</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4822.07px;left:9368.2px;white-space:nowrap">1,027,875</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5149.51px;left:432px;white-space:nowrap">Philippines
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5149.51px;left:1329.89px;white-space:nowrap">0.4%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5346px;left:432px;white-space:nowrap">BDO </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5346px;left:823.17px;white-space:nowrap">Unibank,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5346px;left:1499.11px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5346px;left:1833.2px;letter-spacing:50.87px;white-space:nowrap">...............</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5346px;left:6179.31px;white-space:nowrap">Banks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5346px;left:7485.64px;white-space:nowrap">373,532</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5346px;left:9501.64px;white-space:nowrap">966,156</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5673.44px;left:432px;white-space:nowrap">Russia
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5673.44px;left:1001.14px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:5873.14px;left:328.29px;white-space:nowrap">f,g</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5869.93px;left:432px;letter-spacing:-0.85px;white-space:nowrap">LUKOIL
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5869.93px;left:1039.66px;white-space:nowrap">PJSC</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5869.93px;left:1459.54px;letter-spacing:50.47px;white-space:nowrap">...................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5869.93px;left:4516.5px;white-space:nowrap">Oil,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5869.93px;left:4800.95px;white-space:nowrap">Gas
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5869.93px;left:5138.84px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5869.93px;left:5290.02px;white-space:nowrap">Consumable
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5869.93px;left:6232.75px;white-space:nowrap">Fuels</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5869.93px;left:7574.63px;white-space:nowrap">86,387</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5869.93px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:6069.62px;left:328.29px;white-space:nowrap">f,g</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6066.41px;left:432px;white-space:nowrap">Sberbank
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6066.41px;left:1161.38px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6066.41px;left:1339.27px;white-space:nowrap">Russia
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6066.41px;left:1872.78px;white-space:nowrap">PJSC</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6066.41px;left:2300.26px;letter-spacing:51.82px;white-space:nowrap">..........</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6066.41px;left:6179.31px;white-space:nowrap">Banks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6066.41px;left:7352.2px;white-space:nowrap">1,014,728</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6066.41px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6350.18px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6677.62px;left:432px;white-space:nowrap">South
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6677.62px;left:923.72px;white-space:nowrap">Africa
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6677.62px;left:1421.69px;white-space:nowrap">2.3%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6874.11px;left:432px;white-space:nowrap">Discovery
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6874.11px;left:1178.8px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6874.11px;left:1459.54px;letter-spacing:50.47px;white-space:nowrap">...................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6874.11px;left:5921.34px;white-space:nowrap">Insurance</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6874.11px;left:7485.64px;white-space:nowrap">326,159</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6874.11px;left:9368.2px;white-space:nowrap">3,607,448</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7070.59px;left:432px;white-space:nowrap">Netcare
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7070.59px;left:1036.69px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7070.59px;left:1366.13px;letter-spacing:50.39px;white-space:nowrap">....................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7070.59px;left:4240.88px;white-space:nowrap">Health
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7070.59px;left:4747.83px;white-space:nowrap">Care
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7070.59px;left:5139.08px;white-space:nowrap">Providers
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7070.59px;left:5859.31px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7070.59px;left:6010.48px;white-space:nowrap">Services</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7070.59px;left:7352.2px;white-space:nowrap">2,265,313</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7070.59px;left:9368.2px;white-space:nowrap">1,634,512</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7354.36px;left:9368.2px;white-space:nowrap">5,241,960</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7681.8px;left:432px;white-space:nowrap">South
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7681.8px;left:929.66px;white-space:nowrap">Korea
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7681.8px;left:1427.63px;white-space:nowrap">17.0%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:7881.5px;left:302.33px;white-space:nowrap">b,e</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7878.29px;left:432px;white-space:nowrap">Delivery
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7878.29px;left:1054.34px;white-space:nowrap">Hero
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7878.29px;left:1445.59px;white-space:nowrap">SE</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7878.29px;left:1659.03px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7878.29px;left:1747.94px;white-space:nowrap">144A</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7878.29px;left:2121.61px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7878.29px;left:2210.52px;white-space:nowrap">Reg
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7878.29px;left:2548.48px;white-space:nowrap">S</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7878.29px;left:2673.91px;letter-spacing:53.73px;white-space:nowrap">......</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7878.29px;left:4498.53px;white-space:nowrap">Hotels,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7878.29px;left:5040.95px;white-space:nowrap">Restaurants
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7878.29px;left:5948.06px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7878.29px;left:6099.23px;white-space:nowrap">Leisure</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7878.29px;left:7574.63px;white-space:nowrap">89,419</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7878.29px;left:9368.2px;white-space:nowrap">2,556,349</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8074.77px;left:432px;white-space:nowrap">Doosan
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8074.77px;left:1027.94px;white-space:nowrap">Bobcat,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8074.77px;left:1614.97px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8074.77px;left:1926.61px;letter-spacing:51.01px;white-space:nowrap">..............</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8074.77px;left:5885.95px;white-space:nowrap">Machinery</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8074.77px;left:7574.63px;white-space:nowrap">69,301</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8074.77px;left:9368.2px;white-space:nowrap">2,233,742</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8271.26px;left:432px;white-space:nowrap">Fila
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8271.26px;left:734.27px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8271.26px;left:1401.3px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8271.26px;left:1833.2px;letter-spacing:50.87px;white-space:nowrap">...............</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8271.26px;left:4267.2px;letter-spacing:-1.77px;white-space:nowrap">Textiles,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8271.26px;left:4880.8px;white-space:nowrap">Apparel
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8271.26px;left:5476.73px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8271.26px;left:5627.91px;white-space:nowrap">Luxury
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8271.26px;left:6152.59px;white-space:nowrap">Goods</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8271.26px;left:7574.63px;white-space:nowrap">42,245</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8271.26px;left:9368.2px;white-space:nowrap">1,082,900</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8467.74px;left:432px;white-space:nowrap">Hyundai
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8467.74px;left:1063.48px;white-space:nowrap">Motor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8467.74px;left:1516.92px;white-space:nowrap">Co.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8467.74px;left:1833.2px;letter-spacing:50.87px;white-space:nowrap">...............</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8467.74px;left:5743.53px;white-space:nowrap">Automobiles</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8467.74px;left:7574.63px;white-space:nowrap">14,780</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8467.74px;left:9368.2px;white-space:nowrap">1,959,766</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8664.22px;left:432px;letter-spacing:-0.96px;white-space:nowrap">KT
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8664.22px;left:678.02px;white-space:nowrap">Skylife
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8664.22px;left:1193.72px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8664.22px;left:1487.16px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8664.22px;left:1833.2px;letter-spacing:50.87px;white-space:nowrap">...............</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8664.22px;left:6188.22px;white-space:nowrap">Media</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8664.22px;left:7574.63px;white-space:nowrap">45,931</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8664.22px;left:9501.64px;white-space:nowrap">140,108</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:8863.92px;left:380.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8860.71px;left:432px;white-space:nowrap">LG
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8860.71px;left:689.89px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8860.71px;left:1085.89px;letter-spacing:50.21px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8860.71px;left:4845.33px;white-space:nowrap">Industrial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8860.71px;left:5539px;white-space:nowrap">Conglomerates</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8860.71px;left:7574.63px;white-space:nowrap">67,408</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8860.71px;left:9368.2px;white-space:nowrap">3,073,669</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:9060.4px;left:380.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9057.19px;left:432px;white-space:nowrap">LigaChem
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9057.19px;left:1205.75px;white-space:nowrap">Biosciences,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9057.19px;left:2148.41px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9057.19px;left:2487.09px;letter-spacing:52.54px;white-space:nowrap">........</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9057.19px;left:4448.14px;white-space:nowrap">Life
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9057.19px;left:4750.56px;white-space:nowrap">Sciences
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9057.19px;left:5441.34px;letter-spacing:-2.96px;white-space:nowrap">Tools
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9057.19px;left:5859.31px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9057.19px;left:6010.48px;white-space:nowrap">Services</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9057.19px;left:7663.61px;white-space:nowrap">6,522</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9057.19px;left:9501.64px;white-space:nowrap">493,770</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9253.68px;left:432px;letter-spacing:-1.98px;white-space:nowrap">NAVER
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9253.68px;left:1015.83px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9253.68px;left:1459.54px;letter-spacing:50.47px;white-space:nowrap">...................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9253.68px;left:4596.5px;white-space:nowrap">Interactive
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9253.68px;left:5379.08px;white-space:nowrap">Media
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9253.68px;left:5859.31px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9253.68px;left:6010.48px;white-space:nowrap">Services</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9253.68px;left:7574.63px;white-space:nowrap">30,007</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9253.68px;left:9368.2px;white-space:nowrap">4,263,226</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9450.16px;left:432px;white-space:nowrap">Samsung
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9450.16px;left:1152.39px;white-space:nowrap">Electronics
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9450.16px;left:1979.34px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9450.16px;left:2272.78px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9450.16px;left:2580.5px;letter-spacing:53.05px;white-space:nowrap">.......</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9450.16px;left:3422.28px;letter-spacing:-1.61px;white-space:nowrap">Technology
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9450.16px;left:4276.19px;white-space:nowrap">Hardware,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9450.16px;left:5058.69px;white-space:nowrap">Storage
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9450.16px;left:5663.53px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9450.16px;left:5814.7px;white-space:nowrap">Peripherals</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9450.16px;left:7485.64px;white-space:nowrap">219,088</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9450.16px;left:9368.2px;white-space:nowrap">8,198,360</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9646.65px;left:432px;white-space:nowrap">Samsung
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9646.65px;left:1152.39px;white-space:nowrap">Life
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9646.65px;left:1454.81px;white-space:nowrap">Insurance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9646.65px;left:2201.92px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9646.65px;left:2495.36px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9646.65px;left:2767.33px;letter-spacing:54.69px;white-space:nowrap">.....</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9646.65px;left:5921.34px;white-space:nowrap">Insurance</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9646.65px;left:7574.63px;white-space:nowrap">62,476</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9646.65px;left:9368.2px;white-space:nowrap">3,706,979</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9843.13px;left:432px;white-space:nowrap">Samsung
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9843.13px;left:1152.39px;white-space:nowrap">SDI
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9843.13px;left:1463.56px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9843.13px;left:1757px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9843.13px;left:2113.44px;letter-spacing:51.35px;white-space:nowrap">............</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9843.13px;left:4036.19px;white-space:nowrap">Electronic
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9843.13px;left:4783.14px;white-space:nowrap">Equipment,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9843.13px;left:5636.97px;white-space:nowrap">Instruments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9843.13px;left:6517.28px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10035.13px;left:5716.81px;white-space:nowrap">Components</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10035.13px;left:7574.63px;white-space:nowrap">12,837</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10035.13px;left:9368.2px;white-space:nowrap">1,981,625</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10231.62px;left:432px;white-space:nowrap">SK
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10231.62px;left:689.89px;white-space:nowrap">Hynix,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10231.62px;left:1178.88px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10231.62px;left:1459.54px;letter-spacing:50.47px;white-space:nowrap">...................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10231.62px;left:3404.63px;white-space:nowrap">Semiconductors
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10231.62px;left:4596.27px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10231.62px;left:4747.44px;white-space:nowrap">Semiconductor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10231.62px;left:5859.08px;white-space:nowrap">Equipment</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10231.62px;left:7574.63px;white-space:nowrap">56,779</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10231.62px;left:9368.2px;white-space:nowrap">7,535,193</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:10431.31px;left:380.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10428.1px;left:432px;white-space:nowrap">Soulbrain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10428.1px;left:1152.47px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10428.1px;left:1445.91px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10428.1px;left:1739.78px;letter-spacing:50.75px;white-space:nowrap">................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10428.1px;left:5877.13px;white-space:nowrap">Chemicals</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10428.1px;left:7663.61px;white-space:nowrap">6,481</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10428.1px;left:9501.64px;white-space:nowrap">830,153</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10711.86px;left:9279.22px;white-space:nowrap">38,055,840</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:11039.31px;left:432px;letter-spacing:-1.08px;white-space:nowrap">Taiwan
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:11039.31px;left:1006.92px;white-space:nowrap">18.5%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11235.79px;left:432px;white-space:nowrap">Hon
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11235.79px;left:769.97px;white-space:nowrap">Hai
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11235.79px;left:1054.5px;white-space:nowrap">Precision
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11235.79px;left:1757px;white-space:nowrap">Industry
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11235.79px;left:2370.59px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11235.79px;left:2664.03px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11235.79px;left:2954.15px;letter-spacing:58.51px;white-space:nowrap">...</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11235.79px;left:4036.19px;white-space:nowrap">Electronic
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11235.79px;left:4783.14px;white-space:nowrap">Equipment,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11235.79px;left:5636.97px;white-space:nowrap">Instruments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11235.79px;left:6517.28px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11427.79px;left:5716.81px;white-space:nowrap">Components</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11427.79px;left:7485.64px;white-space:nowrap">924,810</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11427.79px;left:9368.2px;white-space:nowrap">4,788,215</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11624.28px;left:432px;white-space:nowrap">Lite-On
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11624.28px;left:998.25px;letter-spacing:-1.61px;white-space:nowrap">Technology
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11624.28px;left:1852.16px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11624.28px;left:2300.26px;letter-spacing:51.82px;white-space:nowrap">..........</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11624.28px;left:3422.28px;letter-spacing:-1.61px;white-space:nowrap">Technology
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11624.28px;left:4276.19px;white-space:nowrap">Hardware,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11624.28px;left:5058.69px;white-space:nowrap">Storage
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11624.28px;left:5663.53px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11624.28px;left:5814.7px;white-space:nowrap">Peripherals</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11624.28px;left:7485.64px;white-space:nowrap">243,961</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11624.28px;left:9501.64px;white-space:nowrap">781,489</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11820.76px;left:432px;letter-spacing:-1.77px;white-space:nowrap">MediaTek,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11820.76px;left:1205.67px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11820.76px;left:1552.96px;letter-spacing:50.55px;white-space:nowrap">..................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11820.76px;left:3404.63px;white-space:nowrap">Semiconductors
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11820.76px;left:4596.27px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11820.76px;left:4747.44px;white-space:nowrap">Semiconductor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11820.76px;left:5859.08px;white-space:nowrap">Equipment</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11820.76px;left:7485.64px;white-space:nowrap">153,213</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11820.76px;left:9368.2px;white-space:nowrap">6,853,091</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:967.50px;width:742.50px;transform-origin:top left;transform:scale(1.25,1.25)">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:51.66px;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:936px;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:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7098.2px;letter-spacing:10.57px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8054.3px;letter-spacing:10.67px;white-space:nowrap">Emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8913.16px;letter-spacing:10.5px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;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:130px;text-transform:uppercase;position:absolute;top:178.59px;left:6880.67px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7739.38px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7994.13px;letter-spacing:11px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9107.58px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</div></div>
</div>

<div style="height: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> </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="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:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(54.000px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:459.61px">

<div style="width:9192.2px;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(7986.106px,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:130px;position:absolute;top:121.31px;left:3572.9px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3835.48px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4718.06px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5075.56px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5301.65px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5484.08px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5950.87px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6213.45px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6359.39px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6716.89px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7234.78px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8069.08px;white-space:nowrap">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;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:130px;position:absolute;top:121.31px;left:644.15px;white-space:nowrap">9</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,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<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, Helvetica, sans-serif;font-size:160px;position:absolute;top:21.02px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:21.02px;left:432px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:21.02px;left:5992.83px;white-space:nowrap">Industry</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:21.02px;left:7530.33px;white-space:nowrap">Shares</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:21.02px;left:8407.02px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:21.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:20px;position:absolute;top:234.11px;left:432px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:321.88px;left:432px;white-space:nowrap">Common
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:321.88px;left:1354.17px;white-space:nowrap">Stocks
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:355.74px;left:2065.59px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:595.91px;left:432px;letter-spacing:-1.48px;white-space:nowrap">Taiwan
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:595.91px;left:1006.92px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:432px;letter-spacing:-2.53px;white-space:nowrap">Taiwan
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:974.5px;white-space:nowrap">Semiconductor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:2086.14px;white-space:nowrap">Manufacturing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:984.39px;left:576px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:984.39px;left:869.44px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1179.3px;letter-spacing:50.26px;white-space:nowrap">......................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3404.63px;white-space:nowrap">Semiconductors
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4596.27px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4747.44px;white-space:nowrap">Semiconductor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5859.08px;white-space:nowrap">Equipment</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:984.39px;left:7485.64px;white-space:nowrap">926,407</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:984.39px;left:9190.23px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:984.39px;left:9279.22px;white-space:nowrap">28,256,355</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:432px;letter-spacing:-1.98px;white-space:nowrap">Yageo
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:927.23px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1366.13px;letter-spacing:50.39px;white-space:nowrap">....................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:4036.19px;white-space:nowrap">Electronic
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:4783.14px;white-space:nowrap">Equipment,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:5636.97px;white-space:nowrap">Instruments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:6517.28px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:5716.81px;white-space:nowrap">Components</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:7574.63px;white-space:nowrap">48,310</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:9501.64px;white-space:nowrap">818,504</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1656.64px;left:9279.22px;white-space:nowrap">41,497,654</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1984.09px;left:432px;white-space:nowrap">Thailand
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1984.09px;left:1134.27px;white-space:nowrap">3.0%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2180.57px;left:432px;white-space:nowrap">Kasikornbank
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2180.57px;left:1445.91px;letter-spacing:-1.98px;white-space:nowrap">PCL</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2180.57px;left:1833.2px;letter-spacing:50.87px;white-space:nowrap">...............</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2180.57px;left:6179.31px;white-space:nowrap">Banks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2180.57px;left:7485.64px;white-space:nowrap">773,598</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2180.57px;left:9368.2px;white-space:nowrap">3,436,783</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2377.06px;left:432px;white-space:nowrap">Kiatnakin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2377.06px;left:1134.66px;white-space:nowrap">Phatra
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2377.06px;left:1650.52px;white-space:nowrap">Bank
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2377.06px;left:2059.66px;letter-spacing:-1.98px;white-space:nowrap">PCL</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2377.06px;left:2393.68px;letter-spacing:52.14px;white-space:nowrap">.........</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2377.06px;left:6179.31px;white-space:nowrap">Banks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2377.06px;left:7485.64px;white-space:nowrap">534,625</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2377.06px;left:9501.64px;white-space:nowrap">862,325</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2573.54px;left:432px;white-space:nowrap">Minor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2573.54px;left:876.53px;white-space:nowrap">International
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2573.54px;left:1801.61px;letter-spacing:-1.98px;white-space:nowrap">PCL</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2573.54px;left:2113.44px;letter-spacing:51.35px;white-space:nowrap">............</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2573.54px;left:4498.53px;white-space:nowrap">Hotels,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2573.54px;left:5040.95px;white-space:nowrap">Restaurants
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2573.54px;left:5948.06px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2573.54px;left:6099.23px;white-space:nowrap">Leisure</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2573.54px;left:7352.2px;white-space:nowrap">1,514,472</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2573.54px;left:9368.2px;white-space:nowrap">1,289,893</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2770.03px;left:432px;white-space:nowrap">Star
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2770.03px;left:769.89px;white-space:nowrap">Petroleum
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2770.03px;left:1543.56px;text-rendering:optimizeLegibility;white-space:nowrap">Refining
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2770.03px;left:2175.05px;letter-spacing:-1.98px;white-space:nowrap">PCL</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2770.03px;left:2487.09px;letter-spacing:52.54px;white-space:nowrap">........</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2770.03px;left:4516.5px;white-space:nowrap">Oil,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2770.03px;left:4800.95px;white-space:nowrap">Gas
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2770.03px;left:5138.84px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2770.03px;left:5290.02px;white-space:nowrap">Consumable
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2770.03px;left:6232.75px;white-space:nowrap">Fuels</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2770.03px;left:7352.2px;white-space:nowrap">3,027,937</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2770.03px;left:9501.64px;white-space:nowrap">480,242</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2966.51px;left:432px;white-space:nowrap">Thai
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2966.51px;left:787.7px;white-space:nowrap">Beverage
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2966.51px;left:1517.08px;letter-spacing:-1.98px;white-space:nowrap">PCL</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2966.51px;left:1833.2px;letter-spacing:50.87px;white-space:nowrap">...............</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2966.51px;left:5859.08px;white-space:nowrap">Beverages</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2966.51px;left:7352.2px;white-space:nowrap">1,870,265</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2966.51px;left:9501.64px;white-space:nowrap">713,550</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3250.27px;left:9368.2px;white-space:nowrap">6,782,793</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3577.72px;left:432px;white-space:nowrap">United
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3577.72px;left:968.25px;white-space:nowrap">Arab
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3577.72px;left:1377.23px;white-space:nowrap">Emirates
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3577.72px;left:2097.63px;white-space:nowrap">0.8%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3774.21px;left:432px;white-space:nowrap">Emirates
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3774.21px;left:1107.7px;white-space:nowrap">Central
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3774.21px;left:1667.94px;white-space:nowrap">Cooling
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3774.21px;left:2254.97px;white-space:nowrap">Systems
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3774.21px;left:2912.86px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3774.21px;left:5643.14px;letter-spacing:-0.99px;white-space:nowrap">Water
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3774.21px;left:6108.38px;white-space:nowrap">Utilities</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3774.21px;left:7352.2px;white-space:nowrap">2,564,396</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3774.21px;left:9368.2px;white-space:nowrap">1,159,049</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3970.69px;left:432px;white-space:nowrap">Spinneys
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3970.69px;left:1134.66px;white-space:nowrap">1961
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3970.69px;left:1535.05px;white-space:nowrap">Holding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3970.69px;left:2122.08px;white-space:nowrap">plc</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3970.69px;left:2393.68px;letter-spacing:52.14px;white-space:nowrap">.........</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3970.69px;left:3858.38px;white-space:nowrap">Consumer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3970.69px;left:4640.88px;white-space:nowrap">Staples
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3970.69px;left:5219px;white-space:nowrap">Distribution
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3970.69px;left:6063.77px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3970.69px;left:6214.94px;white-space:nowrap">Retail</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3970.69px;left:7352.2px;white-space:nowrap">1,321,905</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3970.69px;left:9501.64px;white-space:nowrap">593,872</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4254.45px;left:9368.2px;white-space:nowrap">1,752,921</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4581.9px;left:432px;white-space:nowrap">United
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4581.9px;left:974.19px;white-space:nowrap">States
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4581.9px;left:1498.88px;white-space:nowrap">3.9%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4778.38px;left:432px;white-space:nowrap">Cognizant
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4778.38px;left:1194.03px;letter-spacing:-1.61px;white-space:nowrap">Technology
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4778.38px;left:2047.94px;white-space:nowrap">Solutions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4778.38px;left:2750.59px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4778.38px;left:3141.84px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4970.38px;left:576px;letter-spacing:-8.83px;white-space:nowrap">A</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4970.38px;left:712.24px;letter-spacing:50.02px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4970.38px;left:5826.73px;letter-spacing:-0.96px;white-space:nowrap">IT
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4970.38px;left:6010.48px;white-space:nowrap">Services</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4970.38px;left:7574.63px;white-space:nowrap">44,865</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4970.38px;left:9368.2px;white-space:nowrap">3,738,600</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5166.87px;left:432px;white-space:nowrap">Genpact
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5166.87px;left:1081.3px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5166.87px;left:1366.13px;letter-spacing:50.39px;white-space:nowrap">....................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5166.87px;left:5085.56px;white-space:nowrap">Professional
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5166.87px;left:6010.48px;white-space:nowrap">Services</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5166.87px;left:7574.63px;white-space:nowrap">93,077</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5166.87px;left:9368.2px;white-space:nowrap">4,953,558</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5450.63px;left:9368.2px;white-space:nowrap">8,692,158</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5729.65px;left:432px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5729.65px;left:950.46px;white-space:nowrap">Common
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5729.65px;left:1872.63px;white-space:nowrap">Stocks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5729.65px;left:2584.05px;white-space:nowrap">(Cost</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5729.65px;left:3150.65px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5729.65px;left:3261.88px;white-space:nowrap">150,869,376</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5729.65px;left:4374.09px;white-space:nowrap">)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;position:absolute;top:5729.65px;left:4510.09px;letter-spacing:50.84px;white-space:nowrap">.....................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5763.52px;left:9190.23px;white-space:nowrap">208,267,961</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:20px;position:absolute;top:6205.4px;left:432px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6293.16px;left:432px;white-space:nowrap">Preferred
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6293.16px;left:1376.92px;white-space:nowrap">Stocks
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6293.16px;left:2088.35px;white-space:nowrap">5.2%
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6567.2px;left:432px;white-space:nowrap">Brazil
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6567.2px;left:912.16px;white-space:nowrap">5.2%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6763.68px;left:432px;white-space:nowrap">Banco
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6763.68px;left:930.12px;white-space:nowrap">Bradesco
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6763.68px;left:1650.52px;white-space:nowrap">SA</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6763.68px;left:1863.95px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6763.68px;left:1944.03px;white-space:nowrap">ADR</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6763.68px;left:2300.26px;letter-spacing:51.82px;white-space:nowrap">..........</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6763.68px;left:6179.31px;white-space:nowrap">Banks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6763.68px;left:7352.2px;white-space:nowrap">1,326,836</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6763.68px;left:9368.2px;white-space:nowrap">2,587,330</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:6963.38px;left:380.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6960.17px;left:432px;white-space:nowrap">Itau
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6960.17px;left:743.33px;white-space:nowrap">Unibanco
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6960.17px;left:1463.8px;white-space:nowrap">Holding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6960.17px;left:2050.83px;white-space:nowrap">SA</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6960.17px;left:2264.27px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6960.17px;left:2344.34px;white-space:nowrap">ADR</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6960.17px;left:2682.16px;white-space:nowrap">,</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6960.17px;left:2771.06px;white-space:nowrap">3.59</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6960.17px;left:3082.47px;white-space:nowrap">%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6960.17px;left:6179.31px;white-space:nowrap">Banks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6960.17px;left:7485.64px;white-space:nowrap">710,707</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6960.17px;left:9368.2px;white-space:nowrap">3,901,781</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:7159.86px;left:380.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7156.65px;left:432px;white-space:nowrap">Petroleo
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7156.65px;left:1072.39px;white-space:nowrap">Brasileiro
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7156.65px;left:1783.72px;white-space:nowrap">SA</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7156.65px;left:1997.16px;white-space:nowrap">,</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7156.65px;left:2086.06px;white-space:nowrap">12.37</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7156.65px;left:2486.45px;white-space:nowrap">%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7156.65px;left:2673.91px;letter-spacing:53.73px;white-space:nowrap">......</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7156.65px;left:4516.5px;white-space:nowrap">Oil,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7156.65px;left:4800.95px;white-space:nowrap">Gas
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7156.65px;left:5138.84px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7156.65px;left:5290.02px;white-space:nowrap">Consumable
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7156.65px;left:6232.75px;white-space:nowrap">Fuels</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7156.65px;left:7485.64px;white-space:nowrap">838,976</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7156.65px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">5,119,939</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7440.41px;left:9291.09px;letter-spacing:-1.19px;white-space:nowrap">11,609,050</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7719.43px;left:432px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7719.43px;left:950.46px;white-space:nowrap">Preferred
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7719.43px;left:1895.38px;white-space:nowrap">Stocks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7719.43px;left:2606.8px;white-space:nowrap">(Cost</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7719.43px;left:3173.41px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7719.43px;left:3284.64px;white-space:nowrap">10,931,734</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7719.43px;left:4285.61px;white-space:nowrap">)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;position:absolute;top:7719.43px;left:4405.52px;letter-spacing:50.79px;white-space:nowrap">......................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7753.3px;left:9288.05px;letter-spacing:-0.88px;white-space:nowrap">11,609,050</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:20px;position:absolute;top:8195.18px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:8195.18px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:8195.18px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:20px;position:absolute;top:8195.18px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:8195.18px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8282.94px;left:432px;white-space:nowrap">Escrows
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8282.94px;left:1310.22px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8282.94px;left:1721.36px;white-space:nowrap">Litigation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8282.94px;left:2676.73px;letter-spacing:-1px;white-space:nowrap">Trusts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8282.94px;left:3332.49px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:8516.51px;left:328.29px;white-space:nowrap">b,f</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8513.3px;left:432px;white-space:nowrap">Hemisphere
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8513.3px;left:1339.03px;white-space:nowrap">Properties
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8513.3px;left:2112.7px;white-space:nowrap">India
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8513.3px;left:2504.11px;white-space:nowrap">Ltd.,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8705.3px;left:576px;white-space:nowrap">Escrow
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8705.3px;left:1136.16px;white-space:nowrap">Account</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8705.3px;left:1739.78px;letter-spacing:50.75px;white-space:nowrap">................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8705.3px;left:7574.63px;white-space:nowrap">38,214</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8705.3px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8984.31px;left:432px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8984.31px;left:950.46px;white-space:nowrap">Escrows
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8984.31px;left:1828.68px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8984.31px;left:2239.81px;white-space:nowrap">Litigation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8984.31px;left:3195.18px;letter-spacing:-1.84px;white-space:nowrap">Trusts</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8984.31px;left:3850.95px;white-space:nowrap">(Cost</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8984.31px;left:4417.55px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8984.31px;left:4528.78px;white-space:nowrap">&#8211;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8984.31px;left:4640.01px;white-space:nowrap">)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;position:absolute;top:8984.31px;left:4719.22px;letter-spacing:50.94px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9018.18px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9460.11px;left:432px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9460.11px;left:950.46px;white-space:nowrap">Long
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9460.11px;left:1494.7px;letter-spacing:-2.97px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9460.11px;left:2024.48px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9460.11px;left:3247.14px;white-space:nowrap">(Cost</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9460.11px;left:3813.74px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9460.11px;left:3924.97px;letter-spacing:-1px;white-space:nowrap">161,801,110</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9460.11px;left:5026.14px;white-space:nowrap">)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;position:absolute;top:9460.11px;left:5137.49px;letter-spacing:51.19px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9493.98px;left:9199.06px;letter-spacing:-0.8px;white-space:nowrap">219,877,011</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10116.46px;left:432px;white-space:nowrap">Short
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10116.46px;left:1009.73px;letter-spacing:-2.97px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10116.46px;left:1539.52px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10116.46px;left:2762.18px;white-space:nowrap">4.2%</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:80px;position:absolute;top:10446.55px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:80px;position:absolute;top:10446.55px;left:432px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10378.81px;left:5992.83px;white-space:nowrap">Industry</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10378.81px;left:7530.33px;white-space:nowrap">Shares</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10378.81px;left:8407.02px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10378.81px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:20px;position:absolute;top:10591.91px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:20px;position:absolute;top:10591.91px;left:432px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:10591.91px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:10591.91px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:20px;position:absolute;top:10591.91px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:10591.91px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10679.67px;left:432px;white-space:nowrap">Money
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10679.67px;left:1120.96px;white-space:nowrap">Market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10679.67px;left:1821.26px;white-space:nowrap">Funds
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10679.67px;left:2476.73px;white-space:nowrap">4.2%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10953.7px;left:432px;white-space:nowrap">United
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10953.7px;left:974.19px;white-space:nowrap">States
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10953.7px;left:1498.88px;white-space:nowrap">4.2%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:11153.4px;left:364.64px;white-space:nowrap">i,j</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11150.19px;left:432px;white-space:nowrap">Institutional
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11150.19px;left:1285.83px;white-space:nowrap">Fiduciary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11150.19px;left:1976.45px;letter-spacing:-0.99px;white-space:nowrap">Trust
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11150.19px;left:2379.42px;white-space:nowrap">-
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11150.19px;left:2477.16px;white-space:nowrap">Money
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11342.19px;left:576px;white-space:nowrap">Market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11342.19px;left:1109.44px;white-space:nowrap">Portfolio</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11342.19px;left:1696.39px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11342.19px;left:1785.3px;white-space:nowrap">4.06</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11342.19px;left:2096.7px;white-space:nowrap">%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11342.19px;left:2300.26px;letter-spacing:51.82px;white-space:nowrap">..........</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11342.19px;left:7280.2px;white-space:nowrap">9,405,326</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11342.19px;left:9368.2px;white-space:nowrap">9,405,326</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11621.21px;left:432px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11621.21px;left:950.46px;white-space:nowrap">Money
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11621.21px;left:1639.42px;white-space:nowrap">Market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11621.21px;left:2339.71px;white-space:nowrap">Funds</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11621.21px;left:2995.18px;white-space:nowrap">(Cost</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11621.21px;left:3561.79px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11621.21px;left:3673.02px;white-space:nowrap">9,405,326</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11621.21px;left:4562.76px;white-space:nowrap">)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;position:absolute;top:11621.21px;left:4719.22px;letter-spacing:50.94px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:11655.07px;left:9368.2px;white-space:nowrap">9,405,326</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:967.50px;width:742.50px;transform-origin:top left;transform:scale(1.25,1.25)">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:51.66px;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:936px;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:130px;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:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:956.09px;letter-spacing:10.67px;white-space:nowrap">Emerging
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1814.95px;letter-spacing:10.5px;white-space:nowrap">Markets
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2581.58px;letter-spacing:9px;white-space:nowrap">Fund</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:11px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:2226.91px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</div></div>
</div>

<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(36.000px,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> </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:17.16px;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:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(80.389px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:458.22px">

<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(1196.093px,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:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:729.38px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1313.28px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1575.86px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2458.44px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2815.94px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3042.03px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3224.45px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3691.25px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3953.83px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4099.77px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4457.27px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4975.16px;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:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">10</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: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,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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,2.43px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:30.83px;left:432px;white-space:nowrap">Short
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:30.83px;left:1009.73px;letter-spacing:-2.97px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:30.83px;left:1539.52px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:64.7px;left:2762.18px;white-space:nowrap">(continued)</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:80px;position:absolute;top:360.92px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:80px;position:absolute;top:360.92px;left:432px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:293.18px;left:5992.83px;white-space:nowrap">Industry</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:293.18px;left:7530.33px;white-space:nowrap">Shares</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:293.18px;left:8407.02px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:293.18px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:20px;position:absolute;top:506.28px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:20px;position:absolute;top:506.28px;left:432px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:506.28px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:506.28px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:20px;position:absolute;top:506.28px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:506.28px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:587.44px;left:385.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:579.48px;left:432px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:579.48px;left:1654.66px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:579.48px;left:2154.66px;white-space:nowrap">Cash
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:579.48px;left:2699.29px;white-space:nowrap">Collateral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:579.48px;left:3666.28px;white-space:nowrap">Received
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:579.48px;left:4600.16px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:579.48px;left:4922.33px;white-space:nowrap">Loaned
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:819.48px;left:432px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:819.48px;left:1443.62px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:116.6px;font-weight:bold;position:absolute;top:823.49px;left:1899.48px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1093.51px;left:432px;white-space:nowrap">Money
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1093.51px;left:983.17px;white-space:nowrap">Market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1093.51px;left:1543.41px;white-space:nowrap">Funds
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1093.51px;left:2067.78px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:1096.72px;left:2432.47px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:1293.21px;left:364.64px;white-space:nowrap">i,j</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1290px;left:432px;white-space:nowrap">Institutional
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1290px;left:1285.83px;white-space:nowrap">Fiduciary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1290px;left:1976.45px;letter-spacing:-0.99px;white-space:nowrap">Trust
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1290px;left:2379.42px;white-space:nowrap">-
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1290px;left:2477.16px;white-space:nowrap">Money
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1482px;left:576px;white-space:nowrap">Market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1482px;left:1109.44px;white-space:nowrap">Portfolio</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1482px;left:1696.39px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1482px;left:1785.3px;white-space:nowrap">4.06</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1482px;left:2096.7px;white-space:nowrap">%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1482px;left:2300.26px;letter-spacing:51.82px;white-space:nowrap">..........</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1482px;left:7502.63px;white-space:nowrap">61,740</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1482px;left:9501.64px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1482px;left:9590.63px;white-space:nowrap">61,740</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1761.02px;left:432px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1761.02px;left:950.46px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1761.02px;left:2173.11px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1761.02px;left:2673.11px;white-space:nowrap">Cash
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1761.02px;left:3217.74px;white-space:nowrap">Collateral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1761.02px;left:4184.73px;white-space:nowrap">Received
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1761.02px;left:5118.62px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1761.02px;left:5440.79px;white-space:nowrap">Loaned
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1761.02px;left:6207.49px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1761.02px;left:7219.11px;white-space:nowrap">(Cost</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2001.02px;left:432px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2001.02px;left:543.23px;white-space:nowrap">61,740</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2001.02px;left:1154.95px;white-space:nowrap">)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;position:absolute;top:2001.02px;left:1268.53px;letter-spacing:50px;white-space:nowrap">....................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2034.88px;left:9590.63px;white-space:nowrap">61,740</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;position:absolute;top:2417.9px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:2417.9px;left:432px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;position:absolute;top:2417.9px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;position:absolute;top:2417.9px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:2417.9px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2482.64px;left:432px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2482.64px;left:950.46px;white-space:nowrap">Short
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2482.64px;left:1528.19px;letter-spacing:-2.97px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2482.64px;left:2057.98px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2482.64px;left:3280.63px;white-space:nowrap">(Cost</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2482.64px;left:3847.23px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2482.64px;left:3958.46px;white-space:nowrap">9,467,066</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2482.64px;left:4848.21px;white-space:nowrap">)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;position:absolute;top:2482.64px;left:4928.36px;letter-spacing:51.06px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2516.51px;left:9368.2px;white-space:nowrap">9,467,066</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;position:absolute;top:2730.79px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:2730.79px;left:432px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:2730.79px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2795.52px;left:432px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2795.52px;left:950.46px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2795.52px;left:2173.11px;white-space:nowrap">(Cost</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2795.52px;left:2739.71px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2795.52px;left:2850.95px;white-space:nowrap">171,268,176</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2795.52px;left:3963.15px;white-space:nowrap">)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2795.52px;left:4085.32px;white-space:nowrap">102.4</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2795.52px;left:4585.81px;white-space:nowrap">%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;position:absolute;top:2795.52px;left:4823.79px;letter-spacing:51px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2829.39px;left:9101.25px;white-space:nowrap">$229,344,077</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:3029.09px;left:406.08px;white-space:nowrap">l</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3021.13px;left:432px;white-space:nowrap">Credit
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3021.13px;left:1065.4px;white-space:nowrap">Facility
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3021.13px;left:1810.13px;white-space:nowrap">(</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3021.13px;left:1876.73px;white-space:nowrap">2.2</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3021.13px;left:2154.75px;white-space:nowrap">)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3021.13px;left:2221.36px;white-space:nowrap">%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;position:absolute;top:3021.13px;left:2418.76px;letter-spacing:50.19px;white-space:nowrap">.........................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3055px;left:9261.64px;white-space:nowrap">(5,000,000)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3246.74px;left:432px;white-space:nowrap">Other
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3246.74px;left:1013.54px;white-space:nowrap">Assets,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3246.74px;left:1780.63px;white-space:nowrap">less
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3246.74px;left:2225.46px;white-space:nowrap">Liabilities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3246.74px;left:3203.48px;white-space:nowrap">(</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3246.74px;left:3270.09px;white-space:nowrap">0.2</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3246.74px;left:3548.11px;white-space:nowrap">)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3246.74px;left:3614.71px;white-space:nowrap">%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;position:absolute;top:3246.74px;left:3882.69px;letter-spacing:50.58px;white-space:nowrap">...........................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3280.6px;left:9395.08px;white-space:nowrap">(374,147)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3566.9px;left:432px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3566.9px;left:802.41px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3566.9px;left:1513.93px;white-space:nowrap">100.0%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3566.9px;left:2209.63px;letter-spacing:50.15px;white-space:nowrap">...........................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3600.77px;left:9101.25px;white-space:nowrap">$223,969,930</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:3815.05px;left:426.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:3815.05px;left:432px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:3815.05px;left:10074.44px;white-space:nowrap">a</div></div>
</div>

<div style="height:198.51px;left:0px;position:absolute;top:0px;transform:translate(36.000px,533.293px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:3872.87px;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:130px;position:absolute;top:170.59px;left:0px;white-space:nowrap">See </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:170.59px;left:269.92px;white-space:nowrap">A</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:170.59px;left:357.42px;white-space:nowrap">bbreviations
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:170.59px;left:1101.41px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:170.59px;left:1283.83px;white-space:nowrap">page</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:170.59px;left:1612.19px;white-space:nowrap">22</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:170.59px;left:1758.13px;white-space:nowrap">.</div></div>
</div>

<div style="height:173.30px;left:0px;position:absolute;top:0px;transform:translate(36.000px,562.821px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:3322.3px;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">&#8224;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:63.81px;white-space:nowrap">Rounds
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:552.48px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:698.42px;white-space:nowrap">less
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:968.26px;white-space:nowrap">than
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:1260.14px;white-space:nowrap">0.1%
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:1595.69px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:1741.62px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:1960.53px;white-space:nowrap">assets.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:219.3px;left:0px;white-space:nowrap">a </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:59.62px;letter-spacing:-3.59px;white-space:nowrap">A
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:176.42px;white-space:nowrap">portion
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:614.07px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:767.2px;white-space:nowrap">all
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:934.93px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:1080.87px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:1299.78px;white-space:nowrap">security
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:1788.37px;white-space:nowrap">purchased
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:2437.59px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:2620.01px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:2729.46px;white-space:nowrap">delayed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:3225.56px;white-space:nowrap">delivery
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:3714.15px;white-space:nowrap">basis.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:4093.45px;white-space:nowrap">See
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:4363.37px;white-space:nowrap">Note
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:4676.96px;white-space:nowrap">1(c).</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:415.78px;left:0px;white-space:nowrap">b </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:63.81px;white-space:nowrap">Non-income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:807.56px;white-space:nowrap">producing.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:612.27px;left:0px;white-space:nowrap">c </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:55.34px;letter-spacing:-3.59px;white-space:nowrap">A
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:172.14px;white-space:nowrap">portion
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:609.79px;white-space:nowrap">or
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:762.92px;white-space:nowrap">all
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:930.65px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:1076.59px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:1295.5px;white-space:nowrap">security
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:1784.09px;white-space:nowrap">is
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:1915.34px;white-space:nowrap">on
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:2097.76px;white-space:nowrap">loan
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:2382.29px;white-space:nowrap">at
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:2528.23px;white-space:nowrap">February
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:3089.71px;white-space:nowrap">28,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:3308.62px;white-space:nowrap">2025.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:3673.46px;white-space:nowrap">See
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:3943.39px;white-space:nowrap">Note
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:4256.98px;white-space:nowrap">1(d).</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:808.75px;left:0px;white-space:nowrap">d </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:804.53px;left:63.81px;letter-spacing:-1.07px;white-space:nowrap">Variable
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:804.53px;left:572.01px;white-space:nowrap">interest
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:804.53px;left:1038.81px;white-space:nowrap">entity
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:804.53px;left:1388.97px;white-space:nowrap">(VIE).
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:804.53px;left:1760.76px;white-space:nowrap">See
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:804.53px;left:2030.69px;white-space:nowrap">Note
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:804.53px;left:2344.28px;white-space:nowrap">6
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:804.53px;left:2453.73px;white-space:nowrap">regarding
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:804.53px;left:3044.51px;white-space:nowrap">investments
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:804.53px;left:3781.15px;white-space:nowrap">made
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:804.53px;left:4145.84px;white-space:nowrap">through
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:804.53px;left:4627.33px;white-space:nowrap">a
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:804.53px;left:4736.78px;white-space:nowrap">VIE
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:804.53px;left:4984.75px;letter-spacing:0px;white-space:nowrap">structure.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:804.53px;left:5561px;white-space:nowrap">At
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:804.53px;left:5721.47px;white-space:nowrap">February
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:804.53px;left:6282.95px;white-space:nowrap">28,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:804.53px;left:6501.86px;white-space:nowrap">2025,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:804.53px;left:6866.7px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:804.53px;left:7085.61px;white-space:nowrap">aggregate
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:804.53px;left:7713.03px;white-space:nowrap">value
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:804.53px;left:8566.62px;white-space:nowrap">securities
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:804.53px;left:9157.33px;white-space:nowrap">was
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:996.53px;left:0px;white-space:nowrap">$25,353,456,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:996.53px;left:802.66px;white-space:nowrap">representing
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:996.53px;left:1568.52px;letter-spacing:-1.6px;white-space:nowrap">11.3%
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:996.53px;left:1967.42px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:996.53px;left:2113.36px;white-space:nowrap">net
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:996.53px;left:2332.27px;white-space:nowrap">assets.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:1197.24px;left:0px;white-space:nowrap">e </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1193.02px;left:63.81px;white-space:nowrap">Security
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1193.02px;left:844.05px;white-space:nowrap">purchased
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1193.02px;left:2186.31px;white-space:nowrap">Rule
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1193.02px;left:2492.56px;letter-spacing:-1.44px;white-space:nowrap">144A
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1193.02px;left:2828.26px;white-space:nowrap">or
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1193.02px;left:2981.39px;white-space:nowrap">Regulation
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1193.02px;left:3645.14px;white-space:nowrap">S
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1193.02px;left:3769.12px;white-space:nowrap">under
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1193.02px;left:4141.15px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1193.02px;left:4360.06px;white-space:nowrap">Securities
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1193.02px;left:4965.45px;letter-spacing:0px;white-space:nowrap">Act
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1193.02px;left:5191.55px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1193.02px;left:5337.48px;white-space:nowrap">1933.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1193.02px;left:5702.33px;letter-spacing:-1.44px;white-space:nowrap">144A
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1193.02px;left:6038.03px;white-space:nowrap">securities
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1193.02px;left:6628.73px;white-space:nowrap">may
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1193.02px;left:7095.53px;white-space:nowrap">sold
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1193.02px;left:7372.72px;white-space:nowrap">in
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1193.02px;left:7511.31px;white-space:nowrap">transactions
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1193.02px;left:8255.3px;white-space:nowrap">exempt
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1193.02px;left:8722.09px;white-space:nowrap">from
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1193.02px;left:9021px;white-space:nowrap">registration
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1193.02px;left:9706.55px;white-space:nowrap">only
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1385.02px;left:0px;white-space:nowrap">to </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1385.02px;left:145.94px;text-rendering:optimizeLegibility;white-space:nowrap">qualified
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1385.02px;left:671.17px;white-space:nowrap">institutional
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1385.02px;left:1364.14px;white-space:nowrap">buyers
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1385.02px;left:2086.17px;white-space:nowrap">a
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1385.02px;left:2195.63px;white-space:nowrap">public
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1385.02px;left:2574.92px;letter-spacing:-0.25px;white-space:nowrap">offering
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1385.02px;left:3046.8px;white-space:nowrap">registered
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1385.02px;left:4038.75px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1385.02px;left:4257.66px;white-space:nowrap">Securities
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1385.02px;left:4863.05px;white-space:nowrap">Act
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1385.02px;left:5235.08px;white-space:nowrap">1933.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1385.02px;left:5599.92px;white-space:nowrap">Regulation
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1385.02px;left:6387.66px;white-space:nowrap">securities
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1385.02px;left:6978.36px;white-space:nowrap">cannot
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1385.02px;left:8225.94px;white-space:nowrap">United
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1385.02px;left:8641.64px;white-space:nowrap">States
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1385.02px;left:9050.16px;white-space:nowrap">without
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:0px;letter-spacing:-0.23px;white-space:nowrap">effective
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:522.97px;white-space:nowrap">registration
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:1208.52px;white-space:nowrap">statement
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:1821.25px;text-rendering:optimizeLegibility;white-space:nowrap">filed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:2098.44px;white-space:nowrap">pursuant
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:2645.55px;white-space:nowrap">to
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:2791.48px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:3010.39px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:3615.78px;white-space:nowrap">Act
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:3841.88px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:3987.81px;white-space:nowrap">1933,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:4352.66px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:4505.78px;white-space:nowrap">pursuant
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:5198.83px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:5381.25px;white-space:nowrap">exemption
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:6023.13px;white-space:nowrap">from
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:6322.03px;white-space:nowrap">registration.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:7036.88px;white-space:nowrap">At
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:7197.34px;white-space:nowrap">February
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:7758.83px;white-space:nowrap">28,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:7977.73px;white-space:nowrap">2025,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:8342.58px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:8561.48px;white-space:nowrap">aggregate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:9188.91px;white-space:nowrap">value
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1769.02px;left:860.47px;white-space:nowrap">$10,621,376,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1965.5px;left:1698.24px;white-space:nowrap">unobservable
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1965.5px;left:3529.18px;white-space:nowrap">8
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1965.5px;left:3638.63px;white-space:nowrap">regarding
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2161.98px;left:647.33px;white-space:nowrap">6
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2161.98px;left:756.78px;white-space:nowrap">regarding
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2161.98px;left:1347.56px;white-space:nowrap">investments
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2161.98px;left:2222.8px;white-space:nowrap">Russian
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2161.98px;left:2733.26px;white-space:nowrap">securities.</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2358.47px;left:572.01px;white-space:nowrap">rate
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2358.47px;left:1610.37px;white-space:nowrap">rate
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2358.47px;left:1872.95px;white-space:nowrap">shown
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2358.47px;left:2288.65px;white-space:nowrap">represents
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2358.47px;left:3163.97px;white-space:nowrap">yield
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2554.95px;left:308.18px;white-space:nowrap">Note
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2554.95px;left:621.77px;white-space:nowrap">3(c)
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2554.95px;left:884.2px;white-space:nowrap">regarding
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2554.95px;left:1474.98px;white-space:nowrap">investments
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2554.95px;left:2350.21px;text-rendering:optimizeLegibility;white-space:nowrap">affiliated
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2554.95px;left:2875.45px;white-space:nowrap">management
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2554.95px;left:3677.79px;white-space:nowrap">investment
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2554.95px;left:4348.81px;white-space:nowrap">companies.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:2755.66px;left:0px;white-space:nowrap">j </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2751.44px;left:36.94px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2751.44px;left:299.52px;white-space:nowrap">rate
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2751.44px;left:1109.05px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2751.44px;left:1327.95px;white-space:nowrap">annualized
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2751.44px;left:1999.13px;white-space:nowrap">seven-day
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2751.44px;left:2641px;letter-spacing:-0.23px;white-space:nowrap">effective
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2751.44px;left:3163.97px;white-space:nowrap">yield
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2751.44px;left:3470.3px;white-space:nowrap">at
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2751.44px;left:3616.24px;white-space:nowrap">period
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2751.44px;left:4017.41px;white-space:nowrap">end.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:2952.14px;left:0px;white-space:nowrap">k </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2947.92px;left:59.53px;white-space:nowrap">See
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2947.92px;left:329.45px;white-space:nowrap">Note
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2947.92px;left:643.05px;white-space:nowrap">1(d)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2947.92px;left:912.81px;white-space:nowrap">regarding
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2947.92px;left:1503.59px;white-space:nowrap">securities
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2947.92px;left:2094.3px;white-space:nowrap">on
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2947.92px;left:2276.72px;white-space:nowrap">loan.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:3148.63px;left:0px;white-space:nowrap">l </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3144.41px;left:38.26px;white-space:nowrap">See
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3144.41px;left:308.18px;white-space:nowrap">Note
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3144.41px;left:621.77px;white-space:nowrap">7
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3144.41px;left:731.23px;white-space:nowrap">regarding
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3144.41px;left:1322.01px;white-space:nowrap">credit
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3144.41px;left:1679.35px;letter-spacing:-1.07px;white-space:nowrap">facility.</div></div>
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7234.78px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8069.08px;white-space:nowrap">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;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:130px;position:absolute;top:121.31px;left:580.79px;letter-spacing:-4.8px;white-space:nowrap">11</div></div>
</div>

<div style="background-color:transparent;height: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,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);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, Helvetica, sans-serif;font-size:155px;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, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:245.02px;left:9342.11px;white-space:nowrap">Emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:437.02px;left:9039.84px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:437.02px;left:9689.06px;white-space:nowrap">Fund</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:746.96px;left:0px;white-space:nowrap">Assets:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:949.44px;left:144px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:949.44px;left:1051.03px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:949.44px;left:1220.02px;white-space:nowrap">securities:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:288px;white-space:nowrap">Cost
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:661.44px;white-space:nowrap">-
</div>

<div style="font-family:Arial, Helvetica, 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, Helvetica, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:1600.11px;white-space:nowrap">issuers</div>

<div style="font-family:Arial, Helvetica, 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, Helvetica, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:9113.13px;letter-spacing:-0.99px;white-space:nowrap">$161,801,110</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:288px;white-space:nowrap">Cost
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:661.44px;white-space:nowrap">-
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:759.17px;white-space:nowrap">Non-controlled
</div>

<div style="font-family:Arial, Helvetica, 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, Helvetica, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:2471.59px;white-space:nowrap">(Note
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:2907.3px;white-space:nowrap">3</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:2996.28px;white-space:nowrap">c</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:3076.28px;white-space:nowrap">)</div>

<div style="font-family:Arial, Helvetica, 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, Helvetica, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:9368.2px;white-space:nowrap">9,467,066</div>

<div style="font-family:Arial, Helvetica, 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, Helvetica, sans-serif;font-size:160px;position:absolute;top:1638.35px;left:729.8px;white-space:nowrap">-
</div>

<div style="font-family:Arial, Helvetica, 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, Helvetica, sans-serif;font-size:160px;position:absolute;top:1638.35px;left:1668.47px;white-space:nowrap">issuers
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1638.35px;left:2219.72px;white-space:nowrap">(Includes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1638.35px;left:2913.39px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1638.35px;left:3633.63px;white-space:nowrap">loaned
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1638.35px;left:4158.55px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1638.35px;left:4336.44px;white-space:nowrap">$1,661,399)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1638.35px;left:5231.13px;letter-spacing:50.13px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1638.35px;left:9113.13px;letter-spacing:-0.99px;white-space:nowrap">$219,877,011</div>

<div style="font-family:Arial, Helvetica, 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, Helvetica, sans-serif;font-size:160px;position:absolute;top:1840.83px;left:729.8px;white-space:nowrap">-
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1840.83px;left:827.53px;white-space:nowrap">Non-controlled
</div>

<div style="font-family:Arial, Helvetica, 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, Helvetica, sans-serif;font-size:160px;position:absolute;top:1840.83px;left:2539.95px;white-space:nowrap">(Note
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1840.83px;left:2975.66px;white-space:nowrap">3</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1840.83px;left:3064.64px;white-space:nowrap">c</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1840.83px;left:3144.64px;white-space:nowrap">)</div>

<div style="font-family:Arial, Helvetica, 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, Helvetica, sans-serif;font-size:160px;position:absolute;top:1840.83px;left:9368.2px;white-space:nowrap">9,467,066</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2043.32px;left:144px;white-space:nowrap">Foreign
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2043.32px;left:730.95px;letter-spacing:-1.19px;white-space:nowrap">currency,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2043.32px;left:1421.5px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2043.32px;left:1599.39px;white-space:nowrap">value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2043.32px;left:2026.34px;white-space:nowrap">(cost
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2043.32px;left:2417.52px;white-space:nowrap">$78)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2043.32px;left:2802.39px;letter-spacing:49.62px;white-space:nowrap">............................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2043.32px;left:9902.03px;white-space:nowrap">78</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2245.8px;left:144px;white-space:nowrap">Receivables:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2448.29px;left:288px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2448.29px;left:1115.03px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2448.29px;left:1835.27px;white-space:nowrap">sold</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2448.29px;left:2148.5px;letter-spacing:49.55px;white-space:nowrap">...................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2448.29px;left:9368.2px;white-space:nowrap">1,366,375</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2650.77px;left:288px;white-space:nowrap">Dividends</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2650.77px;left:1027.54px;letter-spacing:49.46px;white-space:nowrap">...............................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2650.77px;left:9501.64px;white-space:nowrap">843,071</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2882.26px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2882.26px;left:958.42px;white-space:nowrap">assets</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2882.26px;left:1494.61px;letter-spacing:49.5px;white-space:nowrap">..........................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2882.26px;left:9190.23px;white-space:nowrap">231,553,601</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3113.74px;left:0px;white-space:nowrap">Liabilities:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3316.22px;left:144px;white-space:nowrap">Payables:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3518.71px;left:288px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3518.71px;left:1115.03px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3518.71px;left:1835.27px;white-space:nowrap">purchased</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3518.71px;left:2615.57px;letter-spacing:49.6px;white-space:nowrap">..............................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3518.71px;left:9501.64px;white-space:nowrap">322,464</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3721.19px;left:288px;white-space:nowrap">Capital
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3721.19px;left:830.5px;white-space:nowrap">shares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3721.19px;left:1355.19px;white-space:nowrap">redeemed</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3721.19px;left:2148.5px;letter-spacing:49.55px;white-space:nowrap">...................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3721.19px;left:9590.63px;white-space:nowrap">31,334</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3923.68px;left:288px;white-space:nowrap">Credit
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3923.68px;left:759.25px;white-space:nowrap">facility
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3923.68px;left:1248.23px;white-space:nowrap">(Note
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3923.68px;left:1683.94px;white-space:nowrap">7</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3923.68px;left:1772.92px;white-space:nowrap">)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3923.68px;left:1868.26px;letter-spacing:49.53px;white-space:nowrap">......................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3923.68px;left:9368.2px;white-space:nowrap">5,000,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4126.16px;left:288px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4126.16px;left:1266.36px;white-space:nowrap">fees</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4126.16px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4126.16px;left:9501.64px;white-space:nowrap">190,005</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4328.65px;left:288px;letter-spacing:-0.59px;white-space:nowrap">Trustees&#39;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4328.65px;left:979.48px;white-space:nowrap">fees
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4328.65px;left:1326.36px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4328.65px;left:1637.77px;white-space:nowrap">expenses</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4328.65px;left:2335.33px;letter-spacing:49.57px;white-space:nowrap">.................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4328.65px;left:9679.61px;white-space:nowrap">1,681</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4531.13px;left:288px;white-space:nowrap">Accrued
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4531.13px;left:919.41px;white-space:nowrap">interest
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4531.13px;left:1488.55px;white-space:nowrap">(Note
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4531.13px;left:1924.25px;white-space:nowrap">7)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4531.13px;left:2148.5px;letter-spacing:49.55px;white-space:nowrap">...................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4531.13px;left:9590.63px;white-space:nowrap">33,269</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4733.62px;left:144px;white-space:nowrap">Payable
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4733.62px;left:766.66px;white-space:nowrap">upon
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4733.62px;left:1167.05px;white-space:nowrap">return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4733.62px;left:1629.47px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4733.62px;left:1807.36px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4733.62px;left:2527.59px;white-space:nowrap">loaned
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4733.62px;left:3052.52px;white-space:nowrap">(Note
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4733.62px;left:3488.22px;white-space:nowrap">1</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4733.62px;left:3577.2px;white-space:nowrap">d</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4733.62px;left:3666.19px;white-space:nowrap">)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4733.62px;left:3736.52px;letter-spacing:49.76px;white-space:nowrap">..................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4733.62px;left:9590.63px;white-space:nowrap">61,740</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4936.1px;left:144px;white-space:nowrap">Deferred
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4936.1px;left:810.95px;white-space:nowrap">taxes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4936.1px;left:1237.83px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4936.1px;left:1460.25px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4936.1px;left:2242.98px;white-space:nowrap">appreciation</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4936.1px;left:3176.05px;letter-spacing:49.67px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4936.1px;left:9368.2px;white-space:nowrap">1,815,623</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5138.58px;left:144px;white-space:nowrap">Accrued
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5138.58px;left:775.41px;white-space:nowrap">expenses
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5138.58px;left:1504.78px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5138.58px;left:1816.19px;white-space:nowrap">other
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5138.58px;left:2225.33px;white-space:nowrap">liabilities</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5138.58px;left:2895.81px;letter-spacing:49.64px;white-space:nowrap">...........................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5138.58px;left:9501.64px;white-space:nowrap">127,555</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5370.07px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5370.07px;left:958.42px;white-space:nowrap">liabilities</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5370.07px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5370.07px;left:9368.2px;white-space:nowrap">7,583,671</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5630.55px;left:864px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5630.55px;left:1157.44px;white-space:nowrap">assets,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5630.55px;left:1708.77px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5630.55px;left:1886.66px;white-space:nowrap">value</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5630.55px;left:2335.33px;letter-spacing:49.57px;white-space:nowrap">.................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5630.55px;left:9101.25px;white-space:nowrap">$223,969,930</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6036.49px;left:0px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6036.49px;left:293.44px;white-space:nowrap">assets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6036.49px;left:800.31px;white-space:nowrap">consist
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6036.49px;left:1342.73px;white-space:nowrap">of:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6267.98px;left:144px;white-space:nowrap">Paid-in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6267.98px;left:686.5px;white-space:nowrap">capital</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6267.98px;left:1214.37px;letter-spacing:49.48px;white-space:nowrap">.............................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6267.98px;left:9101.25px;white-space:nowrap">$170,183,757</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6470.46px;left:144px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6470.46px;left:526.42px;white-space:nowrap">distributable
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6470.46px;left:1433.61px;white-space:nowrap">earnings
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6470.46px;left:2091.81px;white-space:nowrap">(losses)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6470.46px;left:2708.98px;letter-spacing:49.61px;white-space:nowrap">.............................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6470.46px;left:9279.22px;white-space:nowrap">53,786,173</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6701.95px;left:864px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6701.95px;left:1157.44px;white-space:nowrap">assets,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6701.95px;left:1708.77px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6701.95px;left:1886.66px;white-space:nowrap">value</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6701.95px;left:2335.33px;letter-spacing:49.57px;white-space:nowrap">.................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6701.95px;left:9101.25px;white-space:nowrap">$223,969,930</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6962.43px;left:144px;white-space:nowrap">Shares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6962.43px;left:695.41px;white-space:nowrap">outstanding</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6962.43px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6962.43px;left:9279.22px;white-space:nowrap">15,030,734</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7222.92px;left:144px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7222.92px;left:437.44px;white-space:nowrap">asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7222.92px;left:864.31px;white-space:nowrap">value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7222.92px;left:1291.27px;white-space:nowrap">per
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7222.92px;left:1566.97px;white-space:nowrap">share</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:7226.13px;left:1967.2px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7222.92px;left:2055.09px;letter-spacing:49.55px;white-space:nowrap">....................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7222.92px;left:9590.63px;white-space:nowrap">$14.90</div></div>
</div>

<div style="height:18.19px;left:0px;position:absolute;top:0px;transform:translate(54.000px,717.932px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:196.48px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.04px) 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:130px;position:absolute;top:18.59px;left:42.54px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:283.17px;white-space:nowrap">asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:633.32px;white-space:nowrap">value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:983.48px;white-space:nowrap">per
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:1209.57px;white-space:nowrap">share
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:1574.26px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:1858.63px;white-space:nowrap">not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:2077.54px;white-space:nowrap">recalculate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:2748.56px;white-space:nowrap">due
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:3003.95px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:3149.88px;white-space:nowrap">rounding.</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:967.50px;width:742.50px;transform-origin:top left;transform:scale(1.25,1.25)">

<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:130px;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:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:956.09px;letter-spacing:10.67px;white-space:nowrap">Emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1814.95px;letter-spacing:10.5px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2581.58px;letter-spacing:9px;white-space:nowrap">Fund</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;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:130px;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, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:0px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1257.34px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1546.42px;white-space:nowrap">Operations</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:333.68px;left:0px;white-space:nowrap">for </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:333.68px;left:260.07px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:333.68px;left:560.3px;white-space:nowrap">six
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:333.68px;left:830.3px;white-space:nowrap">months
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:333.68px;left:1470.59px;white-space:nowrap">ended
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:333.68px;left:2021.13px;white-space:nowrap">February
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:333.68px;left:2791.41px;white-space:nowrap">28,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:333.68px;left:3091.64px;white-space:nowrap">2025
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:333.68px;left:3542.08px;white-space:nowrap">(unaudited)</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:17.16px;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:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(81.780px,739.229px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:458.22px">

<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(1196.093px,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:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:729.38px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1279.06px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1541.64px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2424.22px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2781.72px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3007.81px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3190.23px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3657.03px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3919.61px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4065.55px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4423.05px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4940.94px;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:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">12</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: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,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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, Helvetica, sans-serif;font-size:155px;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, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:245.02px;left:9342.11px;white-space:nowrap">Emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:437.02px;left:9039.84px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:437.02px;left:9689.06px;white-space:nowrap">Fund</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:746.96px;left:0px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:746.96px;left:827.03px;white-space:nowrap">income:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:949.44px;left:144px;white-space:nowrap">Dividends:
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:949.44px;left:935.48px;white-space:nowrap">(net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:949.44px;left:1255.64px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:949.44px;left:1433.53px;white-space:nowrap">foreign
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:949.44px;left:1967.2px;white-space:nowrap">taxes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:949.44px;left:2394.08px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:949.44px;left:2571.97px;white-space:nowrap">$312,596)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:288px;text-rendering:optimizeLegibility;white-space:nowrap">Unaffiliated
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:1128.94px;white-space:nowrap">issuers</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:1681.44px;letter-spacing:49.51px;white-space:nowrap">........................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:9291.09px;letter-spacing:-1.19px;white-space:nowrap">$2,110,189</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:288px;white-space:nowrap">Non-controlled
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:1373px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:2000.42px;white-space:nowrap">(Note
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:2436.13px;white-space:nowrap">3</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:2525.11px;white-space:nowrap">c</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:2605.11px;white-space:nowrap">)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:2708.98px;letter-spacing:49.61px;white-space:nowrap">.............................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:9501.64px;white-space:nowrap">226,838</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1556.89px;left:144px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1556.89px;left:713.14px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1556.89px;left:1077.59px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1556.89px;left:1797.83px;white-space:nowrap">loaned:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1759.38px;left:288px;text-rendering:optimizeLegibility;white-space:nowrap">Unaffiliated
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1759.38px;left:1128.94px;white-space:nowrap">entities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1759.38px;left:1680.34px;white-space:nowrap">(net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1759.38px;left:2000.5px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1759.38px;left:2178.39px;white-space:nowrap">fees
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1759.38px;left:2525.27px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1759.38px;left:2836.67px;white-space:nowrap">rebates)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1759.38px;left:3456.29px;letter-spacing:49.71px;white-space:nowrap">.....................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1759.38px;left:9679.61px;white-space:nowrap">1,120</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1961.86px;left:288px;white-space:nowrap">Non-controlled
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1961.86px;left:1373px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1961.86px;left:2000.42px;white-space:nowrap">(Note
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1961.86px;left:2436.13px;white-space:nowrap">3</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1961.86px;left:2525.11px;white-space:nowrap">c</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1961.86px;left:2605.11px;white-space:nowrap">)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1961.86px;left:2708.98px;letter-spacing:49.61px;white-space:nowrap">.............................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1961.86px;left:9813.05px;white-space:nowrap">287</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2193.35px;left:432px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2193.35px;left:814.42px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2193.35px;left:1632.55px;white-space:nowrap">income</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2193.35px;left:2148.5px;letter-spacing:49.55px;white-space:nowrap">...................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2193.35px;left:9368.2px;white-space:nowrap">2,338,434</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2424.83px;left:0px;white-space:nowrap">Expenses:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2627.32px;left:144px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2627.32px;left:1122.36px;white-space:nowrap">fees</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2627.32px;left:1469.23px;white-space:nowrap">(Note
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2627.32px;left:1904.94px;white-space:nowrap">3</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2627.32px;left:1993.92px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2627.32px;left:2082.91px;white-space:nowrap">)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2627.32px;left:2148.5px;letter-spacing:49.55px;white-space:nowrap">...................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2627.32px;left:9368.2px;white-space:nowrap">1,236,944</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2829.8px;left:144px;letter-spacing:-0.66px;white-space:nowrap">Transfer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2829.8px;left:778.22px;white-space:nowrap">agent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2829.8px;left:1223.06px;white-space:nowrap">fees</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2829.8px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2829.8px;left:9679.61px;white-space:nowrap">6,018</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3032.28px;left:144px;white-space:nowrap">Custodian
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3032.28px;left:908.92px;white-space:nowrap">fees</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3032.28px;left:1307.78px;letter-spacing:49.48px;white-space:nowrap">............................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3032.28px;left:9590.63px;white-space:nowrap">22,335</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3234.77px;left:144px;white-space:nowrap">Reports
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3234.77px;left:748.69px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3234.77px;left:926.58px;white-space:nowrap">shareholders
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3234.77px;left:1896.03px;white-space:nowrap">fees</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3234.77px;left:2241.91px;letter-spacing:49.56px;white-space:nowrap">..................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3234.77px;left:9590.63px;white-space:nowrap">17,485</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3437.25px;left:144px;white-space:nowrap">Registration
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3437.25px;left:1042.2px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3437.25px;left:1353.61px;text-rendering:optimizeLegibility;white-space:nowrap">filing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3437.25px;left:1727.13px;white-space:nowrap">fees</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3437.25px;left:2055.09px;letter-spacing:49.55px;white-space:nowrap">....................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3437.25px;left:9679.61px;white-space:nowrap">6,757</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3639.74px;left:144px;white-space:nowrap">Professional
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3639.74px;left:1068.92px;white-space:nowrap">fees</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3639.74px;left:1401.2px;letter-spacing:49.49px;white-space:nowrap">...........................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3639.74px;left:9590.63px;white-space:nowrap">89,447</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3842.22px;left:144px;letter-spacing:-0.66px;white-space:nowrap">Trustees&#39;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3842.22px;left:835.48px;white-space:nowrap">fees
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3842.22px;left:1182.36px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3842.22px;left:1493.77px;white-space:nowrap">expenses</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3842.22px;left:2241.91px;letter-spacing:49.56px;white-space:nowrap">..................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3842.22px;left:9590.63px;white-space:nowrap">14,908</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4044.71px;left:144px;white-space:nowrap">Interest
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4044.71px;left:722.05px;white-space:nowrap">expense</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4044.71px;left:1371.42px;white-space:nowrap">(Not</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4044.71px;left:1673.69px;white-space:nowrap">e
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4044.71px;left:1807.13px;white-space:nowrap">7)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4044.71px;left:2055.09px;letter-spacing:49.55px;white-space:nowrap">....................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4044.71px;left:9501.64px;white-space:nowrap">147,792</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4247.19px;left:144px;white-space:nowrap">Other</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4247.19px;left:560.48px;letter-spacing:49.43px;white-space:nowrap">....................................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4247.19px;left:9590.63px;white-space:nowrap">29,170</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4449.67px;left:432px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4449.67px;left:814.42px;white-space:nowrap">expenses</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4449.67px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4449.67px;left:9368.2px;white-space:nowrap">1,570,856</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4652.16px;left:432px;white-space:nowrap">Expenses
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4652.16px;left:1179.11px;white-space:nowrap">waived/paid
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4652.16px;left:2068.56px;white-space:nowrap">by
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4652.16px;left:2282px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4652.16px;left:2909.42px;white-space:nowrap">(Note
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4652.16px;left:3345.13px;white-space:nowrap">3</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4652.16px;left:3434.11px;white-space:nowrap">c</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4652.16px;left:3514.11px;white-space:nowrap">)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4652.16px;left:3643.11px;letter-spacing:49.74px;white-space:nowrap">...................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4652.16px;left:9484.06px;white-space:nowrap">(18,216)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4883.64px;left:576px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4883.64px;left:869.44px;white-space:nowrap">expenses</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4883.64px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4883.64px;left:9368.2px;white-space:nowrap">1,552,640</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5144.13px;left:720px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5144.13px;left:1013.44px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5144.13px;left:1831.56px;white-space:nowrap">income</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5144.13px;left:2428.74px;letter-spacing:49.58px;white-space:nowrap">................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5144.13px;left:9501.64px;white-space:nowrap">785,794</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5404.61px;left:0px;white-space:nowrap">Realized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5404.61px;left:667.03px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5404.61px;left:978.44px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5404.61px;left:1761.17px;white-space:nowrap">gains
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5404.61px;left:2188.13px;white-space:nowrap">(losses):</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5665.1px;left:144px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5665.1px;left:437.44px;white-space:nowrap">realized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5665.1px;left:1042.2px;white-space:nowrap">gain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5665.1px;left:1389.16px;white-space:nowrap">(loss)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5665.1px;left:1824.7px;white-space:nowrap">from:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5896.58px;left:288px;white-space:nowrap">Investments:
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5896.58px;left:1239.48px;white-space:nowrap">(net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5896.58px;left:1559.64px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5896.58px;left:1737.53px;white-space:nowrap">foreign
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5896.58px;left:2271.2px;white-space:nowrap">taxes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5896.58px;left:2698.08px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5896.58px;left:2875.97px;white-space:nowrap">$188,617)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6099.07px;left:432px;text-rendering:optimizeLegibility;white-space:nowrap">Unaffiliated
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6099.07px;left:1272.94px;white-space:nowrap">issuers</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6099.07px;left:1868.26px;letter-spacing:49.53px;white-space:nowrap">......................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6099.07px;left:9368.2px;white-space:nowrap">1,436,727</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6301.55px;left:288px;white-space:nowrap">Foreign
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6301.55px;left:874.95px;white-space:nowrap">currency
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6301.55px;left:1532.92px;white-space:nowrap">transactions</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6301.55px;left:2428.74px;letter-spacing:49.58px;white-space:nowrap">................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6301.55px;left:9902.03px;white-space:nowrap">42</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6533.03px;left:576px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6533.03px;left:869.44px;white-space:nowrap">realized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6533.03px;left:1474.2px;white-space:nowrap">gain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6533.03px;left:1821.16px;white-space:nowrap">(loss)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6533.03px;left:2241.91px;letter-spacing:49.56px;white-space:nowrap">..................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6533.03px;left:9368.2px;white-space:nowrap">1,436,769</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6764.52px;left:144px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6764.52px;left:437.44px;white-space:nowrap">change
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6764.52px;left:1006.81px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6764.52px;left:1175.8px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6764.52px;left:1958.53px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6764.52px;left:2874.7px;white-space:nowrap">(depreciation)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6764.52px;left:3897.44px;white-space:nowrap">on:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6967px;left:288px;white-space:nowrap">Investments:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7169.49px;left:432px;text-rendering:optimizeLegibility;white-space:nowrap">Unaffiliated
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7169.49px;left:1272.94px;white-space:nowrap">issuers</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7169.49px;left:1868.26px;letter-spacing:49.53px;white-space:nowrap">......................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7169.49px;left:9368.2px;white-space:nowrap">6,070,264</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7371.97px;left:288px;letter-spacing:-0.49px;white-space:nowrap">Translation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7371.97px;left:1118px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7371.97px;left:1295.89px;white-space:nowrap">other
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7371.97px;left:1705.03px;white-space:nowrap">assets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7371.97px;left:2211.91px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7371.97px;left:2523.31px;white-space:nowrap">liabilities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7371.97px;left:3172.45px;white-space:nowrap">denominated
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7371.97px;left:4142.06px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7371.97px;left:4311.05px;white-space:nowrap">foreign
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7371.97px;left:4844.72px;white-space:nowrap">currencies</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7371.97px;left:5604.79px;letter-spacing:50.29px;white-space:nowrap">..............................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7371.97px;left:9484.06px;white-space:nowrap">(18,719)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7574.46px;left:288px;white-space:nowrap">Change
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7574.46px;left:892.92px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7574.46px;left:1061.91px;white-space:nowrap">deferred
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7574.46px;left:1702.3px;white-space:nowrap">taxes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7574.46px;left:2129.17px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7574.46px;left:2351.59px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7574.46px;left:3134.33px;white-space:nowrap">appreciation</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7574.46px;left:4016.76px;letter-spacing:49.81px;white-space:nowrap">...............................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7574.46px;left:9501.64px;white-space:nowrap">320,339</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7805.94px;left:576px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7805.94px;left:869.44px;white-space:nowrap">change
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7805.94px;left:1438.81px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7805.94px;left:1607.8px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7805.94px;left:2390.53px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7805.94px;left:3306.7px;white-space:nowrap">(depreciation)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7805.94px;left:4297px;letter-spacing:49.87px;white-space:nowrap">............................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7805.94px;left:9368.2px;white-space:nowrap">6,371,884</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8034.42px;left:0px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8034.42px;left:293.44px;white-space:nowrap">realized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8034.42px;left:898.2px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8034.42px;left:1209.61px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8034.42px;left:1992.34px;white-space:nowrap">gain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8034.42px;left:2339.3px;white-space:nowrap">(loss)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8034.42px;left:2802.39px;letter-spacing:49.62px;white-space:nowrap">............................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8034.42px;left:9368.2px;white-space:nowrap">7,808,653</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8294.91px;left:0px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8294.91px;left:293.44px;white-space:nowrap">increase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8294.91px;left:942.66px;white-space:nowrap">(decrease)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8294.91px;left:1751.88px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8294.91px;left:1920.86px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8294.91px;left:2187.73px;white-space:nowrap">assets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8294.91px;left:2694.61px;white-space:nowrap">resulting
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8294.91px;left:3343.83px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8294.91px;left:3708.28px;white-space:nowrap">operations</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8294.91px;left:4483.83px;letter-spacing:49.91px;white-space:nowrap">..........................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8294.91px;left:9279.22px;white-space:nowrap">$8,594,447</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:967.50px;width:742.50px;transform-origin:top left;transform:scale(1.25,1.25)">

<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:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7098.2px;letter-spacing:10.57px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8054.3px;letter-spacing:10.67px;white-space:nowrap">Emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8913.16px;letter-spacing:10.5px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;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:130px;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:130px;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, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:0px;white-space:nowrap">Statements
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1387.34px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1676.42px;white-space:nowrap">Changes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2789.41px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3064.01px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3526.5px;white-space:nowrap">Assets</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="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:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(54.000px,739.230px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:459.61px">

<div style="width:9192.2px;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(7986.106px,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:130px;position:absolute;top:121.31px;left:3572.9px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3835.48px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4718.06px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5075.56px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5301.65px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5484.08px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5950.87px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6213.45px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6359.39px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6716.89px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7234.78px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8069.08px;white-space:nowrap">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;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:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">13</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,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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,1.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:148.02px;left:7020.01px;letter-spacing:-1.19px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:148.02px;left:7861.49px;white-space:nowrap">Emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:148.02px;left:8643.84px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:148.02px;left:9293.05px;white-space:nowrap">Fund</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:408.5px;left:6965.28px;white-space:nowrap">Six
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:408.5px;left:7249.89px;white-space:nowrap">Months
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:408.5px;left:7863.09px;white-space:nowrap">Ended</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:600.5px;left:7000.05px;white-space:nowrap">February
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:600.5px;left:7729.19px;white-space:nowrap">28,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:600.5px;left:7996.06px;white-space:nowrap">2025</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:792.5px;left:7481.06px;white-space:nowrap">(unaudited)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:600.5px;left:9208.52px;letter-spacing:-1.77px;white-space:nowrap">Year
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:600.5px;left:9591.09px;white-space:nowrap">Ended</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:792.5px;left:8861.72px;white-space:nowrap">August
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:792.5px;left:9457.19px;white-space:nowrap">31,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:792.5px;left:9724.06px;white-space:nowrap">2024</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1102.44px;left:0px;white-space:nowrap">Increase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1102.44px;left:658.13px;white-space:nowrap">(decrease)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1102.44px;left:1467.34px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1102.44px;left:1636.33px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1102.44px;left:1903.2px;white-space:nowrap">assets:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1304.92px;left:144px;white-space:nowrap">Operations:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1507.41px;left:288px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1507.41px;left:581.44px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1507.41px;left:1399.56px;white-space:nowrap">income</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1507.41px;left:1961.68px;letter-spacing:49.7px;white-space:nowrap">.................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1507.41px;left:7684.66px;white-space:nowrap">$785,794</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1507.41px;left:9279.22px;white-space:nowrap">$4,384,244</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1709.89px;left:288px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1709.89px;left:581.44px;white-space:nowrap">realized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1709.89px;left:1186.2px;white-space:nowrap">gain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1709.89px;left:1533.16px;white-space:nowrap">(loss)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1709.89px;left:1961.68px;letter-spacing:49.7px;white-space:nowrap">.................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1709.89px;left:7640.2px;white-space:nowrap">1,436,769</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1709.89px;left:9279.22px;white-space:nowrap">12,245,086</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1912.38px;left:288px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1912.38px;left:581.44px;white-space:nowrap">change
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1912.38px;left:1150.81px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1912.38px;left:1319.8px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1912.38px;left:2102.53px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1912.38px;left:3018.7px;white-space:nowrap">(depreciation)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1912.38px;left:4016.76px;letter-spacing:50.3px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1912.38px;left:7640.2px;white-space:nowrap">6,371,884</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1912.38px;left:9291.09px;letter-spacing:-1.19px;white-space:nowrap">11,893,724</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2143.86px;left:576px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2143.86px;left:869.44px;white-space:nowrap">increase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2143.86px;left:1518.66px;white-space:nowrap">(decrease)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2143.86px;left:2327.88px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2143.86px;left:2496.86px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2143.86px;left:2763.73px;white-space:nowrap">assets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2143.86px;left:3270.61px;white-space:nowrap">resulting
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2143.86px;left:3919.83px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2143.86px;left:4284.28px;white-space:nowrap">operations</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2143.86px;left:5044.31px;letter-spacing:51.22px;white-space:nowrap">................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2143.86px;left:7640.2px;white-space:nowrap">8,594,447</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2143.86px;left:9279.22px;white-space:nowrap">28,523,054</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2375.35px;left:144px;white-space:nowrap">Distributions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2375.35px;left:1068.77px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2375.35px;left:1246.66px;white-space:nowrap">shareholders</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2375.35px;left:2241.91px;letter-spacing:49.75px;white-space:nowrap">..............................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2375.35px;left:7533.64px;white-space:nowrap">(7,774,466)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2375.35px;left:9184.53px;letter-spacing:-0.99px;white-space:nowrap">(11,273,471)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2659.29px;left:144px;white-space:nowrap">Capital
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2659.29px;left:686.5px;white-space:nowrap">share
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2659.29px;left:1131.19px;white-space:nowrap">transactions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2659.29px;left:2038.3px;white-space:nowrap">(Note
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2659.29px;left:2474px;white-space:nowrap">2</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2659.29px;left:2562.98px;white-space:nowrap">)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2659.29px;left:2616.27px;letter-spacing:49.82px;white-space:nowrap">..........................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2659.29px;left:7533.64px;white-space:nowrap">(3,074,658)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2659.29px;left:9261.64px;white-space:nowrap">(4,521,710)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2943.23px;left:576px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2943.23px;left:869.44px;white-space:nowrap">increase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2943.23px;left:1518.66px;white-space:nowrap">(decrease)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2943.23px;left:2327.88px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2943.23px;left:2496.86px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2943.23px;left:2763.73px;white-space:nowrap">assets</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2943.23px;left:3269.46px;letter-spacing:49.99px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2943.23px;left:7533.64px;white-space:nowrap">(2,254,677)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2943.23px;left:9279.22px;white-space:nowrap">12,727,873</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3145.71px;left:0px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3145.71px;left:293.44px;white-space:nowrap">assets:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3348.2px;left:144px;white-space:nowrap">Beginning
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3348.2px;left:900.17px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3348.2px;left:1078.06px;white-space:nowrap">period</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3348.2px;left:1588.02px;letter-spacing:49.64px;white-space:nowrap">.....................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3348.2px;left:7462.23px;white-space:nowrap">226,224,607</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3348.2px;left:9190.23px;white-space:nowrap">213,496,734</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3579.68px;left:144px;white-space:nowrap">End
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3579.68px;left:473.14px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3579.68px;left:651.03px;white-space:nowrap">period</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3579.68px;left:1120.96px;letter-spacing:49.58px;white-space:nowrap">..........................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3579.68px;left:7373.25px;white-space:nowrap">$223,969,930</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3579.68px;left:9101.25px;white-space:nowrap">$226,224,607</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:967.50px;width:742.50px;transform-origin:top left;transform:scale(1.25,1.25)">

<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:130px;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:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:956.09px;letter-spacing:10.67px;white-space:nowrap">Emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1814.95px;letter-spacing:10.5px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2581.58px;letter-spacing:9px;white-space:nowrap">Fund</div></div>
</div>

<div style="height:55.43px;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 style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:4020.64px;white-space:nowrap">(unaudited)</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:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">14</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:130px;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:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:729.38px;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:611.16px;left:0px;position:absolute;top:0px;transform:translate(36.000px,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: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, Helvetica, 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, Helvetica, 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, Helvetica, 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, Helvetica, 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, Helvetica, 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, Helvetica, 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, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:0px;letter-spacing:-2px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:880.49px;white-space:nowrap">Emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:1700.86px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:2390.98px;white-space:nowrap">Fund&#160;(Fund)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:3431.43px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:0px;white-space:nowrap">registered&#160;under
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:1360.81px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:1661.04px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:2591.46px;white-space:nowrap">Company
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:3401.89px;white-space:nowrap">Act
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:3711.97px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:3912.1px;white-space:nowrap">1940
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:844px;left:0px;white-space:nowrap">(1940 </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:844px;left:500.45px;white-space:nowrap">Act)
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:-22.54px;left:7859.96px;white-space:nowrap">When-Issued,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:237.46px;left:7458.25px;white-space:nowrap">Delivery
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:237.46px;left:8250.44px;white-space:nowrap">Basis</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11401.92px;left:5620.17px;white-space:nowrap">party
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11401.92px;left:6070.34px;letter-spacing:-0.99px;white-space:nowrap">borrower.
</div></div> </div>

<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, Helvetica, 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, Helvetica, 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, Helvetica, 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, Helvetica, 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, Helvetica, 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, Helvetica, 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, Helvetica, 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, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:0px;white-space:nowrap">a.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:211.25px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:1087.58px;white-space:nowrap">Instrument
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:2122.1px;letter-spacing:-0.87px;white-space:nowrap">Valuation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:682.94px;left:3019.5px;white-space:nowrap">(continued)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:967.50px;width:742.50px;transform-origin:top left;transform:scale(1.25,1.25)">

<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:130px;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:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:956.09px;letter-spacing:10.67px;white-space:nowrap">Emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1814.95px;letter-spacing:10.5px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2581.58px;letter-spacing:9px;white-space:nowrap">Fund</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;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:130px;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:130px;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:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1647.53px;letter-spacing:9.16px;white-space:nowrap">Statements
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:2678.75px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</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:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">16</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:130px;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:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:729.38px;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="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, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:609.54px;left:0px;white-space:nowrap">e.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:609.54px;left:211.25px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:609.54px;left:929.22px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:609.54px;left:1319.79px;white-space:nowrap">Deferred
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:609.54px;left:2154.01px;letter-spacing:-2.82px;white-space:nowrap">Taxes</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:940px;left:0px;white-space:nowrap">It </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:940px;left:150.03px;white-space:nowrap">is&#160;the&#160;Fund&#39;s
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:940px;left:1214.91px;white-space:nowrap">policy
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:940px;left:1725.12px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:940px;left:1925.24px;white-space:nowrap">qualify
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:940px;left:2495.57px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:940px;left:2735.68px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:940px;left:2885.8px;white-space:nowrap">regulated
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:940px;left:3686.4px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1190px;left:0px;white-space:nowrap">company
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1190px;left:780.38px;white-space:nowrap">under
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1190px;left:1290.76px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1190px;left:1591px;white-space:nowrap">Internal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1190px;left:2241.39px;white-space:nowrap">Revenue
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1190px;left:3011.92px;letter-spacing:-0.22px;white-space:nowrap">Code.&#160;The&#160;Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1440px;left:0px;white-space:nowrap">intends
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1440px;left:630.44px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1440px;left:830.57px;white-space:nowrap">distribute
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1440px;left:1610.95px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1440px;left:1811.07px;white-space:nowrap">shareholders
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1440px;left:2901.71px;white-space:nowrap">substantially
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1440px;left:3942.25px;white-space:nowrap">all
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1440px;left:4172.34px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1440px;left:4372.47px;white-space:nowrap">its
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1690px;left:0px;white-space:nowrap">taxable
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1690px;left:630.44px;white-space:nowrap">income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1690px;left:1260.7px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1690px;left:1611.04px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1690px;left:1911.27px;white-space:nowrap">realized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1690px;left:2591.63px;white-space:nowrap">gains
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1690px;left:3071.95px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1690px;left:3272.08px;white-space:nowrap">relieve
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1690px;left:3852.33px;white-space:nowrap">it
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1690px;left:3992.34px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1940px;left:0px;white-space:nowrap">federal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1940px;left:600.38px;white-space:nowrap">income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1940px;left:1230.64px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1940px;left:1580.98px;white-space:nowrap">excise
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1940px;left:2141.19px;white-space:nowrap">taxes.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1940px;left:2661.5px;white-space:nowrap">As
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1940px;left:2921.57px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1940px;left:3071.69px;white-space:nowrap">result,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1940px;left:3611.87px;white-space:nowrap">no
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1940px;left:3862.09px;white-space:nowrap">provision
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1940px;left:4632.45px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2190px;left:0px;white-space:nowrap">U.S. </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2190px;left:400.08px;white-space:nowrap">federal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2190px;left:1000.46px;white-space:nowrap">income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2190px;left:1630.72px;white-space:nowrap">taxes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2190px;left:2110.96px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2190px;left:2290.96px;white-space:nowrap">required.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2620px;left:0px;white-space:nowrap">The&#160;Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2620px;left:820.46px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2620px;left:1210.52px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2620px;left:1460.74px;white-space:nowrap">subject
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2620px;left:2081.07px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2620px;left:2281.2px;white-space:nowrap">foreign
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2620px;left:2881.58px;white-space:nowrap">taxation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2620px;left:3562.03px;white-space:nowrap">related
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2620px;left:4162.41px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2870px;left:0px;white-space:nowrap">income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2870px;left:630.26px;white-space:nowrap">received,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2870px;left:1410.64px;white-space:nowrap">capital
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2870px;left:1980.97px;white-space:nowrap">gains
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2870px;left:2461.29px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2870px;left:2711.51px;white-space:nowrap">the
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:7651.23px;white-space:nowrap">accounts
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9396.64px;left:9362.46px;white-space:nowrap">this
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9646.64px;left:5220px;white-space:nowrap">would
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9646.64px;left:5740.31px;white-space:nowrap">involve
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9646.64px;left:6350.63px;white-space:nowrap">future
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9646.64px;left:6860.92px;white-space:nowrap">claims
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9646.64px;left:7420.96px;white-space:nowrap">that
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9646.64px;left:7771.2px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9646.64px;left:8161.26px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9646.64px;left:8411.48px;white-space:nowrap">made
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9646.64px;left:8911.76px;white-space:nowrap">against
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9896.64px;left:5220px;white-space:nowrap">the&#160;Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9896.64px;left:5980.52px;white-space:nowrap">that
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9896.64px;left:6330.76px;white-space:nowrap">have
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9896.64px;left:6771.09px;white-space:nowrap">not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9896.64px;left:7071.33px;white-space:nowrap">yet
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9896.64px;left:7361.46px;white-space:nowrap">occurred.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9896.64px;left:8161.79px;letter-spacing:-1.21px;white-space:nowrap">Currently,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9896.64px;left:8978.64px;white-space:nowrap">the&#160;Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10146.64px;left:5220px;white-space:nowrap">expects
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10146.64px;left:5890.34px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10146.64px;left:6190.58px;white-space:nowrap">risk
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10146.64px;left:6520.52px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10146.64px;left:6720.64px;white-space:nowrap">loss
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10146.64px;left:7090.75px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10146.64px;left:7290.88px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10146.64px;left:7541.1px;white-space:nowrap">remote.</div></div>
</div>

<div style="height:35.88px;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:337.61px;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, Helvetica, 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, Helvetica, 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, Helvetica, 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, Helvetica, 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, Helvetica, 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, Helvetica, 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, Helvetica, sans-serif;font-size:160px;position:absolute;top:202.14px;left:0px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:967.50px;width:742.50px;transform-origin:top left;transform:scale(1.25,1.25)">

<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:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7098.2px;letter-spacing:10.57px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8054.3px;letter-spacing:10.67px;white-space:nowrap">Emerging
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8913.16px;letter-spacing:10.5px;white-space:nowrap">Markets
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;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:130px;text-transform:uppercase;position:absolute;top:178.59px;left:6428.83px;letter-spacing:10px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:6987px;letter-spacing:7.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7239.48px;letter-spacing:10.32px;white-space:nowrap">Financial
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8076.36px;letter-spacing:9.16px;white-space:nowrap">Statements
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9107.58px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</div></div>
</div>

<div style="height: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:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">17</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:130px;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:130px;position:absolute;top:121.31px;left:5369.08px;white-space:nowrap">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;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)">
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<div style="background-image:url(data:image/png;base64,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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,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-0.89px;white-space:nowrap">2.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-3.43px;white-space:nowrap">Shares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:905.02px;letter-spacing:-2.67px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1137.36px;text-rendering:optimizeLegibility;letter-spacing:-3.27px;white-space:nowrap">Beneficial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:2097.75px;letter-spacing:-3.5px;white-space:nowrap">Interest</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:220.08px;white-space:nowrap">February
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:990.35px;white-space:nowrap">28,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:1290.59px;white-space:nowrap">2025,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:1791.04px;white-space:nowrap">there
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:2251.32px;white-space:nowrap">were
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:2691.47px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:2941.7px;white-space:nowrap">unlimited
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:3712.06px;white-space:nowrap">number
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:4372.38px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:4572.51px;white-space:nowrap">shares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:5162.78px;white-space:nowrap">authorized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:6053.38px;white-space:nowrap">(without
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:6733.65px;white-space:nowrap">par
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:7043.82px;white-space:nowrap">value).
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:7634.09px;white-space:nowrap">During
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:8214.35px;white-space:nowrap">the&#160;periods
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:9154.95px;white-space:nowrap">ended
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:0px;white-space:nowrap">February
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:769.96px;white-space:nowrap">28,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:1069.87px;letter-spacing:-0.66px;white-space:nowrap">2025&#160;and&#160;August
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:2470.16px;white-space:nowrap">31,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:2770.08px;white-space:nowrap">2024,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:3270.21px;white-space:nowrap">there
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:3730.18px;white-space:nowrap">were
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:4170.01px;white-space:nowrap">no
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:4419.92px;white-space:nowrap">shares
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:5859.67px;white-space:nowrap">reinvested
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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:8189.84px;text-rendering:optimizeLegibility;white-space:nowrap">satisfied
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:8899.86px;white-space:nowrap">with
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:9269.65px;white-space:nowrap">previously
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:844px;left:0px;white-space:nowrap">issued </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:844px;left:570.32px;white-space:nowrap">shares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:844px;left:1160.6px;white-space:nowrap">purchased
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:844px;left:2241.3px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:844px;left:2541.53px;white-space:nowrap">open
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:844px;left:2991.97px;white-space:nowrap">market.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1274px;left:0px;white-space:nowrap">Under </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1274px;left:540.26px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1274px;left:840.5px;white-space:nowrap">Board
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1274px;left:1370.83px;white-space:nowrap">approved
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1274px;left:2171.43px;white-space:nowrap">open-market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1274px;left:3231.91px;white-space:nowrap">share
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1274px;left:3732.19px;white-space:nowrap">repurchase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1274px;left:4682.72px;white-space:nowrap">program,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1274px;left:5453px;white-space:nowrap">the
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1274px;left:6213.52px;white-space:nowrap">may
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1274px;left:7444.07px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1274px;left:7854.08px;white-space:nowrap">time
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1274px;left:8244.14px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1274px;left:8444.27px;white-space:nowrap">time,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1274px;left:8884.34px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1274px;left:9344.62px;white-space:nowrap">shares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1274px;left:9934.89px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1524px;left:0px;white-space:nowrap">open-market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1524px;left:1060.49px;white-space:nowrap">transactions,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1524px;left:2131px;white-space:nowrap">at </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1524px;left:2331.12px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1524px;left:2631.36px;white-space:nowrap">discretion
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1524px;left:3451.73px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1524px;left:3651.86px;white-space:nowrap">management.&#160;Since
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1524px;left:5302.79px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1524px;left:5603.03px;white-space:nowrap">inception
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1524px;left:6373.56px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1524px;left:6573.69px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1524px;left:6873.93px;white-space:nowrap">program,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1524px;left:7644.2px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1524px;left:7944.43px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1524px;left:8404.72px;white-space:nowrap">has
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1524px;left:8744.94px;white-space:nowrap">repurchased
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1524px;left:9795.59px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1774px;left:0px;white-space:nowrap">total </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1774px;left:390.23px;white-space:nowrap">of&#160;3,054,373&#160;shares.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1774px;left:2078.17px;letter-spacing:-0.51px;white-space:nowrap">Transactions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1774px;left:3151.93px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1774px;left:3342.04px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1774px;left:3642.28px;white-space:nowrap">Fund&#39;s
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1774px;left:4226.92px;white-space:nowrap">shares
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1774px;left:5257.35px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1774px;left:5497.47px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4044.46px;left:0px;letter-spacing:-0.89px;white-space:nowrap">3.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4044.46px;left:210.36px;letter-spacing:-4.54px;white-space:nowrap">Transactions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4044.46px;left:1447.72px;letter-spacing:-3.2px;white-space:nowrap">with
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4044.46px;left:1875.77px;text-rendering:optimizeLegibility;letter-spacing:-2.8px;white-space:nowrap">Affiliates</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4412.2px;left:0px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4412.2px;left:690.21px;white-space:nowrap">Resources,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4412.2px;left:1650.59px;white-space:nowrap">Inc.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4412.2px;left:1990.72px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4412.2px;left:2170.72px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4412.2px;left:2470.96px;white-space:nowrap">holding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4412.2px;left:3101.48px;white-space:nowrap">company
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4412.2px;left:3881.87px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4412.2px;left:4141.93px;white-space:nowrap">various
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4412.2px;left:4772.2px;white-space:nowrap">subsidiaries
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4412.2px;left:5772.66px;white-space:nowrap">that
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4412.2px;left:6122.9px;white-space:nowrap">together
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4412.2px;left:6833.41px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4412.2px;left:7143.57px;white-space:nowrap">referred
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4412.2px;left:7823.85px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4412.2px;left:8023.97px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4412.2px;left:8264.09px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4412.2px;left:8951.04px;letter-spacing:-1.81px;white-space:nowrap">Templeton.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4662.2px;left:0px;white-space:nowrap">Certain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4662.2px;left:630.26px;text-rendering:optimizeLegibility;white-space:nowrap">officers
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4662.2px;left:1255.96px;white-space:nowrap">and&#160;trustees
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4662.2px;left:2296.58px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4662.2px;left:2496.71px;white-space:nowrap">the&#160;Fund&#160;are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4662.2px;left:3567.39px;white-space:nowrap">also
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4662.2px;left:3947.61px;text-rendering:optimizeLegibility;white-space:nowrap">officers
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4662.2px;left:4573.3px;white-space:nowrap">and/or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4662.2px;left:5133.69px;white-space:nowrap">directors
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4662.2px;left:5873.91px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4662.2px;left:6074.03px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4662.2px;left:6374.27px;white-space:nowrap">following
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4662.2px;left:7124.68px;white-space:nowrap">subsidiaries:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:6456.67px;left:0px;white-space:nowrap">a.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:6456.67px;left:211.25px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:6456.67px;left:1425.37px;white-space:nowrap">Fees</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6787.13px;left:0px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6787.13px;left:360.18px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6787.13px;left:820.46px;white-space:nowrap">pays
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6787.13px;left:1250.68px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6787.13px;left:1500.91px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6787.13px;left:2421.3px;white-space:nowrap">management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6787.13px;left:3521.95px;white-space:nowrap">fee,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6787.13px;left:3872.2px;white-space:nowrap">calculated&#160;daily
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6787.13px;left:5152.94px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6787.13px;left:5503.27px;white-space:nowrap">paid
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6787.13px;left:5893.59px;letter-spacing:-1.48px;white-space:nowrap">monthly,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6787.13px;left:6610.52px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6787.13px;left:6807.39px;letter-spacing:-4.01px;white-space:nowrap">TAML
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6787.13px;left:7317.42px;white-space:nowrap">based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6787.13px;left:7857.86px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6787.13px;left:8108.09px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6787.13px;left:8408.32px;white-space:nowrap">average&#160;daily
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6787.13px;left:9529.01px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7037.13px;left:0px;white-space:nowrap">assets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7037.13px;left:570.23px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7037.13px;left:770.36px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7037.13px;left:1070.6px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7037.13px;left:1530.88px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7037.13px;left:1771px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8758.07px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Effective&#160;March
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8758.07px;left:1286.54px;white-space:nowrap">1,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8758.07px;left:1486.67px;white-space:nowrap">2025,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8758.07px;left:1987.12px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8758.07px;left:2287.35px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8758.07px;left:2747.64px;white-space:nowrap">will
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8758.07px;left:3047.61px;white-space:nowrap">pay
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8758.07px;left:3387.83px;white-space:nowrap">fees,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8758.07px;left:3828.08px;white-space:nowrap">calculated
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8758.07px;left:4688.61px;white-space:nowrap">daily
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8758.07px;left:5108.82px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8758.07px;left:5459.15px;white-space:nowrap">paid
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8758.07px;left:5849.47px;letter-spacing:-1.48px;white-space:nowrap">monthly,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8758.07px;left:6566.4px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8758.07px;left:6763.27px;letter-spacing:-4.01px;white-space:nowrap">TAML
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8758.07px;left:7273.3px;white-space:nowrap">based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8758.07px;left:7813.74px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8758.07px;left:8063.96px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8758.07px;left:8364.2px;white-space:nowrap">average
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8758.07px;left:9064.69px;white-space:nowrap">daily
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8758.07px;left:9484.89px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9008.07px;left:0px;white-space:nowrap">assets&#160;of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9008.07px;left:770.36px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9008.07px;left:1070.6px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9008.07px;left:1530.88px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9008.07px;left:1771px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10729.01px;left:0px;white-space:nowrap">For
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10729.01px;left:320.01px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10729.01px;left:620.24px;white-space:nowrap">period
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10729.01px;left:1170.62px;white-space:nowrap">ended
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10729.01px;left:1721.16px;white-space:nowrap">February
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10729.01px;left:2491.44px;white-space:nowrap">28,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10729.01px;left:2791.67px;white-space:nowrap">2025,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10729.01px;left:3292.12px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10729.01px;left:3592.35px;white-space:nowrap">annualized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10729.01px;left:4513.1px;white-space:nowrap">gross
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10729.01px;left:5003.26px;text-rendering:optimizeLegibility;white-space:nowrap">effective
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10729.01px;left:5719.75px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10729.01px;left:6640.14px;white-space:nowrap">management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10729.01px;left:7740.79px;white-space:nowrap">fee
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10729.01px;left:8041.03px;white-space:nowrap">rate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10729.01px;left:8401.2px;white-space:nowrap">was&#160;1.100%
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10729.01px;left:9431.81px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10729.01px;left:9631.93px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10979.01px;left:0px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10979.01px;left:587.02px;white-space:nowrap">average&#160;daily
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10979.01px;left:1707.71px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10979.01px;left:2007.95px;white-space:nowrap">assets.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11409.01px;left:0px;white-space:nowrap">Under
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11409.01px;left:540.26px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11409.01px;left:690.38px;white-space:nowrap">subadvisory
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11409.01px;left:1700.86px;white-space:nowrap">agreement,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11409.01px;left:2661.42px;white-space:nowrap">FTIML,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11409.01px;left:3281.4px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11409.01px;left:3531.62px;text-rendering:optimizeLegibility;white-space:nowrap">affiliate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11409.01px;left:4147.47px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11409.01px;left:4344.35px;letter-spacing:-2.23px;white-space:nowrap">TAML,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11409.01px;left:4911.06px;white-space:nowrap">provides
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11409.01px;left:5641.44px;white-space:nowrap">subadvisory
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11409.01px;left:6651.91px;white-space:nowrap">services
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11409.01px;left:7362.07px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11409.01px;left:7562.2px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11409.01px;left:7862.43px;white-space:nowrap">Fund.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11409.01px;left:8369.47px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11409.01px;left:8729.65px;white-space:nowrap">subadvisory
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11409.01px;left:9740.13px;white-space:nowrap">fee
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11659.01px;left:0px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11659.01px;left:180px;white-space:nowrap">paid
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11659.01px;left:570.32px;white-space:nowrap">by
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11659.01px;left:807.19px;letter-spacing:-4.01px;white-space:nowrap">TAML
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11659.01px;left:1317.22px;white-space:nowrap">based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11659.01px;left:1857.66px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11659.01px;left:2107.88px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11659.01px;left:2408.12px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11659.01px;left:2992.76px;white-space:nowrap">average
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11659.01px;left:3693.25px;white-space:nowrap">daily
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11659.01px;left:4113.46px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11659.01px;left:4413.69px;white-space:nowrap">assets,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11659.01px;left:5033.94px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11659.01px;left:5384.27px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11659.01px;left:5564.27px;white-space:nowrap">not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11659.01px;left:5864.5px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11659.01px;left:6114.73px;white-space:nowrap">additional
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11659.01px;left:6935.36px;white-space:nowrap">expense
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11659.01px;left:7665.91px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11659.01px;left:7866.04px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11659.01px;left:8166.27px;white-space:nowrap">Fund.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11659.01px;left:8673.31px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11659.01px;left:9033.49px;white-space:nowrap">subadvisory
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11909.01px;left:0px;white-space:nowrap">fee
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11909.01px;left:300.23px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11909.01px;left:480.23px;white-space:nowrap">equal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11909.01px;left:970.66px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11909.01px;left:1170.79px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11909.01px;left:1421.02px;white-space:nowrap">annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11909.01px;left:2011.55px;white-space:nowrap">rate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11909.01px;left:2371.73px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11909.01px;left:2571.86px;white-space:nowrap">50%
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11909.01px;left:2982.13px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11909.01px;left:3182.26px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11909.01px;left:3482.49px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11909.01px;left:3782.72px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11909.01px;left:4703.12px;white-space:nowrap">advisory
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11909.01px;left:5423.38px;white-space:nowrap">fee.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11909.01px;left:5773.62px;white-space:nowrap">For
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11909.01px;left:6093.63px;white-space:nowrap">purposes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11909.01px;left:6884.12px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11909.01px;left:7084.25px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11909.01px;left:7384.48px;white-space:nowrap">subadvisory
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11909.01px;left:8394.96px;white-space:nowrap">agreement,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11909.01px;left:9355.52px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11909.01px;left:9655.75px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2239.42px;left:3986.64px;white-space:nowrap">Six
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2239.42px;left:4271.25px;white-space:nowrap">Months
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2239.42px;left:4884.45px;white-space:nowrap">Ended</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2431.42px;left:4004.02px;white-space:nowrap">February
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2431.42px;left:4733.16px;white-space:nowrap">28,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2431.42px;left:5000.04px;white-space:nowrap">2025</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2239.42px;left:6404.26px;letter-spacing:-1.77px;white-space:nowrap">Year
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2239.42px;left:6786.84px;white-space:nowrap">Ended</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2431.42px;left:6230.86px;white-space:nowrap">August
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2431.42px;left:6826.33px;white-space:nowrap">31,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2431.42px;left:7093.2px;white-space:nowrap">2024</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2691.91px;left:3873.16px;white-space:nowrap">Shares</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2691.91px;left:4917.85px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2691.91px;left:6033.16px;white-space:nowrap">Shares</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2691.91px;left:7077.85px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3033.85px;left:0px;white-space:nowrap">Shares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3033.85px;left:551.41px;white-space:nowrap">repurchased</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3033.85px;left:1494.61px;letter-spacing:49.02px;white-space:nowrap">......................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3033.85px;left:4101.64px;white-space:nowrap">244,387</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3033.85px;left:4959.22px;white-space:nowrap">$3,074,658</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3033.85px;left:6261.64px;white-space:nowrap">387,907</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3033.85px;left:7119.22px;white-space:nowrap">$4,521,710</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3294.33px;left:0px;letter-spacing:-0.32px;white-space:nowrap">Weighted
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3294.33px;left:717.5px;white-space:nowrap">average
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3294.33px;left:1340.16px;white-space:nowrap">discount
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3294.33px;left:1980.55px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3294.33px;left:2158.44px;white-space:nowrap">cost
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3294.33px;left:2496.33px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3294.33px;left:2674.22px;white-space:nowrap">repurchase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3486.33px;left:144px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3486.33px;left:321.89px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3486.33px;left:588.77px;white-space:nowrap">asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3486.33px;left:1015.64px;white-space:nowrap">value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3486.33px;left:1442.59px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3486.33px;left:1620.48px;white-space:nowrap">shares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3486.33px;left:2145.17px;white-space:nowrap">repurchased</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3486.33px;left:3082.63px;letter-spacing:49.23px;white-space:nowrap">.....</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3486.33px;left:5229.22px;letter-spacing:-1.98px;white-space:nowrap">15.11%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3486.33px;left:7377.34px;white-space:nowrap">14.47%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5135.61px;left:0px;white-space:nowrap">Subsidiary</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5135.61px;left:5040px;text-rendering:optimizeLegibility;white-space:nowrap">Affiliation</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5412.1px;left:0px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5412.1px;left:773.83px;white-space:nowrap">Asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5412.1px;left:1218.44px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5412.1px;left:2196.8px;white-space:nowrap">Ltd.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5412.1px;left:2508.13px;letter-spacing:-1.98px;white-space:nowrap">(TAML)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5412.1px;left:5040px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5412.1px;left:5867.03px;white-space:nowrap">manager</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5688.58px;left:0px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5688.58px;left:610.63px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5688.58px;left:1393.28px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5688.58px;left:2220.31px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5688.58px;left:3198.67px;white-space:nowrap">Ltd.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5688.58px;left:3510px;white-space:nowrap">(FTIML)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5688.58px;left:5040px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5688.58px;left:5867.03px;white-space:nowrap">manager</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5965.07px;left:0px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5965.07px;left:610.63px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5965.07px;left:1393.28px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5965.07px;left:2095.7px;white-space:nowrap">LLC
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5965.07px;left:2433.67px;letter-spacing:-0.72px;white-space:nowrap">(FT
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5965.07px;left:2723.98px;white-space:nowrap">Services)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5965.07px;left:5040px;white-space:nowrap">Administrative
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5965.07px;left:6089.22px;white-space:nowrap">manager</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7510.55px;left:0px;white-space:nowrap">Annualized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7510.55px;left:897.81px;white-space:nowrap">Fee
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7510.55px;left:1217.97px;white-space:nowrap">Rate</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7510.55px;left:5040px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7510.55px;left:5336.33px;white-space:nowrap">Assets</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7787.04px;left:0px;white-space:nowrap">1.100%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7787.04px;left:5040px;white-space:nowrap">Up
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7787.04px;left:5288.98px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7787.04px;left:5466.88px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7787.04px;left:5778.28px;white-space:nowrap">including
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7787.04px;left:6454.3px;white-space:nowrap">$1
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7787.04px;left:6676.72px;white-space:nowrap">billion</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8063.52px;left:0px;white-space:nowrap">1.050%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8063.52px;left:5040px;white-space:nowrap">Over
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8063.52px;left:5431.17px;white-space:nowrap">$1
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8063.52px;left:5653.59px;white-space:nowrap">billion,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8063.52px;left:6151.64px;white-space:nowrap">up
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8063.52px;left:6374.06px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8063.52px;left:6551.95px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8063.52px;left:6863.36px;white-space:nowrap">including
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8063.52px;left:7539.38px;white-space:nowrap">$2
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8063.52px;left:7761.8px;white-space:nowrap">billion</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8340.01px;left:0px;white-space:nowrap">1.000%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8340.01px;left:5040px;white-space:nowrap">In
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8340.01px;left:5217.89px;white-space:nowrap">excess
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8340.01px;left:5760.31px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8340.01px;left:5938.2px;white-space:nowrap">$2
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8340.01px;left:6160.63px;white-space:nowrap">billion</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9481.49px;left:0px;white-space:nowrap">Annualized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9481.49px;left:897.81px;white-space:nowrap">Fee
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9481.49px;left:1217.97px;white-space:nowrap">Rate</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9481.49px;left:5040px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9481.49px;left:5336.33px;white-space:nowrap">Assets</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9757.97px;left:0px;white-space:nowrap">1.050%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9757.97px;left:5040px;white-space:nowrap">Up
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9757.97px;left:5288.98px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9757.97px;left:5466.88px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9757.97px;left:5778.28px;white-space:nowrap">including
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9757.97px;left:6454.3px;white-space:nowrap">$1
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9757.97px;left:6676.72px;white-space:nowrap">billion</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10034.46px;left:0px;white-space:nowrap">1.000%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10034.46px;left:5040px;white-space:nowrap">Over
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10034.46px;left:5431.17px;white-space:nowrap">$1
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10034.46px;left:5653.59px;white-space:nowrap">billion,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10034.46px;left:6151.64px;white-space:nowrap">up
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10034.46px;left:6374.06px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10034.46px;left:6551.95px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10034.46px;left:6863.36px;white-space:nowrap">including
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10034.46px;left:7539.38px;white-space:nowrap">$2
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10034.46px;left:7761.8px;white-space:nowrap">billion</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10310.94px;left:0px;white-space:nowrap">0.950%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10310.94px;left:5040px;white-space:nowrap">In
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10310.94px;left:5217.89px;white-space:nowrap">excess
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10310.94px;left:5760.31px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10310.94px;left:5938.2px;white-space:nowrap">$2
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10310.94px;left:6160.63px;white-space:nowrap">billion</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:967.50px;width:742.50px;transform-origin:top left;transform:scale(1.25,1.25)">

<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:130px;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:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:956.09px;letter-spacing:10.67px;white-space:nowrap">Emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1814.95px;letter-spacing:10.5px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2581.58px;letter-spacing:9px;white-space:nowrap">Fund</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;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:130px;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:130px;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:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1647.53px;letter-spacing:9.16px;white-space:nowrap">Statements
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:2678.75px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</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:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">18</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:130px;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:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:729.38px;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">

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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:511.15px">

<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, Helvetica, sans-serif;font-size:180px;position:absolute;top:748px;left:0px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:748px;left:920.39px;white-space:nowrap">advisory
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:748px;left:1640.65px;white-space:nowrap">fee
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:748px;left:1940.89px;white-space:nowrap">equals
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:748px;left:2521.32px;white-space:nowrap">(i)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:748px;left:2731.2px;white-space:nowrap">96%
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:748px;left:3141.47px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:748px;left:3341.6px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:748px;left:3591.83px;white-space:nowrap">amount
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:748px;left:4242.22px;white-space:nowrap">equal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:748px;left:4732.65px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:748px;left:4932.77px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:748px;left:5233.01px;white-space:nowrap">total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:748px;left:5623.24px;white-space:nowrap">management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:748px;left:6723.9px;white-space:nowrap">fees
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:748px;left:7114.13px;white-space:nowrap">payable
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:748px;left:7794.67px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:748px;left:7991.54px;letter-spacing:-2.23px;white-space:nowrap">TAML,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:748px;left:8558.26px;white-space:nowrap">minus
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:748px;left:9088.42px;white-space:nowrap">any
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:748px;left:9428.64px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:998px;left:0px;white-space:nowrap">fees </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:998px;left:390.23px;white-space:nowrap">and/or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:998px;left:950.63px;white-space:nowrap">expenses
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:998px;left:1771.17px;white-space:nowrap">waived
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:998px;left:2381.48px;white-space:nowrap">or
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5321px;left:2835.36px;white-space:nowrap">at</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5705px;left:2543.72px;white-space:nowrap">Period</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5705px;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:5705px;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:5513px;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:5513px;left:5899.28px;white-space:nowrap">Gain
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5129px;left:6388.97px;white-space:nowrap">Net
</div>

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</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5513px;left:6469.13px;white-space:nowrap">Appreciation
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5705px;left:6388.97px;white-space:nowrap">(Depreciation)</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5705px;left:7942.72px;white-space:nowrap">Period</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5129px;left:8631.06px;white-space:nowrap">Number
</div>

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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5705px;left:8878.72px;white-space:nowrap">Period</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5513px;left:9530.34px;white-space:nowrap">Investment
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5705px;left:9763.63px;white-space:nowrap">Income</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6052.76px;left:690.23px;white-space:nowrap">Emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6052.76px;left:1331.8px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6052.76px;left:1864.14px;white-space:nowrap">Fund</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6313.25px;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:6313.25px;left:986.33px;text-rendering:optimizeLegibility;white-space:nowrap">Affiliates</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6541.73px;left:9646.91px;white-space:nowrap">Dividends</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6802.22px;left:0px;white-space:nowrap">Institutional
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6802.22px;left:700.31px;white-space:nowrap">Fiduciary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6802.22px;left:1266.8px;letter-spacing:-0.79px;white-space:nowrap">Trust
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6802.22px;left:1597.42px;white-space:nowrap">-
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6994.22px;left:0px;white-space:nowrap">Money
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6994.22px;left:430.31px;white-space:nowrap">Market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6994.22px;left:867.81px;white-space:nowrap">Portfolio,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6994.22px;left:1422.11px;white-space:nowrap">4.06%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6994.22px;left:1794.33px;letter-spacing:64.22px;white-space:nowrap">.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6994.22px;left:2222.31px;white-space:nowrap">$13,057,834</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6994.22px;left:3316.31px;white-space:nowrap">$15,597,258</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6994.22px;left:4365.97px;white-space:nowrap">$(19,249,766)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6994.22px;left:5986.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6994.22px;left:7066.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6994.22px;left:7694.28px;white-space:nowrap">$9,405,326</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6994.22px;left:8656.25px;letter-spacing:0px;white-space:nowrap">9,405,326</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6994.22px;left:9675.73px;white-space:nowrap">$226,838</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7341.98px;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:7341.98px;left:986.33px;text-rendering:optimizeLegibility;white-space:nowrap">Affiliates</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7570.47px;left:9493.78px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7570.47px;left:9960.58px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7762.47px;left:9668.78px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7954.47px;left:9829.02px;white-space:nowrap">loaned</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8214.95px;left:0px;white-space:nowrap">Institutional
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8214.95px;left:700.31px;white-space:nowrap">Fiduciary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8214.95px;left:1266.8px;letter-spacing:-0.79px;white-space:nowrap">Trust
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8214.95px;left:1597.42px;white-space:nowrap">-
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8406.95px;left:0px;white-space:nowrap">Money
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8406.95px;left:430.31px;white-space:nowrap">Market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8406.95px;left:867.81px;white-space:nowrap">Portfolio,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8406.95px;left:1422.11px;white-space:nowrap">4.06%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8406.95px;left:1794.33px;letter-spacing:64.22px;white-space:nowrap">.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8406.95px;left:2747.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8406.95px;left:3498.73px;white-space:nowrap">$539,845</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8406.95px;left:4548.39px;white-space:nowrap">$(478,105)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8406.95px;left:5986.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8406.95px;left:7066.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8406.95px;left:7876.7px;white-space:nowrap">$61,740</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8406.95px;left:8838.67px;white-space:nowrap">61,740</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8406.95px;left:9931.13px;white-space:nowrap">$287</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:8667.43px;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:8667.43px;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:8667.43px;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:8667.43px;left:1623.44px;letter-spacing:54.05px;white-space:nowrap">...</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8667.43px;left:2222.31px;white-space:nowrap">$13,057,834</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8667.43px;left:3316.31px;white-space:nowrap">$16,137,103</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8667.43px;left:4365.97px;white-space:nowrap">$(19,727,871)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8667.43px;left:5986.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8667.43px;left:7066.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8667.43px;left:7694.28px;white-space:nowrap">$9,467,066</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8667.43px;left:9675.73px;white-space:nowrap">$227,125</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10289.14px;left:0px;white-space:nowrap">Cost
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10289.14px;left:373.44px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10289.14px;left:551.33px;white-space:nowrap">investments</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10289.14px;left:1494.61px;letter-spacing:49.5px;white-space:nowrap">..........................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10289.14px;left:9101.25px;white-space:nowrap">$175,634,831</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10695.08px;left:0px;white-space:nowrap">Unrealized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10695.08px;left:809.3px;white-space:nowrap">appreciation</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10695.08px;left:1681.44px;letter-spacing:49.51px;white-space:nowrap">........................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10695.08px;left:9190.23px;white-space:nowrap">$81,098,444</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10955.57px;left:0px;white-space:nowrap">Unrealized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10955.57px;left:809.3px;white-space:nowrap">depreciation</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10955.57px;left:1681.44px;letter-spacing:49.51px;white-space:nowrap">........................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10955.57px;left:9172.66px;white-space:nowrap">(27,389,198)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11216.05px;left:0px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11216.05px;left:293.44px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11216.05px;left:1076.17px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11216.05px;left:1992.34px;white-space:nowrap">(depreciation)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11216.05px;left:2989.22px;letter-spacing:49.65px;white-space:nowrap">..........................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11216.05px;left:9190.23px;white-space:nowrap">$53,709,246</div></div>
</div>

<div style="height:42.74px;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: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, Helvetica, 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, Helvetica, 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, Helvetica, 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, Helvetica, 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, Helvetica, 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, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:0px;white-space:nowrap">a.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:211.25px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:1425.37px;white-space:nowrap">Fees
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:442.94px;left:1911.23px;white-space:nowrap">(continued)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:967.50px;width:742.50px;transform-origin:top left;transform:scale(1.25,1.25)">

<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:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7098.2px;letter-spacing:10.57px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8054.3px;letter-spacing:10.67px;white-space:nowrap">Emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8913.16px;letter-spacing:10.5px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;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:130px;text-transform:uppercase;position:absolute;top:178.59px;left:6428.83px;letter-spacing:10px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:6987px;letter-spacing:7.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7239.48px;letter-spacing:10.32px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8076.36px;letter-spacing:9.16px;white-space:nowrap">Statements
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9107.58px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</div></div>
</div>

<div style="height: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:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">19</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:130px;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:130px;position:absolute;top:121.31px;left:5369.08px;white-space:nowrap">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;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">

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Differences
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1544.8px;left:1921.11px;white-space:nowrap">investments&#160;(excluding
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1544.8px;left:6643.04px;white-space:nowrap">ended
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1544.8px;left:7193.58px;white-space:nowrap">February
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1544.8px;left:7963.86px;white-space:nowrap">28,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1544.8px;left:8264.09px;white-space:nowrap">2025,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1544.8px;left:8764.54px;white-space:nowrap">aggregated
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1794.8px;left:0px;white-space:nowrap">$16,860,460&#160;and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1794.8px;left:1401.33px;white-space:nowrap">$24,468,659,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1794.8px;left:2502.33px;letter-spacing:-0.95px;white-space:nowrap">respectively.&#160;</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2224.8px;left:6543.72px;white-space:nowrap">loaned
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2474.8px;left:0px;white-space:nowrap">$61,740
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11285.6px;left:8821.23px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11285.6px;left:9121.46px;white-space:nowrap">invasion
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11535.6px;left:0px;white-space:nowrap">could
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11535.6px;left:480.32px;white-space:nowrap">negatively
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11535.6px;left:1340.86px;white-space:nowrap">impact
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11535.6px;left:1921.03px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11535.6px;left:2221.26px;letter-spacing:-0.3px;white-space:nowrap">Fund&#8217;s
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11535.6px;left:2808.28px;white-space:nowrap">portfolio.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11535.6px;left:3545.42px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11535.6px;left:3905.6px;white-space:nowrap">extent
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11535.6px;left:4445.95px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11535.6px;left:4796.28px;white-space:nowrap">duration
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11535.6px;left:5496.77px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11535.6px;left:5696.89px;letter-spacing:-0.36px;white-space:nowrap">Russia&#8217;s
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11535.6px;left:6423.84px;white-space:nowrap">military
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11535.6px;left:7043.82px;white-space:nowrap">actions
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11535.6px;left:7664.15px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11535.6px;left:8014.48px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11535.6px;left:8314.72px;white-space:nowrap">repercussions
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11535.6px;left:9485.24px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11535.6px;left:9685.37px;white-space:nowrap">such
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11785.6px;left:0px;white-space:nowrap">actions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11785.6px;left:620.33px;white-space:nowrap">(including
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11785.6px;left:1440.79px;white-space:nowrap">any
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11785.6px;left:1781.02px;white-space:nowrap">retaliatory
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11785.6px;left:2621.34px;white-space:nowrap">actions
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11785.6px;left:3241.67px;white-space:nowrap">or
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11785.6px;left:3451.73px;white-space:nowrap">countermeasures
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11785.6px;left:4892.43px;white-space:nowrap">that
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11785.6px;left:5242.68px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11785.6px;left:5632.73px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11785.6px;left:5882.96px;white-space:nowrap">taken
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11785.6px;left:6373.3px;white-space:nowrap">by
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11785.6px;left:6613.42px;white-space:nowrap">those
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11785.6px;left:7103.76px;white-space:nowrap">subject
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11785.6px;left:7724.09px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11785.6px;left:7924.22px;white-space:nowrap">sanctions)
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11785.6px;left:8794.6px;white-space:nowrap">are
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11785.6px;left:9104.77px;white-space:nowrap">impossible
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<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)">

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-3.43px;white-space:nowrap">Income
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<div style="font-family:Arial, Helvetica, 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, Helvetica, sans-serif;font-size:160px;position:absolute;top:10.14px;left:1511.62px;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:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.57px;white-space:nowrap">Templeton
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1814.95px;letter-spacing:10.5px;white-space:nowrap">Markets
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10px;white-space:nowrap">Notes
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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>

<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:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">20</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: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:130px;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:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Semiannual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:729.38px;white-space:nowrap">Report</div></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">

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<div style="background-image:url(data:image/png;base64,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12121.09px;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:180px;position:absolute;top:344px;left:0px;white-space:nowrap">to </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:200.13px;white-space:nowrap">predict,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:840.41px;white-space:nowrap">but
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:1140.64px;white-space:nowrap">could
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:1620.97px;white-space:nowrap">result
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:2111.13px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:2301.24px;text-rendering:optimizeLegibility;white-space:nowrap">significant
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:3151.67px;white-space:nowrap">market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:3751.79px;white-space:nowrap">disruptions,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:4722.28px;white-space:nowrap">including
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:5482.79px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:5672.9px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:5973.13px;white-space:nowrap">oil
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:6203.23px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:6553.56px;white-space:nowrap">natural
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:7153.95px;white-space:nowrap">gas
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:7494.17px;white-space:nowrap">markets,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:8234.3px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:8584.63px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:8974.69px;white-space:nowrap">negatively
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">affect
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:486.39px;white-space:nowrap">global
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:1016.81px;white-space:nowrap">supply
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:1587.13px;white-space:nowrap">chains,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:2207.46px;text-rendering:optimizeLegibility;white-space:nowrap">inflation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:2877.89px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:3228.22px;white-space:nowrap">global
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:3758.64px;white-space:nowrap">growth.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:4395.67px;white-space:nowrap">These
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:4945.96px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:5296.29px;white-space:nowrap">any
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:5636.51px;white-space:nowrap">related
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:6236.89px;white-space:nowrap">events
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:6817.24px;white-space:nowrap">could
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3294.8px;left:1561.2px;white-space:nowrap">renewed
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3294.8px;left:4352.52px;white-space:nowrap">million
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3294.8px;left:6083.26px;white-space:nowrap">term,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3294.8px;left:6543.28px;white-space:nowrap">maturing
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3294.8px;left:7543.83px;white-space:nowrap">January
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3294.8px;left:8234.21px;white-space:nowrap">9,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3294.8px;left:8434.34px;white-space:nowrap">2026.</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3974.8px;left:1360.99px;white-space:nowrap">rate,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3974.8px;left:2361.62px;white-space:nowrap">annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3974.8px;left:4482.69px;white-space:nowrap">0.25%
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3974.8px;left:9225.53px;white-space:nowrap">0.15%
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4224.8px;left:1130.71px;white-space:nowrap">outstanding
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4224.8px;left:2111.48px;white-space:nowrap">borrowings
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4224.8px;left:3041.89px;white-space:nowrap">exceed
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4224.8px;left:3672.33px;white-space:nowrap">75%
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4224.8px;left:4582.97px;white-space:nowrap">commitment
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4224.8px;left:5613.13px;white-space:nowrap">amount.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4224.8px;left:6563.67px;white-space:nowrap">security
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4224.8px;left:7794.14px;white-space:nowrap">obligations
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4224.8px;left:9205.14px;white-space:nowrap">Fund
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4474.8px;left:510.38px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4474.8px;left:3088.21px;white-space:nowrap">granted
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4474.8px;left:3948.84px;white-space:nowrap">BNS
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4474.8px;left:4368.96px;white-space:nowrap">a
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4474.8px;left:4519.07px;white-space:nowrap">security
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4474.8px;left:5189.24px;white-space:nowrap">interest
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4474.8px;left:5829.52px;white-space:nowrap">in
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4474.8px;left:6019.63px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4474.8px;left:6319.86px;white-space:nowrap">assets
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4474.8px;left:6890.1px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4474.8px;left:7090.22px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4474.8px;left:7390.46px;white-space:nowrap">Fund.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4904.8px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4904.8px;left:220.08px;white-space:nowrap">February
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4904.8px;left:990.35px;white-space:nowrap">28,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4904.8px;left:1290.59px;white-space:nowrap">2025,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4904.8px;left:1791.04px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4904.8px;left:2091.27px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4904.8px;left:2551.55px;white-space:nowrap">had
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4904.8px;left:2901.88px;white-space:nowrap">outstanding
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4904.8px;left:3882.66px;white-space:nowrap">borrowings
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4904.8px;left:4813.07px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4904.8px;left:5013.19px;white-space:nowrap">$5,000,000,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4904.8px;left:6014.09px;white-space:nowrap">which
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4904.8px;left:6524.3px;white-space:nowrap">approximates
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4904.8px;left:7654.83px;white-space:nowrap">fair
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4904.8px;left:7954.89px;white-space:nowrap">value,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4904.8px;left:8485.22px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4904.8px;left:8835.56px;white-space:nowrap">incurred
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5154.8px;left:0px;white-space:nowrap">interest
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5154.8px;left:640.28px;white-space:nowrap">expenses
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5154.8px;left:1460.83px;white-space:nowrap">at
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5154.8px;left:1660.96px;white-space:nowrap">a
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5154.8px;left:1811.07px;white-space:nowrap">rate
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5154.8px;left:2171.25px;white-space:nowrap">equal
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5154.8px;left:2661.68px;white-space:nowrap">to
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5154.8px;left:2861.81px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5154.8px;left:3162.04px;white-space:nowrap">term
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5154.8px;left:3572.05px;white-space:nowrap">Secured
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5154.8px;left:4292.49px;white-space:nowrap">Overnight
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5154.8px;left:5122.88px;white-space:nowrap">Financing
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5154.8px;left:5953.36px;white-space:nowrap">Rate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5154.8px;left:6383.58px;white-space:nowrap">plus
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5154.8px;left:6763.8px;white-space:nowrap">1.00%.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5154.8px;left:7370.95px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5154.8px;left:7731.12px;white-space:nowrap">borrowings
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7535.6px;left:5597.43px;white-space:nowrap">instruments</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7965.6px;left:604.8px;white-space:nowrap">Level
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7965.6px;left:7648.62px;white-space:nowrap">instruments,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8215.6px;left:1605.35px;white-space:nowrap">speed,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8215.6px;left:2685.96px;white-space:nowrap">risk,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8645.6px;left:604.8px;white-space:nowrap">Level
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8645.6px;left:2235.79px;white-space:nowrap">unobservable
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9325.6px;left:5622.89px;white-space:nowrap">associated
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9755.6px;left:0px;letter-spacing:-4.97px;white-space:nowrap">A
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9755.6px;left:160.14px;white-space:nowrap">summary
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9755.6px;left:3331.49px;white-space:nowrap">28,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9755.6px;left:3631.73px;white-space:nowrap">2025,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9755.6px;left:5827.59px;white-space:nowrap">assets
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9755.6px;left:6397.82px;white-space:nowrap">carried
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9755.6px;left:7198.15px;white-space:nowrap">fair
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9755.6px;left:8028.54px;white-space:nowrap">is
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9755.6px;left:8208.54px;white-space:nowrap">as
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9755.6px;left:8448.66px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10203.58px;left:4785.42px;white-space:nowrap">Level
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10203.58px;left:5239.02px;white-space:nowrap">1</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10203.58px;left:6369.42px;white-space:nowrap">Level
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10203.58px;left:6823.02px;white-space:nowrap">2</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10203.58px;left:7953.42px;white-space:nowrap">Level
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10203.58px;left:8407.02px;white-space:nowrap">3</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10203.58px;left:9709.69px;letter-spacing:-2.37px;white-space:nowrap">Total</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10533.91px;left:0px;letter-spacing:-1.19px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10533.91px;left:841.48px;white-space:nowrap">Emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10533.91px;left:1623.83px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10533.91px;left:2273.05px;white-space:nowrap">Fund</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10744.95px;left:0px;white-space:nowrap">Assets:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10956px;left:144px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10956px;left:1051.03px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10956px;left:1220.02px;white-space:nowrap">Securities:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11152.48px;left:288px;white-space:nowrap">Common
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11152.48px;left:981.52px;white-space:nowrap">Stocks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11152.48px;left:1461.67px;white-space:nowrap">:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11348.97px;left:432px;white-space:nowrap">Brazil</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11348.97px;left:840.72px;letter-spacing:49.24px;white-space:nowrap">................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11348.97px;left:4527.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11348.97px;left:4616.2px;white-space:nowrap">6,040,913</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11348.97px;left:6663.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11348.97px;left:6752px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11348.97px;left:8247.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11348.97px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11348.97px;left:9279.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11348.97px;left:9368.2px;white-space:nowrap">6,040,913</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11545.45px;left:432px;white-space:nowrap">Cambodia</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11545.45px;left:1214.37px;letter-spacing:49.29px;white-space:nowrap">............................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11545.45px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11545.45px;left:6333.64px;white-space:nowrap">299,538</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11545.45px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11545.45px;left:9501.64px;white-space:nowrap">299,538</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11741.93px;left:432px;white-space:nowrap">Chile</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11741.93px;left:840.72px;letter-spacing:49.24px;white-space:nowrap">................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11741.93px;left:4616.2px;white-space:nowrap">2,231,885</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11741.93px;left:6752px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11741.93px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11741.93px;left:9368.2px;white-space:nowrap">2,231,885</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11938.42px;left:432px;white-space:nowrap">China</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11938.42px;left:934.13px;letter-spacing:49.25px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11938.42px;left:4616.2px;white-space:nowrap">4,639,657</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11938.42px;left:6111.22px;white-space:nowrap">51,316,853</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11938.42px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11938.42px;left:9279.22px;white-space:nowrap">55,956,510</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, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-0.89px;white-space:nowrap">6.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-3.71px;white-space:nowrap">Concentration
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1565.5px;letter-spacing:-2.67px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1797.83px;letter-spacing:-4px;white-space:nowrap">Risk</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10.14px;left:2245.55px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div></div>
</div> </div></div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9107.58px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</div></div>
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</div>

<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:130px;position:absolute;top:121.31px;left:5369.08px;white-space:nowrap">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;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,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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, Helvetica, sans-serif;font-size:180px;position:absolute;top:6311.07px;left:0px;letter-spacing:-4.97px;white-space:nowrap">A
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6311.07px;left:160.14px;white-space:nowrap">reconciliation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6311.07px;left:1260.7px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6311.07px;left:1450.81px;white-space:nowrap">which
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6311.07px;left:1961.02px;white-space:nowrap">Level
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6311.07px;left:2441.34px;white-space:nowrap">3
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6311.07px;left:2591.46px;white-space:nowrap">inputs
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6311.07px;left:3121.79px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6311.07px;left:3431.95px;white-space:nowrap">used
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6311.07px;left:3872.29px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6311.07px;left:4062.39px;white-space:nowrap">determining
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6311.07px;left:5052.92px;white-space:nowrap">fair
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6311.07px;left:5352.98px;white-space:nowrap">value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6311.07px;left:5833.3px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6311.07px;left:6013.3px;white-space:nowrap">presented
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6311.07px;left:6863.91px;white-space:nowrap">when
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6311.07px;left:7344.23px;white-space:nowrap">there
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6311.07px;left:7804.51px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6311.07px;left:8114.68px;text-rendering:optimizeLegibility;white-space:nowrap">significant
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6311.07px;left:8965.11px;white-space:nowrap">Level
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6311.07px;left:9445.43px;white-space:nowrap">3
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6561.07px;left:0px;white-space:nowrap">assets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6561.07px;left:570.23px;white-space:nowrap">and/or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6561.07px;left:1130.63px;white-space:nowrap">liabilities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6561.07px;left:1860.91px;white-space:nowrap">at
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6561.07px;left:2061.04px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6561.07px;left:2361.27px;white-space:nowrap">beginning
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6561.07px;left:3192.01px;white-space:nowrap">and/or
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6561.07px;left:3752.4px;white-space:nowrap">end
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6561.07px;left:4102.73px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6561.07px;left:4302.86px;white-space:nowrap">the&#160;period.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7144.14px;left:0px;letter-spacing:-0.89px;white-space:nowrap">9.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7144.14px;left:210.36px;letter-spacing:-3.6px;white-space:nowrap">Operating
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7144.14px;left:1170.46px;letter-spacing:-3.5px;white-space:nowrap">Segments</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7511.87px;left:0px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7511.87px;left:360.18px;white-space:nowrap">Fund&#160;has&#160;adopted
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7511.87px;left:1861.35px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7511.87px;left:2161.58px;letter-spacing:-1.99px;white-space:nowrap">FASB
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7511.87px;left:2661.86px;white-space:nowrap">Accounting
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7511.87px;left:3602.46px;white-space:nowrap">Standards
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7511.87px;left:4473.02px;white-space:nowrap">Update
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7511.87px;left:5103.46px;white-space:nowrap">(ASU)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7511.87px;left:5643.46px;white-space:nowrap">2023-07,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7511.87px;left:6404.06px;white-space:nowrap">Segment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7511.87px;left:7174.51px;white-space:nowrap">Reporting
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7511.87px;left:8538.57px;white-space:nowrap">280)
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7511.87px;left:8948.85px;white-space:nowrap">-
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7761.87px;left:0px;white-space:nowrap">Improvements
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7761.87px;left:1190.39px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7761.87px;left:1390.52px;white-space:nowrap">Reportable
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7761.87px;left:2321.1px;white-space:nowrap">Segment
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7761.87px;left:3091.55px;white-space:nowrap">Disclosures.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7761.87px;left:4118.55px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7761.87px;left:4478.73px;white-space:nowrap">update
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7761.87px;left:5079.29px;white-space:nowrap">is
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7761.87px;left:6029.56px;white-space:nowrap">disclosure
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7761.87px;left:6889.92px;white-space:nowrap">requirements
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7761.87px;left:7990.4px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7761.87px;left:8340.73px;white-space:nowrap">does
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7761.87px;left:9081.3px;white-space:nowrap">impact
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8011.87px;left:0px;white-space:nowrap">the&#160;Fund&#39;s
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8011.87px;left:884.88px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8011.87px;left:1595.3px;white-space:nowrap">position
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8011.87px;left:2265.73px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8011.87px;left:2475.79px;white-space:nowrap">results
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8011.87px;left:3055.96px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8011.87px;left:3256.08px;white-space:nowrap">operations.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8441.87px;left:0px;white-space:nowrap">The&#160;Fund&#160;operates
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8441.87px;left:1570.96px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8441.87px;left:1811.07px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8441.87px;left:1961.19px;white-space:nowrap">single
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8441.87px;left:2481.5px;white-space:nowrap">operating
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8441.87px;left:3282.1px;white-space:nowrap">segment,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8441.87px;left:4072.5px;white-space:nowrap">which
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8441.87px;left:4582.71px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8441.87px;left:4762.71px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8441.87px;left:5012.93px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8441.87px;left:5933.32px;white-space:nowrap">portfolio.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8441.87px;left:6670.46px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8441.87px;left:7030.63px;white-space:nowrap">Fund&#39;s&#160;Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8441.87px;left:8545.69px;white-space:nowrap">manager
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8441.87px;left:9306.12px;white-space:nowrap">serves
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8691.87px;left:0px;white-space:nowrap">as </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8691.87px;left:240.12px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8691.87px;left:540.35px;white-space:nowrap">Chief
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8691.87px;left:1010.57px;white-space:nowrap">Operating
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8691.87px;left:1851.06px;white-space:nowrap">Decision
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8691.87px;left:2591.37px;white-space:nowrap">Maker
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8691.87px;left:3141.47px;white-space:nowrap">(CODM),
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8691.87px;left:3911.31px;white-space:nowrap">evaluating
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8691.87px;left:4781.95px;white-space:nowrap">fund-wide
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8691.87px;left:5612.43px;white-space:nowrap">results
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8691.87px;left:6192.6px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8691.87px;left:6542.93px;white-space:nowrap">performance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8691.87px;left:7603.42px;white-space:nowrap">under
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8691.87px;left:8113.8px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8691.87px;left:8263.92px;text-rendering:optimizeLegibility;white-space:nowrap">unified
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8691.87px;left:8844.35px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8941.87px;left:0px;letter-spacing:-1.34px;white-space:nowrap">strategy.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8941.87px;left:723.69px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8941.87px;left:1083.87px;white-space:nowrap">CODM
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8941.87px;left:1683.81px;white-space:nowrap">uses
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8941.87px;left:2114.03px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8941.87px;left:2604.38px;white-space:nowrap">measures
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8941.87px;left:3444.7px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8941.87px;left:3644.82px;white-space:nowrap">assess
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8941.87px;left:4255.05px;white-space:nowrap">fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8941.87px;left:4655.39px;white-space:nowrap">performance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8941.87px;left:5715.88px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8941.87px;left:6066.21px;white-space:nowrap">allocate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8941.87px;left:6736.64px;white-space:nowrap">resources
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8941.87px;left:7576.96px;text-rendering:optimizeLegibility;letter-spacing:-1.03px;white-space:nowrap">effectively.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8941.87px;left:8460.09px;white-space:nowrap">Internal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8941.87px;left:9110.48px;white-space:nowrap">reporting
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9191.87px;left:0px;white-space:nowrap">provided
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9191.87px;left:740.48px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9191.87px;left:940.61px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9191.87px;left:1240.84px;white-space:nowrap">CODM
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9191.87px;left:1840.78px;white-space:nowrap">aligns
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9191.87px;left:2361.09px;white-space:nowrap">with
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9191.87px;left:2731.2px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9191.87px;left:3031.44px;white-space:nowrap">accounting
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9191.87px;left:3952.09px;white-space:nowrap">policies
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9191.87px;left:4602.39px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9191.87px;left:4952.72px;white-space:nowrap">measurement
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9191.87px;left:6103.21px;white-space:nowrap">principles
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9191.87px;left:6913.56px;white-space:nowrap">used
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9191.87px;left:7353.9px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9191.87px;left:7544px;text-rendering:optimizeLegibility;white-space:nowrap">the&#160;financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9191.87px;left:8554.66px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9621.87px;left:0px;white-space:nowrap">For
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9621.87px;left:320.01px;white-space:nowrap">information
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9621.87px;left:1260.44px;white-space:nowrap">regarding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9621.87px;left:2070.97px;white-space:nowrap">segment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9621.87px;left:2811.36px;white-space:nowrap">assets,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9621.87px;left:3431.6px;white-space:nowrap">segment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9621.87px;left:4171.99px;text-rendering:optimizeLegibility;white-space:nowrap">profit
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9621.87px;left:4622.17px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9621.87px;left:4832.23px;white-space:nowrap">loss,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9621.87px;left:5252.34px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9621.87px;left:5602.68px;text-rendering:optimizeLegibility;white-space:nowrap">significant
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9621.87px;left:6453.11px;white-space:nowrap">expenses,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9621.87px;left:7323.66px;white-space:nowrap">refer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9621.87px;left:7743.78px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9621.87px;left:7943.91px;white-space:nowrap">the&#160;Statement
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9621.87px;left:9114.61px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9621.87px;left:9304.8px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9871.87px;left:0px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9871.87px;left:350.33px;white-space:nowrap">Liabilities
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9871.87px;left:1140.73px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9871.87px;left:1491.06px;white-space:nowrap">the&#160;Statement
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9871.87px;left:2861.89px;white-space:nowrap">Operations,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9871.87px;left:5003.17px;white-space:nowrap">related
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9871.87px;left:5603.55px;white-space:nowrap">notes
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9871.87px;left:6294.02px;text-rendering:optimizeLegibility;white-space:nowrap">the&#160;financial
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9871.87px;left:7304.68px;white-space:nowrap">statements.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9871.87px;left:8281.85px;white-space:nowrap">The&#160;Schedule
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10121.87px;left:1020.41px;white-space:nowrap">provides
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10121.87px;left:1750.78px;white-space:nowrap">details
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10121.87px;left:2521.23px;white-space:nowrap">the&#160;Fund&#39;s
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10121.87px;left:3406.11px;white-space:nowrap">investments
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10121.87px;left:4766.75px;white-space:nowrap">generate
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10121.87px;left:5527.35px;white-space:nowrap">returns
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10121.87px;left:6137.58px;white-space:nowrap">such
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10121.87px;left:6567.8px;white-space:nowrap">as
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10121.87px;left:6807.92px;white-space:nowrap">interest,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10121.87px;left:7498.21px;white-space:nowrap">dividends,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10121.87px;left:8358.75px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10121.87px;left:8709.08px;white-space:nowrap">realized
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10121.87px;left:9389.44px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10371.87px;left:0px;white-space:nowrap">unrealized
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10371.87px;left:880.58px;white-space:nowrap">gains
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10371.87px;left:1360.9px;white-space:nowrap">or
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10371.87px;left:1570.96px;white-space:nowrap">losses.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10371.87px;left:2181.18px;white-space:nowrap">Performance
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10371.87px;left:3261.62px;white-space:nowrap">metrics,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10371.87px;left:3941.63px;white-space:nowrap">including
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10371.87px;left:4702.15px;white-space:nowrap">portfolio
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10371.87px;left:5392.53px;white-space:nowrap">turnover
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10371.87px;left:6102.86px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10371.87px;left:7183.74px;white-space:nowrap">ratios,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10371.87px;left:7723.92px;white-space:nowrap">are
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10371.87px;left:8034.08px;white-space:nowrap">disclosed
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10371.87px;left:8834.5px;white-space:nowrap">in
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10371.87px;left:9024.61px;white-space:nowrap">the&#160;Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10621.87px;left:0px;white-space:nowrap">Highlights.&#160;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11204.94px;left:0px;letter-spacing:-1.2px;white-space:nowrap">10.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11204.94px;left:317.59px;letter-spacing:-3.64px;white-space:nowrap">Subsequent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11204.94px;left:1473.69px;letter-spacing:-3.33px;white-space:nowrap">Events</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11572.67px;left:0px;white-space:nowrap">The&#160;Fund
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11572.67px;left:1991.34px;white-space:nowrap">subsequent
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11572.67px;left:3552.45px;white-space:nowrap">through
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11572.67px;left:4212.95px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11572.67px;left:4513.18px;white-space:nowrap">issuance
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11572.67px;left:5273.61px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11572.67px;left:5773.97px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11822.67px;left:0px;white-space:nowrap">have
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11822.67px;left:2151.21px;white-space:nowrap">disclosure
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11822.67px;left:3011.57px;white-space:nowrap">other
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11822.67px;left:3471.86px;white-space:nowrap">than
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11822.67px;left:4362.54px;white-space:nowrap">already
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11822.67px;left:5002.91px;white-space:nowrap">disclosed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11822.67px;left:5803.33px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11822.67px;left:5993.44px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11822.67px;left:6293.67px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11822.67px;left:7004.09px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:400.94px;left:4785.42px;white-space:nowrap">Level
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:400.94px;left:5239.02px;white-space:nowrap">1</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:400.94px;left:6369.42px;white-space:nowrap">Level
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:400.94px;left:6823.02px;white-space:nowrap">2</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:400.94px;left:7953.42px;white-space:nowrap">Level
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:400.94px;left:8407.02px;white-space:nowrap">3</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:400.94px;left:9709.69px;letter-spacing:-2.37px;white-space:nowrap">Total</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:731.26px;left:0px;letter-spacing:-1.19px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:731.26px;left:841.48px;white-space:nowrap">Emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:731.26px;left:1623.83px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:731.26px;left:2273.05px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:731.26px;left:2708.44px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:942.31px;left:0px;white-space:nowrap">Assets:
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:942.31px;left:622.5px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1153.35px;left:144px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1153.35px;left:1051.03px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1153.35px;left:1220.02px;white-space:nowrap">Securities:
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1153.35px;left:2011.42px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1349.84px;left:288px;white-space:nowrap">Common
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1349.84px;left:981.52px;white-space:nowrap">Stocks:
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1349.84px;left:1550.58px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1546.32px;left:432px;white-space:nowrap">Hong
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1546.32px;left:858.95px;white-space:nowrap">Kong</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1546.32px;left:1307.78px;letter-spacing:49.3px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1546.32px;left:5079.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1546.32px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1546.32px;left:6111.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1546.32px;left:6200.2px;white-space:nowrap">4,633,590</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1546.32px;left:8247.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1546.32px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1546.32px;left:9279.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1546.32px;left:9368.2px;white-space:nowrap">4,633,590</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1742.8px;left:432px;white-space:nowrap">Hungary</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1742.8px;left:1120.96px;letter-spacing:49.27px;white-space:nowrap">.............................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1742.8px;left:4616.2px;white-space:nowrap">2,612,786</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1742.8px;left:6752px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1742.8px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1742.8px;left:9368.2px;white-space:nowrap">2,612,786</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1939.29px;left:432px;white-space:nowrap">India</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1939.29px;left:840.72px;letter-spacing:49.24px;white-space:nowrap">................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1939.29px;left:4749.64px;white-space:nowrap">953,039</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1939.29px;left:6111.22px;white-space:nowrap">25,268,057</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1939.29px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1939.29px;left:9279.22px;white-space:nowrap">26,221,096</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2135.77px;left:432px;white-space:nowrap">Indonesia</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2135.77px;left:1214.37px;letter-spacing:49.29px;white-space:nowrap">............................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2135.77px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2135.77px;left:6200.2px;white-space:nowrap">1,172,640</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2135.77px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2135.77px;left:9368.2px;white-space:nowrap">1,172,640</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2332.26px;left:432px;white-space:nowrap">Italy</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2332.26px;left:747.3px;letter-spacing:49.24px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2332.26px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2332.26px;left:6333.64px;white-space:nowrap">278,674</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2332.26px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2332.26px;left:9501.64px;white-space:nowrap">278,674</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2528.74px;left:432px;white-space:nowrap">Mexico</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2528.74px;left:1027.54px;letter-spacing:49.26px;white-space:nowrap">..............................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2528.74px;left:4616.2px;white-space:nowrap">4,802,972</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2528.74px;left:6752px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2528.74px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2528.74px;left:9368.2px;white-space:nowrap">4,802,972</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2725.23px;left:432px;white-space:nowrap">Peru</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2725.23px;left:840.72px;letter-spacing:49.24px;white-space:nowrap">................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2725.23px;left:4616.2px;white-space:nowrap">1,027,875</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2725.23px;left:6752px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2725.23px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2725.23px;left:9368.2px;white-space:nowrap">1,027,875</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2921.71px;left:432px;white-space:nowrap">Philippines</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2921.71px;left:1214.37px;letter-spacing:49.29px;white-space:nowrap">............................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2921.71px;left:4749.64px;white-space:nowrap">966,156</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2921.71px;left:6752px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2921.71px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2921.71px;left:9501.64px;white-space:nowrap">966,156</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3118.2px;left:432px;white-space:nowrap">Russia</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3118.2px;left:934.13px;letter-spacing:49.25px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3118.2px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3118.2px;left:6752px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3118.2px;left:8284.12px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:3121.41px;left:8444.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3118.2px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3314.68px;left:432px;white-space:nowrap">South
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3314.68px;left:885.75px;white-space:nowrap">Africa</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3314.68px;left:1307.78px;letter-spacing:49.3px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3314.68px;left:4616.2px;white-space:nowrap">5,241,960</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3314.68px;left:6752px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3314.68px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3314.68px;left:9368.2px;white-space:nowrap">5,241,960</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3511.16px;left:432px;white-space:nowrap">South
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3511.16px;left:894.58px;white-space:nowrap">Korea</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3511.16px;left:1401.2px;letter-spacing:49.31px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3511.16px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3511.16px;left:6111.22px;white-space:nowrap">38,055,840</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3511.16px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3511.16px;left:9279.22px;white-space:nowrap">38,055,840</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3707.65px;left:432px;letter-spacing:-2.96px;white-space:nowrap">Taiwan</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3707.65px;left:934.13px;letter-spacing:49.25px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3707.65px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3707.65px;left:6111.22px;white-space:nowrap">41,497,654</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3707.65px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3707.65px;left:9279.22px;white-space:nowrap">41,497,654</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3904.13px;left:432px;white-space:nowrap">Thailand</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3904.13px;left:1120.96px;letter-spacing:49.27px;white-space:nowrap">.............................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3904.13px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3904.13px;left:6200.2px;white-space:nowrap">6,782,793</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3904.13px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3904.13px;left:9368.2px;white-space:nowrap">6,782,793</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4100.62px;left:432px;white-space:nowrap">United
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4100.62px;left:930.13px;white-space:nowrap">Arab
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4100.62px;left:1312.55px;white-space:nowrap">Emirates</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4100.62px;left:1961.68px;letter-spacing:49.42px;white-space:nowrap">....................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4100.62px;left:4616.2px;white-space:nowrap">1,752,921</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4100.62px;left:6752px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4100.62px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4100.62px;left:9368.2px;white-space:nowrap">1,752,921</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4297.1px;left:432px;white-space:nowrap">United
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4297.1px;left:938.95px;white-space:nowrap">States</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4297.1px;left:1401.2px;letter-spacing:49.31px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4297.1px;left:4616.2px;white-space:nowrap">8,692,158</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4297.1px;left:6752px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4297.1px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4297.1px;left:9368.2px;white-space:nowrap">8,692,158</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4493.59px;left:288px;white-space:nowrap">Preferred
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4493.59px;left:999.41px;white-space:nowrap">Stocks
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4493.59px;left:1588.02px;letter-spacing:49.34px;white-space:nowrap">........................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4493.59px;left:4539.09px;letter-spacing:-1.19px;white-space:nowrap">11,609,050</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4493.59px;left:6752px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4493.59px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4493.59px;left:9291.09px;letter-spacing:-1.19px;white-space:nowrap">11,609,050</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4690.07px;left:288px;white-space:nowrap">Escrows
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4690.07px;left:936.98px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4690.07px;left:1248.39px;white-space:nowrap">Litigation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4690.07px;left:1930.42px;letter-spacing:-0.99px;white-space:nowrap">Trusts</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4690.07px;left:2428.74px;letter-spacing:49.57px;white-space:nowrap">...............</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4690.07px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4690.07px;left:6752px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4690.07px;left:8284.12px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:4693.28px;left:8444.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4690.07px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4886.55px;left:277.36px;white-space:nowrap">Short
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4886.55px;left:701.34px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4886.55px;left:1101.34px;white-space:nowrap">Investments</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4886.55px;left:2055.09px;letter-spacing:49.44px;white-space:nowrap">...................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4886.55px;left:4616.2px;white-space:nowrap">9,467,066</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4886.55px;left:6752px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4886.55px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4886.55px;left:9368.2px;white-space:nowrap">9,467,066</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5083.04px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5083.04px;left:958.42px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5083.04px;left:1865.45px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5083.04px;left:2034.44px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5083.04px;left:2802.39px;letter-spacing:49.79px;white-space:nowrap">...........</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5083.04px;left:4438.23px;white-space:nowrap">$60,038,438</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5083.04px;left:5881.37px;white-space:nowrap">$169,305,639</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:5086.25px;left:6860.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5083.04px;left:8247.02px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5083.04px;left:9101.25px;white-space:nowrap">$229,344,077</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:5551.32px;left:0px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5547.1px;left:42.54px;white-space:nowrap">Includes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5547.1px;left:567.77px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5547.1px;left:1085.67px;white-space:nowrap">instruments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5547.1px;left:1800.35px;white-space:nowrap">determined
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5547.1px;left:2493.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5547.1px;left:2639.18px;white-space:nowrap">have
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5547.1px;left:2960.2px;white-space:nowrap">no
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5547.1px;left:3142.62px;white-space:nowrap">value.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:5747.81px;left:0px;white-space:nowrap">b</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5743.59px;left:42.54px;white-space:nowrap">Includes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5743.59px;left:567.77px;white-space:nowrap">foreign
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5743.59px;left:1005.43px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5743.59px;left:1596.13px;white-space:nowrap">valued
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5743.59px;left:2019.26px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5743.59px;left:2165.2px;white-space:nowrap">$169,305,639,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5743.59px;left:3040.82px;white-space:nowrap">which
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5743.59px;left:3412.7px;white-space:nowrap">were
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5743.59px;left:3733.48px;white-space:nowrap">categorized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5743.59px;left:4448.32px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5743.59px;left:4623.4px;white-space:nowrap">Level
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5743.59px;left:4973.56px;white-space:nowrap">2
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5743.59px;left:5083.01px;letter-spacing:0px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5743.59px;left:5258.09px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5743.59px;left:5367.54px;white-space:nowrap">result
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5743.59px;left:5724.88px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5743.59px;left:5870.82px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5743.59px;left:6089.73px;white-space:nowrap">application
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5743.59px;left:6753.56px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5743.59px;left:6899.49px;white-space:nowrap">market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5743.59px;left:7336.99px;white-space:nowrap">level
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5743.59px;left:7643.32px;white-space:nowrap">fair
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5743.59px;left:7862.07px;white-space:nowrap">value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5743.59px;left:8212.23px;white-space:nowrap">procedures.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5743.59px;left:8941.6px;white-space:nowrap">See
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5743.59px;left:9211.52px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5743.59px;left:9430.43px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5935.59px;left:0px;white-space:nowrap">Instrument
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5935.59px;left:656.41px;letter-spacing:-0.96px;white-space:nowrap">Valuation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5935.59px;left:1230.39px;white-space:nowrap">note
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5935.59px;left:1522.27px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5935.59px;left:1711.88px;white-space:nowrap">more
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5935.59px;left:2047.27px;white-space:nowrap">information.</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, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-2px;white-space:nowrap">8.&#160;Fair
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:612.73px;letter-spacing:-5.17px;white-space:nowrap">Value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1166.85px;letter-spacing:-4px;white-space:nowrap">Measurements</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10.14px;left:2560.69px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:967.50px;width:742.50px;transform-origin:top left;transform:scale(1.25,1.25)">

<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:130px;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:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:956.09px;letter-spacing:10.67px;white-space:nowrap">Emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1814.95px;letter-spacing:10.5px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2581.58px;letter-spacing:9px;white-space:nowrap">Fund</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;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:130px;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:130px;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:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1647.53px;letter-spacing:9.16px;white-space:nowrap">Statements
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:2678.75px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</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:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">22</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:130px;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:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:729.38px;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,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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, Helvetica, 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, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:377.05px;left:0px;white-space:nowrap">Selected
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:377.05px;left:790.4px;white-space:nowrap">Portfolio</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:654.47px;left:0px;white-space:nowrap">ADR</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:654.47px;left:1116px;white-space:nowrap">American
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:654.47px;left:1836.23px;white-space:nowrap">Depositary
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:654.47px;left:2645.45px;white-space:nowrap">Receipt</div></div>
</div> </div></div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">23</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;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:55.43px;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 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-image:url(data:image/png;base64,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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,3.95px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:-21.36px;left:0px;white-space:nowrap">Share
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:-21.36px;left:550.28px;white-space:nowrap">Repurchase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:-21.36px;left:1630.72px;white-space:nowrap">Program</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:408.64px;left:0px;white-space:nowrap">On </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:408.64px;left:290.13px;white-space:nowrap">February
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:408.64px;left:1060.4px;white-space:nowrap">24,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:408.64px;left:1360.63px;white-space:nowrap">2025,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:408.64px;left:1861.08px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:408.64px;left:2161.32px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:408.64px;left:2748.34px;white-space:nowrap">Board
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:408.64px;left:3278.67px;white-space:nowrap">reauthorized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:408.64px;left:4329.32px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:658.64px;left:0px;white-space:nowrap">open-market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:658.64px;left:1060.49px;white-space:nowrap">share
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:658.64px;left:1560.76px;white-space:nowrap">repurchase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:658.64px;left:2511.3px;white-space:nowrap">program
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:658.64px;left:3231.56px;white-space:nowrap">which
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:658.64px;left:3741.77px;white-space:nowrap">includes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:658.64px;left:4452.19px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:908.64px;left:0px;white-space:nowrap">initial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:908.64px;left:460.2px;white-space:nowrap">authorization
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:908.64px;left:1540.9px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:908.64px;left:1800.97px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:908.64px;left:2101.2px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:908.64px;left:2561.48px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:908.64px;left:2761.61px;white-space:nowrap">repurchase
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9878.64px;left:3478.71px;white-space:nowrap">quarterly
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10128.64px;left:0px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10128.64px;left:1010.48px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10128.64px;left:1210.61px;white-space:nowrap">shareholders
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10128.64px;left:2301.24px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10128.64px;left:2501.37px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10128.64px;left:2801.6px;text-rendering:optimizeLegibility;white-space:nowrap">fixed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10128.64px;left:3231.83px;white-space:nowrap">rate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10128.64px;left:3592px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10128.64px;left:3792.13px;white-space:nowrap">$0.22
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10378.64px;left:0px;white-space:nowrap">per
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10378.64px;left:310.17px;white-space:nowrap">share.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10378.64px;left:860.45px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10378.64px;left:1961.1px;white-space:nowrap">will
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10378.64px;left:2261.07px;white-space:nowrap">generally
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10378.64px;left:3041.54px;white-space:nowrap">distribute
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10378.64px;left:3821.92px;white-space:nowrap">amounts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10628.64px;left:0px;white-space:nowrap">necessary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10628.64px;left:870.38px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10628.64px;left:1070.51px;white-space:nowrap">satisfy
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10628.64px;left:1630.63px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10628.64px;left:1930.87px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10628.64px;left:2517.89px;white-space:nowrap">plan
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10628.64px;left:2908.21px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10628.64px;left:3258.54px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10628.64px;left:3558.78px;white-space:nowrap">requirements
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10878.64px;left:0px;white-space:nowrap">prescribed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10878.64px;left:890.42px;white-space:nowrap">by
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10878.64px;left:1130.54px;white-space:nowrap">excise
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10878.64px;left:1690.75px;white-space:nowrap">tax
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10878.64px;left:1980.88px;white-space:nowrap">rules
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10878.64px;left:2421.04px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10878.64px;left:2771.37px;white-space:nowrap">Subchapter
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10878.64px;left:3742.03px;white-space:nowrap">M
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10878.64px;left:3941.98px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10878.64px;left:4142.11px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11128.64px;left:0px;white-space:nowrap">Internal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11128.64px;left:650.39px;white-space:nowrap">Revenue
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11128.64px;left:1420.93px;white-space:nowrap">Code.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11128.64px;left:1948.01px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11128.64px;left:2308.18px;white-space:nowrap">plan
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11128.64px;left:2698.51px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11128.64px;left:2878.51px;white-space:nowrap">intended
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11128.64px;left:3619.16px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11128.64px;left:3819.29px;white-space:nowrap">provide
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11378.64px;left:0px;white-space:nowrap">shareholders
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11378.64px;left:1090.63px;white-space:nowrap">with
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11378.64px;left:1460.74px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11378.64px;left:1610.86px;white-space:nowrap">consistent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11378.64px;left:2471.31px;white-space:nowrap">distribution
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11378.64px;left:3391.79px;white-space:nowrap">each
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11378.64px;left:3832.12px;white-space:nowrap">quarter
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11378.64px;left:4452.45px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5220px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5400px;white-space:nowrap">intended
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6140.65px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6340.78px;white-space:nowrap">narrow
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6940.99px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7241.22px;white-space:nowrap">discount
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7961.66px;white-space:nowrap">between
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8692.21px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8992.44px;white-space:nowrap">market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9592.56px;white-space:nowrap">price
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5220px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5570.33px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5870.57px;letter-spacing:-3.34px;white-space:nowrap">NAV
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6277.32px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6477.45px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6777.69px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7364.71px;white-space:nowrap">shares,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8004.99px;white-space:nowrap">but
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8305.22px;white-space:nowrap">there
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8765.51px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8945.51px;white-space:nowrap">no
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9195.73px;white-space:nowrap">assurance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5220px;white-space:nowrap">that
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5570.24px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5870.48px;white-space:nowrap">plan
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6260.8px;white-space:nowrap">will
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6560.77px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6811px;white-space:nowrap">successful
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7701.33px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7891.44px;white-space:nowrap">doing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8381.87px;white-space:nowrap">so.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:908.64px;left:5220px;white-space:nowrap">Under
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:908.64px;left:5760.26px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:908.64px;left:6060.5px;white-space:nowrap">managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:908.64px;left:6861.09px;white-space:nowrap">distribution
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:908.64px;left:7781.57px;white-space:nowrap">plan,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:908.64px;left:8221.9px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:908.64px;left:8422.03px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:908.64px;left:8722.27px;white-space:nowrap">extent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:908.64px;left:9262.62px;white-space:nowrap">that
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:5220px;text-rendering:optimizeLegibility;white-space:nowrap">sufficient
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:5975.86px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:6896.25px;white-space:nowrap">income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:7526.51px;white-space:nowrap">is
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:8006.75px;white-space:nowrap">available
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:8767.27px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:9017.49px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:9167.61px;white-space:nowrap">quarterly
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:5220px;white-space:nowrap">basis,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:5740.22px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:6040.46px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:6500.74px;white-space:nowrap">will
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:6800.71px;white-space:nowrap">distribute
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:7581.09px;white-space:nowrap">long-term
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:8391.36px;white-space:nowrap">capital
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:8961.68px;white-space:nowrap">gains
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:9442px;white-space:nowrap">and/or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:5220px;white-space:nowrap">return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:5740.22px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:5940.35px;white-space:nowrap">capital
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:6510.67px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:6700.78px;white-space:nowrap">order
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:7171px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:7371.12px;white-space:nowrap">maintain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:8101.49px;white-space:nowrap">its
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:8331.5px;white-space:nowrap">managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:9132.1px;white-space:nowrap">distribution
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:5220px;white-space:nowrap">rate.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:5630.19px;white-space:nowrap">No
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:5910.29px;white-space:nowrap">conclusions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:6900.82px;white-space:nowrap">should
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:7481.25px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:7731.47px;white-space:nowrap">drawn
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:8271.74px;white-space:nowrap">about
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:8772.19px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:9072.42px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:5220px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:6140.39px;white-space:nowrap">performance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:7200.88px;white-space:nowrap">from
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10558.64px;left:5220px;white-space:nowrap">January
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10558.64px;left:5910.38px;white-space:nowrap">9,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10558.64px;left:6110.51px;white-space:nowrap">2026.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10558.64px;left:6607.71px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10558.64px;left:6967.88px;white-space:nowrap">terms
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10558.64px;left:7467.89px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10558.64px;left:7668.02px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10558.64px;left:7968.25px;white-space:nowrap">Credit
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10558.64px;left:8498.41px;white-space:nowrap">Facility
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10558.64px;left:9108.46px;white-space:nowrap">Renewal
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10808.64px;left:5220px;white-space:nowrap">are
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10808.64px;left:5530.17px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10808.64px;left:5830.4px;white-space:nowrap">same
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10808.64px;left:6320.57px;white-space:nowrap">as
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10808.64px;left:6560.68px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10808.64px;left:6860.92px;white-space:nowrap">terms
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10808.64px;left:7360.93px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10808.64px;left:7561.05px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10808.64px;left:7861.29px;white-space:nowrap">Existing
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10808.64px;left:8541.56px;white-space:nowrap">Credit
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10808.64px;left:9071.72px;letter-spacing:-1.48px;white-space:nowrap">Facility.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11238.64px;left:5220px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11238.64px;left:5580.18px;white-space:nowrap">purpose
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11238.64px;left:6280.66px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11238.64px;left:6480.79px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11238.64px;left:6781.03px;white-space:nowrap">Credit
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11238.64px;left:7311.18px;white-space:nowrap">Facility
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11238.64px;left:7921.23px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11238.64px;left:8101.23px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11238.64px;left:8301.36px;white-space:nowrap">provide
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11238.64px;left:8941.73px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11238.64px;left:9241.96px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11488.64px;left:5220px;white-space:nowrap">with
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11488.64px;left:5590.11px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11488.64px;left:5740.22px;white-space:nowrap">source
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11488.64px;left:6330.5px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11488.64px;left:6530.63px;white-space:nowrap">funds
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11488.64px;left:7020.97px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11488.64px;left:7221.09px;white-space:nowrap">purchase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11488.64px;left:8011.58px;white-space:nowrap">additional
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11488.64px;left:8832.22px;white-space:nowrap">investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11738.64px;left:5220px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11738.64px;left:5570.33px;white-space:nowrap">pursue
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11738.64px;left:6170.71px;white-space:nowrap">certain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11738.64px;left:6760.99px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11738.64px;left:7681.38px;white-space:nowrap">strategies.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11738.64px;left:8561.78px;white-space:nowrap">Given
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11738.64px;left:9082px;white-space:nowrap">the
</div></div> </div> </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:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.57px;white-space:nowrap">Templeton
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:956.09px;letter-spacing:10.67px;white-space:nowrap">Emerging
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1814.95px;letter-spacing:10.5px;white-space:nowrap">Markets
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2581.58px;letter-spacing:9px;white-space:nowrap">Fund</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:9.39px;white-space:nowrap">Important
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:914.92px;letter-spacing:10.2px;white-space:nowrap">Information
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:2001.89px;letter-spacing:7.24px;white-space:nowrap">to
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:2254.38px;letter-spacing:11px;white-space:nowrap">Shareholders</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="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:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">24</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:130px;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:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Semiannual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:729.38px;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)">
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<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">

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;white-space:nowrap">permanent
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:910.55px;white-space:nowrap">capital
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1480.87px;white-space:nowrap">structure
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2231.1px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2581.44px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2881.67px;white-space:nowrap">absence
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3612.22px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3812.34px;white-space:nowrap">daily
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4232.55px;white-space:nowrap">liquidity
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">requirements,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1150.49px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1450.72px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2037.74px;white-space:nowrap">closed-end
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2968.33px;white-space:nowrap">fund
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3368.67px;white-space:nowrap">structure
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4118.91px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">particularly
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:920.3px;white-space:nowrap">well-suited
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1820.65px;white-space:nowrap">for
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2080.72px;white-space:nowrap">leverage.</div></div>
</div> </div></div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7098.2px;letter-spacing:10.57px;white-space:nowrap">Templeton
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8054.3px;letter-spacing:10.67px;white-space:nowrap">Emerging
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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">Annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:1001.25px;white-space:nowrap">Meeting
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:2133.63px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:2461.99px;white-space:nowrap">Shareholders:
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:4382.05px;white-space:nowrap">March
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:5284.34px;white-space:nowrap">10,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:5776.88px;white-space:nowrap">2025
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:6515.68px;white-space:nowrap">(unaudited)</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:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">25</div></div>
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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12312px;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:180px;position:absolute;top:-21.36px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:350.24px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:960.73px;white-space:nowrap">Meeting
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1651.11px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1851.24px;white-space:nowrap">Shareholders
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2971.93px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3168.81px;letter-spacing:-2px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4049.3px;white-space:nowrap">Emerging
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:2461.46px;white-space:nowrap">Annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:4312.62px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:0px;white-space:nowrap">1. </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:720px;white-space:nowrap">Election
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:1610.51px;white-space:nowrap">three
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:2067.54px;letter-spacing:-0.74px;white-space:nowrap">Trustees:</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4144.18px;left:2601.3px;white-space:nowrap">non-votes
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4144.18px;left:3441.8px;white-space:nowrap">received
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4574.18px;left:0px;white-space:nowrap">2. </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4574.18px;left:720px;text-rendering:optimizeLegibility;white-space:nowrap">Ratification
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4574.18px;left:2160.79px;white-space:nowrap">selection
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4574.18px;left:3121.35px;white-space:nowrap">PricewaterhouseCoopers
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4574.18px;left:5192.4px;letter-spacing:-0.81px;white-space:nowrap">LLP
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4574.18px;left:6099.79px;white-space:nowrap">independent
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4574.18px;left:7140.76px;white-space:nowrap">registered
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4574.18px;left:8511.5px;white-space:nowrap">accounting
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4824.18px;left:1020.59px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4824.18px;left:1320.82px;text-rendering:optimizeLegibility;white-space:nowrap">fiscal
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4824.18px;left:1780.93px;white-space:nowrap">year
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4824.18px;left:2181.09px;white-space:nowrap">ending
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4824.18px;left:2761.7px;white-space:nowrap">August
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4824.18px;left:3372.1px;white-space:nowrap">31,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4824.18px;left:3672.33px;white-space:nowrap">2025:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6629.72px;left:0px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6629.72px;left:2601.3px;white-space:nowrap">non-votes
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6629.72px;left:3441.8px;white-space:nowrap">received
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7059.72px;left:650.04px;white-space:nowrap">J.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7059.72px;left:1487.11px;white-space:nowrap">Ann
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7059.72px;left:1857.39px;letter-spacing:-2.75px;white-space:nowrap">Torre
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7059.72px;left:2320.93px;white-space:nowrap">Bates,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7059.72px;left:2881.23px;letter-spacing:-1.84px;white-space:nowrap">Terrence
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7059.72px;left:3634.98px;white-space:nowrap">J.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7059.72px;left:3825px;white-space:nowrap">Checki</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7059.72px;left:4375.2px;white-space:nowrap">,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7059.72px;left:4925.21px;white-space:nowrap">C.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7059.72px;left:5155.22px;white-space:nowrap">Choksi,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7059.72px;left:5805.44px;white-space:nowrap">Edith
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7059.72px;left:6265.72px;white-space:nowrap">E.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7059.72px;left:6485.8px;letter-spacing:-1.48px;white-space:nowrap">Holiday,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7059.72px;left:7172.75px;white-space:nowrap">David
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7059.72px;left:7682.96px;letter-spacing:-2.23px;white-space:nowrap">W.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7059.72px;left:7946.19px;white-space:nowrap">Niemiec</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7059.72px;left:8596.32px;white-space:nowrap">,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7059.72px;left:8696.34px;white-space:nowrap">J.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7059.72px;left:8886.36px;white-space:nowrap">Michael
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7059.72px;left:9556.61px;white-space:nowrap">Luttig</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7059.72px;left:9996.94px;white-space:nowrap">,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7309.72px;left:0px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7309.72px;left:350.33px;white-space:nowrap">Larry
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7309.72px;left:810.44px;white-space:nowrap">D.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7309.72px;left:1040.45px;white-space:nowrap">Thompson
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7309.72px;left:1940.89px;white-space:nowrap">are
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7309.72px;left:2251.05px;letter-spacing:-1.48px;white-space:nowrap">Trustees
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7309.72px;left:2987.93px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7309.72px;left:3188.06px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7309.72px;left:3488.29px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7309.72px;left:3948.57px;white-space:nowrap">who
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7309.72px;left:4328.79px;white-space:nowrap">are
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7309.72px;left:4638.96px;white-space:nowrap">currently
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7309.72px;left:5379.17px;white-space:nowrap">serving
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7309.72px;left:6009.43px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7309.72px;left:6359.77px;white-space:nowrap">whose
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7309.72px;left:6930.09px;white-space:nowrap">terms
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7309.72px;left:7430.1px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7309.72px;left:7630.22px;text-rendering:optimizeLegibility;white-space:nowrap">office
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7309.72px;left:8104.31px;white-space:nowrap">continued
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7309.72px;left:8934.96px;white-space:nowrap">after
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7309.72px;left:9345.15px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7559.72px;left:0px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7559.72px;left:610.49px;white-space:nowrap">Meeting
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7559.72px;left:1300.87px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7559.72px;left:1501px;white-space:nowrap">Shareholders.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3159.26px;left:0px;letter-spacing:-2.37px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3159.26px;left:423.83px;white-space:nowrap">Expiring
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3159.26px;left:1108.36px;white-space:nowrap">2028</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3159.26px;left:3342.27px;white-space:nowrap">For</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2775.26px;left:4342.27px;white-space:nowrap">%
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2775.26px;left:4528.98px;white-space:nowrap">of</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2967.26px;left:3737.89px;white-space:nowrap">Outstanding</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3159.26px;left:4146.33px;white-space:nowrap">Shares</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2775.26px;left:5422.27px;white-space:nowrap">%
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2775.26px;left:5608.98px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2967.26px;left:5226.33px;white-space:nowrap">Shares</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3159.26px;left:5173.05px;white-space:nowrap">Present
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3159.26px;left:6166.02px;letter-spacing:-0.18px;white-space:nowrap">Withheld</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2775.26px;left:7582.27px;white-space:nowrap">%
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2775.26px;left:7768.98px;white-space:nowrap">of</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2967.26px;left:6977.89px;white-space:nowrap">Outstanding</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3159.26px;left:7386.33px;white-space:nowrap">Shares</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2775.26px;left:8662.27px;white-space:nowrap">%
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2775.26px;left:8848.98px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2967.26px;left:8466.33px;white-space:nowrap">Shares</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3159.26px;left:8413.05px;white-space:nowrap">Present
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3362.14px;left:0px;white-space:nowrap">Gregory
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3362.14px;left:622.42px;white-space:nowrap">E.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3362.14px;left:818.05px;white-space:nowrap">Johnson</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3362.14px;left:2811.09px;letter-spacing:-1.19px;white-space:nowrap">11,528,541</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3362.14px;left:4137.34px;white-space:nowrap">75.98%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3362.14px;left:5217.34px;white-space:nowrap">91.36%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3362.14px;left:6128.2px;white-space:nowrap">1,089,863</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3362.14px;left:7466.33px;white-space:nowrap">7.18%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3362.14px;left:8546.33px;white-space:nowrap">8.64%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3565.03px;left:0px;white-space:nowrap">Rupert
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3565.03px;left:524.69px;white-space:nowrap">H.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3565.03px;left:729.14px;white-space:nowrap">Johnson,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3565.03px;left:1422.97px;letter-spacing:-2.94px;white-space:nowrap">Jr.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3565.03px;left:2811.09px;letter-spacing:-1.19px;white-space:nowrap">11,578,517</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3565.03px;left:4137.34px;white-space:nowrap">76.31%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3565.03px;left:5217.34px;white-space:nowrap">91.76%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3565.03px;left:6128.2px;white-space:nowrap">1,039,888</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3565.03px;left:7466.33px;white-space:nowrap">6.85%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3565.03px;left:8546.33px;white-space:nowrap">8.24%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3767.91px;left:0px;white-space:nowrap">Constantine
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3767.91px;left:898.36px;white-space:nowrap">D.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3767.91px;left:1099.92px;letter-spacing:-1.36px;white-space:nowrap">Tseretopoulos</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3767.91px;left:2811.09px;letter-spacing:-1.19px;white-space:nowrap">11,584,386</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3767.91px;left:4137.34px;white-space:nowrap">76.35%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3767.91px;left:5217.34px;white-space:nowrap">91.81%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3767.91px;left:6128.2px;white-space:nowrap">1,034,018</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3767.91px;left:7466.33px;white-space:nowrap">6.81%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3767.91px;left:8546.33px;white-space:nowrap">8.19%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5452.8px;left:3066.33px;white-space:nowrap">Shares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5644.8px;left:3167.42px;letter-spacing:-2.37px;white-space:nowrap">Voted</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5260.8px;left:4342.27px;white-space:nowrap">%
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5260.8px;left:4528.98px;white-space:nowrap">of</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5452.8px;left:3737.89px;white-space:nowrap">Outstanding</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5644.8px;left:4146.33px;white-space:nowrap">Shares</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5260.8px;left:5422.27px;white-space:nowrap">%
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5260.8px;left:5608.98px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5452.8px;left:5226.33px;white-space:nowrap">Shares</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5644.8px;left:5173.05px;white-space:nowrap">Present
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5847.68px;left:0px;white-space:nowrap">For</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5847.68px;left:2811.09px;letter-spacing:-1.19px;white-space:nowrap">11,700,274</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5847.68px;left:4149.22px;letter-spacing:-1.98px;white-space:nowrap">77.11%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5847.68px;left:5217.34px;white-space:nowrap">92.72%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6050.57px;left:0px;white-space:nowrap">Against</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6050.57px;left:3021.64px;white-space:nowrap">838,181</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6050.57px;left:4226.33px;white-space:nowrap">5.52%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6050.57px;left:5306.33px;white-space:nowrap">6.64%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6253.45px;left:0px;white-space:nowrap">Abstain</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6253.45px;left:3110.63px;white-space:nowrap">79,950</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6253.45px;left:4226.33px;white-space:nowrap">0.53%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6253.45px;left:5306.33px;white-space:nowrap">0.63%</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:967.50px;width:742.50px;transform-origin:top left;transform:scale(1.25,1.25)">

<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:130px;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:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:956.09px;letter-spacing:10.67px;white-space:nowrap">Emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1814.95px;letter-spacing:10.5px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2581.58px;letter-spacing:9px;white-space:nowrap">Fund</div></div>
</div>

<div style="height:55.43px;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">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>
</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:130px;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:130px;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:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:729.38px;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: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, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:360.18px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, 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, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1316.78px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1466.89px;white-space:nowrap">Dividend
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2217.3px;white-space:nowrap">Reinvestment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3367.79px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3718.13px;white-space:nowrap">Cash
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4188.34px;white-space:nowrap">Purchase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4998.78px;white-space:nowrap">Plan
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5409.05px;white-space:nowrap">(the
</div>

<div style="font-family:Arial, Helvetica, 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, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6359.33px;white-space:nowrap">with
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6729.43px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7029.67px;white-space:nowrap">following
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7780.08px;white-space:nowrap">features:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:408.64px;left:0px;white-space:nowrap">Shareholders
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:408.64px;left:1120.69px;white-space:nowrap">must
</div>

<div style="font-family:Arial, Helvetica, 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, Helvetica, sans-serif;font-size:180px;position:absolute;top:408.64px;left:2566.49px;white-space:nowrap">elect
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7488.64px;left:3525.21px;letter-spacing:-3.33px;white-space:nowrap">Terms
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7488.64px;left:4065.21px;white-space:nowrap">&amp;
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7488.64px;left:4235.27px;white-space:nowrap">Conditions
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7488.64px;left:5135.8px;white-space:nowrap">located
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:908.64px;left:406.85px;letter-spacing:-2.75px;white-space:nowrap">York,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:908.64px;left:860.45px;letter-spacing:-1.08px;white-space:nowrap">NY
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:908.64px;left:1157.26px;white-space:nowrap">10269-056</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1338.64px;left:0px;white-space:nowrap">(800)
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1338.64px;left:470.21px;white-space:nowrap">416-5585</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:0px;letter-spacing:-0.62px;white-space:nowrap">www.equiniti.com</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:2088.64px;left:0px;white-space:nowrap">Direct
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:2451.36px;white-space:nowrap">electronically
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:3541.82px;white-space:nowrap">credited
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:2371.46px;white-space:nowrap">Clearing
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:8671.46px;white-space:nowrap">or
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:9211.73px;white-space:nowrap">(800)
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:0px;white-space:nowrap">5585
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:2371.38px;white-space:nowrap">instructions.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:630.35px;white-space:nowrap">Equiniti
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:2577.83px;white-space:nowrap">LLC
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:3158.17px;white-space:nowrap">(800)
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:3628.39px;white-space:nowrap">416-5585.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:5808.64px;left:0px;white-space:nowrap">Shareholder
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:5808.64px;left:1100.3px;white-space:nowrap">Information</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6918.64px;left:5673.16px;white-space:nowrap">(800)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6918.64px;left:6143.38px;white-space:nowrap">416-5585.
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6796.08px;left:1541.07px;white-space:nowrap">(800)
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<div style="font-family:Arial, Helvetica, 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="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:130px;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:130px;position:absolute;top:121.31px;left:5420.09px;white-space:nowrap">Semiannual
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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: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="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:3760.68px;letter-spacing:-3.69px;white-space:nowrap">REINVESTMENT
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:5323.62px;letter-spacing:-3px;white-space:nowrap">AND
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:6398.75px;letter-spacing:-3.56px;white-space:nowrap">PURCHASE
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<div style="font-family:Arial, Helvetica, 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="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, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;white-space:nowrap">1. </div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:5220px;white-space:nowrap">within
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<div style="font-family:Arial, Helvetica, 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, Helvetica, 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, Helvetica, 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, Helvetica, 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:612.78px;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)">

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2771.72px;white-space:nowrap">acquired
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">accounts.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:0px;white-space:nowrap">7. </div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:3602.02px;white-space:nowrap">acquired
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:570.32px;white-space:nowrap">accordance
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:2441.34px;text-rendering:optimizeLegibility;white-space:nowrap">certificate
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10658.64px;left:8041.2px;letter-spacing:-0.23px;white-space:nowrap">participant&#8217;s
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10908.64px;left:5450.1px;white-space:nowrap">dividends
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10908.64px;left:7621.44px;white-space:nowrap">payable
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10908.64px;left:9012.48px;white-space:nowrap">shares
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11158.64px;left:5610.32px;white-space:nowrap">in
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11158.64px;left:5950.55px;letter-spacing:-0.23px;white-space:nowrap">participant&#8217;s
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11158.64px;left:6957.77px;white-space:nowrap">name
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11158.64px;left:9149.06px;white-space:nowrap">retention
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11408.64px;left:5220px;white-space:nowrap">or
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11408.64px;left:5430.06px;white-space:nowrap">application
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11408.64px;left:6340.69px;white-space:nowrap">by
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11408.64px;left:7871.31px;white-space:nowrap">Plan
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11408.64px;left:8271.65px;white-space:nowrap">Administrator
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11408.64px;left:9381.97px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11658.64px;left:5220px;white-space:nowrap">provided
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11658.64px;left:5960.48px;white-space:nowrap">in
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11658.64px;left:6150.59px;white-space:nowrap">these
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11658.64px;left:6640.93px;white-space:nowrap">terms
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11658.64px;left:7140.94px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11658.64px;left:7491.27px;white-space:nowrap">conditions.</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:1197.01px;letter-spacing:-3.64px;white-space:nowrap">CONDITIONS
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:2785.45px;letter-spacing:-3.56px;white-space:nowrap">DIVIDEND
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:3760.68px;letter-spacing:-3.69px;white-space:nowrap">REINVESTMENT
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:5796.48px;letter-spacing:-3.2px;white-space:nowrap">CASH
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:6398.75px;letter-spacing:-3.56px;white-space:nowrap">PURCHASE
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:489.02px;left:8110.37px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div></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, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;white-space:nowrap">13. </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:300.23px;white-space:nowrap">Equiniti
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:0px;white-space:nowrap">negligence,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:970.75px;white-space:nowrap">bad
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:2181.18px;letter-spacing:-1.48px;white-space:nowrap">Company,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:2444.41px;letter-spacing:-1.08px;white-space:nowrap">NY
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:2741.22px;white-space:nowrap">10269-
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:3842.23px;white-space:nowrap">Attention:
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:0px;letter-spacing:-2px;white-space:nowrap">Templeton
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:880.49px;white-space:nowrap">Emerging
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:3675.67px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:4516px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:0px;white-space:nowrap">Exchange
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:850.61px;white-space:nowrap">Commission,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:1940.8px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:2180.92px;white-space:nowrap">they
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:2571.15px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:2961.21px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:3211.44px;white-space:nowrap">amended
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:4012.03px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:4422.04px;white-space:nowrap">time
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:0px;white-space:nowrap">to </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:200.13px;white-space:nowrap">time.</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:967.50px;width:742.50px;transform-origin:top left;transform:scale(1.25,1.25)">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:10.19px;left:0px;position:absolute;top:0px;transform:translate(477.359px,737.290px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:80.64px">

<div style="width:1612.8px;height:100.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.87px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:765.83px;white-space:nowrap">TLEMF-S
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:1312.51px;white-space:nowrap">04/25</div></div>
</div>

<div style="height:10.19px;left:0px;position:absolute;top:0px;transform:translate(36.000px,737.290px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:338.40px">

<div style="width:6768px;height:100.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.87px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:0px;white-space:nowrap">&#169;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:121.76px;white-space:nowrap">2025
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:422.05px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, 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, Helvetica, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:1467.01px;white-space:nowrap">Investments.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:2174px;white-space:nowrap">All
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:2340.7px;white-space:nowrap">rights
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:2667.48px;white-space:nowrap">reserved.</div></div>
</div>

<div style="height:642.17px;left:0px;position:absolute;top:0px;transform:translate(35.999px,98.000px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:522.00px">

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)"></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8054.28px;left:0px;white-space:nowrap">Investors
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9114.28px;left:8854.37px;white-space:nowrap">recorded.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9840.46px;left:3210px;white-space:nowrap">Semiannual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9840.46px;left:4152.5px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10043.35px;left:3210px;letter-spacing:-1.19px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10043.35px;left:4051.48px;white-space:nowrap">Emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10043.35px;left:4833.83px;white-space:nowrap">Markets
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10043.35px;left:5483.05px;white-space:nowrap">Fund</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10420px;left:3210px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10420px;left:4099.14px;white-space:nowrap">Manager</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10420px;left:5428px;letter-spacing:-0.98px;white-space:nowrap">Transfer
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10420px;left:6097.92px;white-space:nowrap">Agent</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10420px;left:9028px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10420px;left:9463.39px;white-space:nowrap">Information</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10622.88px;left:3210px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10622.88px;left:3983.83px;white-space:nowrap">Asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10814.88px;left:3210px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10814.88px;left:4188.36px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10622.88px;left:5428px;white-space:nowrap">Equiniti
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10622.88px;left:5994.33px;letter-spacing:-0.99px;white-space:nowrap">Trust
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10622.88px;left:6397.3px;letter-spacing:-1.32px;white-space:nowrap">Company,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10622.88px;left:7159.09px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10814.88px;left:5428px;white-space:nowrap">6201
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10814.88px;left:5828.39px;white-space:nowrap">15th
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10814.88px;left:6175.42px;letter-spacing:-0.48px;white-space:nowrap">Avenue</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11006.88px;left:5428px;white-space:nowrap">Brooklyn,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11006.88px;left:6139.41px;letter-spacing:-0.96px;white-space:nowrap">NY
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11006.88px;left:6403.23px;letter-spacing:-2.37px;white-space:nowrap">11219</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11198.88px;left:5428px;letter-spacing:-3.55px;white-space:nowrap">Toll
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11198.88px;left:5712.53px;white-space:nowrap">Free
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11198.88px;left:6085.97px;white-space:nowrap">Number:
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11198.88px;left:6743.94px;white-space:nowrap">(800)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11198.88px;left:7161.91px;white-space:nowrap">416-5585</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:5428px;white-space:nowrap">Hearing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:6032.77px;white-space:nowrap">Impaired
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:6699.72px;white-space:nowrap">Number:
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:7357.69px;white-space:nowrap">(866)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:7775.66px;white-space:nowrap">703-9077</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11582.88px;left:5428px;white-space:nowrap">International
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11582.88px;left:6353.08px;white-space:nowrap">Number:
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11582.88px;left:7011.05px;white-space:nowrap">(718)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11582.88px;left:7429.02px;white-space:nowrap">921-8124
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11774.88px;left:5428px;white-space:nowrap">Hearing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11774.88px;left:6032.77px;white-space:nowrap">Impaired
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11774.88px;left:6699.72px;white-space:nowrap">International
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11774.88px;left:7624.8px;white-space:nowrap">Number:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11966.88px;left:5428px;white-space:nowrap">(718)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11966.88px;left:5845.97px;white-space:nowrap">921-8386</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:12158.88px;left:5428px;letter-spacing:-0.55px;white-space:nowrap">www.equiniti.com</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10622.88px;left:9028px;white-space:nowrap">(800)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10622.88px;left:9445.97px;letter-spacing:-1.19px;white-space:nowrap">DIAL
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10622.88px;left:9840.19px;white-space:nowrap">BEN</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:10626.09px;left:10169.17px;white-space:nowrap">&#174;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10622.88px;left:10282.36px;white-space:nowrap">/
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10814.88px;left:9028px;white-space:nowrap">342-5236</div></div>
</div> </div></div>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 48pt">&nbsp;</TD>
    <TD STYLE="width: 15pt; text-align: left">(b)</TD>
    <TD STYLE="text-align: justify">Not applicable</TD> </TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 48pt; text-align: left">ITEM 2.</TD>
    <TD STYLE="text-align: justify">CODE OF ETHICS.</TD> </TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 48pt; text-align: left">ITEM 3.</TD>
    <TD STYLE="text-align: justify">AUDIT COMMITTEE FINANCIAL EXPERT.</TD> </TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 48pt">ITEM 4.</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">PRINCIPAL ACCOUNTANT FEES AND SERVICES.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 48pt; text-align: left">ITEM 5.</TD>
    <TD STYLE="text-align: justify">AUDIT COMMITTEE OF LISTED REGISTRANTS.</TD> </TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 48pt; text-align: left">ITEM 6.</TD>
    <TD STYLE="text-align: justify">SCHEDULE OF INVESTMENTS.</TD> </TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 48pt">ITEM 7.</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">FINANCIAL STATEMENTS AND FINANCIAL HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 48pt">ITEM 8.</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 48pt">ITEM 9.</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 48pt">ITEM 10.</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT
        COMPANIES.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 48pt">ITEM 11.</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt">The information is disclosed as part of the Financial Statements
included in Item 1 of this Form N-CSR, as applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 48pt">ITEM 12.</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT
        COMPANIES.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt">Not applicable.</P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 48pt">ITEM 13.</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt; text-indent: 0pt">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; width: 100%; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%"></TD>
    <TD STYLE="width: 48pt">Item 14.</TD>
    <TD>Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.<B>&#9;</B></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt 4pt 0pt; width: 28%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 4pt 4pt 0pt; text-align: center; width: 18%; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center; border-right: Black 1pt solid; padding: 4pt 4pt 0pt; width: 18%; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center; border-right: Black 1pt solid; padding: 4pt 4pt 0pt; width: 18%; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center; border-right: Black 1pt solid; padding: 4pt 4pt 0pt; width: 18%; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0pt 4pt 4pt; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Period</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0pt 4pt 4pt; text-align: center; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Number of Shares Purchased</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid; padding: 0pt 4pt 4pt; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Average Price Paid per Share</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid; padding: 0pt 4pt 4pt; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Number of Shares Purchased as Part of Publicly Announced Plans or Program</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid; padding: 0pt 4pt 4pt; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Month #1 (9/1/24 - 9/30/24)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; padding: 4pt; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,670.000</FONT></TD>
    <TD STYLE="text-align: right; padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.86</FONT></TD>
    <TD STYLE="text-align: right; padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,670.000</FONT></TD>
    <TD STYLE="text-align: right; padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;699,156.00</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Month #2 (10/1/24 - 10/31/24)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; padding: 4pt; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36,589.000</FONT></TD>
    <TD STYLE="text-align: right; padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.30</FONT></TD>
    <TD STYLE="text-align: right; padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36,589.000</FONT></TD>
    <TD STYLE="text-align: right; padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;662,567.00</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Month #3 (11/1/24 - 11/30/24)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; padding: 4pt; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31,078.000</FONT></TD>
    <TD STYLE="text-align: right; padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.78</FONT></TD>
    <TD STYLE="text-align: right; padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31,078.000</FONT></TD>
    <TD STYLE="text-align: right; padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;631,489.00</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Month #4 (12/1/24 - 12/31/24)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; padding: 4pt; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56,108.000</FONT></TD>
    <TD STYLE="text-align: right; padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.43</FONT></TD>
    <TD STYLE="text-align: right; padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56,108.000</FONT></TD>
    <TD STYLE="text-align: right; padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;575,381.00</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Month #5 (1/1/25 - 1/31/25)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; padding: 4pt; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52,433.000</FONT></TD>
    <TD STYLE="text-align: right; padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.11</FONT></TD>
    <TD STYLE="text-align: right; padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52,433.000</FONT></TD>
    <TD STYLE="text-align: right; padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;522,948.00</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Month #6 (2/1/25 - 2/28/25)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; padding: 4pt; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56,509.000</FONT></TD>
    <TD STYLE="text-align: right; padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.84</FONT></TD>
    <TD STYLE="text-align: right; padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56,509.000</FONT></TD>
    <TD STYLE="text-align: right; padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,940,739.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; padding: 4pt; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">244,387.000</FONT></TD>
    <TD STYLE="text-align: right; padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">244,387.000</FONT></TD>
    <TD STYLE="text-align: right; padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund&rsquo;s Board authorized an open-market share repurchase program
pursuant to which the Fund had the ability to purchase, from time to time, up to 10% of the Fund&rsquo;s shares outstanding in open-market
transactions, at the discretion of management. On February 24, 2025, the Fund&rsquo;s Board reauthorized for the Fund to repurchase up
to 10% of the Fund&rsquo;s outstanding shares in open-market transactions, at the discretion of management.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 48pt">ITEM 15.</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt; text-indent: 0pt">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt; text-indent: -72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 48pt">ITEM 16.</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">CONTROLS AND PROCEDURES.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt; text-indent: -72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 48pt"></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 15pt">(a)</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The Registrant&rsquo;s chief executive officer and chief financial officer have concluded
        that the Registrant&rsquo;s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940,
        as amended (the &ldquo;1940 Act&rdquo;)) are effective as of a date within 90 days of the filing date of this report that includes the
        disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under
        the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 48pt"></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 15pt">(b)</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">There were no changes in the Registrant&rsquo;s internal control over financial reporting
        (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected,
        or are likely to materially affect the Registrant&rsquo;s internal control over financial reporting.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="text-transform: uppercase; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 48pt; text-align: left">Item 17.</TD>
    <TD STYLE="text-align: justify">Disclosure of Securities Lending Activities for Closed-End Management Investment Company.</TD> </TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>Securities lending agent</B> The board of trustees has approved
the Fund&rsquo;s participation in a securities lending program. Under the securities lending program, JP Morgan Chase Bank serves as the
Fund&rsquo;s securities lending agent.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">For the period ended February 28, 2025, the income earned by the Fund as
well as the fees and/or compensation paid by the Fund in dollars pursuant to a securities lending agreement between the Trust with respect
to the Fund and the Securities Lending Agent were as follows (figures may differ from those shown in shareholder reports due to time of
availability and use of estimates):<B>&#9;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 92%; border: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>Gross
        income earned by the Fund from&nbsp;securities lending activities</B></FONT></TD>
    <TD STYLE="text-align: right; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">$1,519
        </FONT></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><I>Fees
        and/or compensation paid by the Fund for securities lending activities and related services</I></FONT></TD>
    <TD STYLE="text-align: right; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="text-indent: 20pt; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Fees
        paid to Securities Lending Agent from revenue split</FONT></TD>
    <TD STYLE="text-align: right; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">$103</FONT></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 4pt 24pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Fees
        paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) not included
        in a revenue split&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="text-indent: 20pt; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Administrative
        fees not included in a revenue split</FONT></TD>
    <TD STYLE="text-align: right; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="text-indent: 20pt; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Indemnification
        fees not included in a revenue split</FONT></TD>
    <TD STYLE="text-align: right; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="text-indent: 20pt; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Rebate
        (paid to borrower)</FONT></TD>
    <TD STYLE="text-align: right; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">-
        </FONT></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="text-indent: 20pt; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Other
        fees not included above</FONT></TD>
    <TD STYLE="text-align: right; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">$9
        </FONT></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>Aggregate
        fees/compensation paid by the Fund for securities lending activities</B></FONT></TD>
    <TD STYLE="text-align: right; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">$112
        </FONT></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>Net
        income from securities lending activities</B></FONT></TD>
    <TD STYLE="text-align: right; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">$1,407
        </FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 48pt">ITEM 18.</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 48pt"></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 15pt">(a)</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Not applicable.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 48pt"></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 15pt">(b)</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Not applicable.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 48pt">ITEM 19.</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">EXHIBITS.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 48pt; text-indent: 0pt">(a) (1) Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 48pt; text-indent: 0pt">Exhibit 99.CODE ETH</P>

<P STYLE="text-indent: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 48pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 48pt"><A HREF="temf-efp15345_ex99cert.htm">(a)
(2) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.</A></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 48pt; text-indent: 0pt">Exhibit 99.CERT</P>

<P STYLE="text-indent: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 48pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 48pt; text-indent: 0pt"><A HREF="temf-efp15345_ex99906cert.htm">(b)
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.</A></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 48pt; text-indent: 0pt">Exhibit 99.906CERT</P>

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<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">SIGNATURES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="text-indent: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">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,
there unto duly authorized.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Templeton Funds</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 6%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ Christopher
        Kings</FONT></TD>
    <TD STYLE="width: 59%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Christopher Kings</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Chief Executive Officer &ndash; Finance and Administration</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Date:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">April 28, 2025</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="text-indent: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 6%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ Christopher
        Kings</FONT></TD>
    <TD STYLE="width: 59%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Christopher Kings</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Chief Executive Officer &ndash; Finance and Administration</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Date:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">April 28, 2025</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ Jeffery White</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Jeffery White</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Chief Financial Officer, Chief Accounting Officer and
        Treasurer</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Date:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">April 28, 2025</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>temf-efp15345_ex99cert.htm
<DESCRIPTION>CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">CERTIFICATIONS PURSUANT TO SECTION 302</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">EX-99.CERT</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>CERTIFICATIONS</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">I, Christopher Kings, certify that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 22.5pt">1.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">I
                                            have reviewed this report on Form N-CSR of <B>Templeton Emerging Markets Fund</B>;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 22.5pt">2.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 22.5pt">3.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 22.5pt">4.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The
                                            registrant&rsquo;s other certifying officers 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:</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">a)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">b)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 40.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">c)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Evaluated
                                            the effectiveness of the registrant&rsquo;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</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 40.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">d)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Disclosed
                                            in this report any change in the registrant&rsquo;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&rsquo;s internal control over financial
                                            reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">5.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">The
                                            registrant&rsquo;s other certifying officers and I have disclosed to the registrant&rsquo;s
                                            auditors and the audit committee of the registrant&rsquo;s board of directors (or persons
                                            performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">a)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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&rsquo;s
                                            ability to record, process, summarize, and report financial information; and</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">b)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Any
                                            fraud, whether or not material, that involves management or other employees who have a significant
                                            role in the registrant&rsquo;s internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 6%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Date:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 30%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">April 28, 2025</FONT></TD>
    <TD STYLE="vertical-align: top; width: 29%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 35%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ Christopher Kings</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Christopher Kings</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Chief Executive Officer &ndash; Finance and Administration</FONT></TD></TR>
  </TABLE>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>CERTIFICATIONS</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">I, Jeffery White, certify that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 22.5pt">1.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">I
                                            have reviewed this report on Form N-CSR of <B>Templeton Emerging Markets Fund</B>;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 22.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 22.5pt">2.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 22.5pt">3.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Based
                                            on my knowledge, the financial information included in this report, and the financial statements
                                            on which the financial information is based, 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;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 22.5pt">4.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">The
                                            registrant&rsquo;s other certifying officers 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:</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">a)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">b)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 18pt">&nbsp;</TD>
<TD STYLE="width: 18pt; text-align: left">c)</TD><TD STYLE="text-align: justify">Evaluated the effectiveness of the registrant&rsquo;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</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -13.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">d)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Disclosed
                                            in this report any change in the registrant&rsquo;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&rsquo;s internal control over financial
                                            reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 21.6pt">5.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">The
                                            registrant&rsquo;s other certifying officers and I have disclosed to the registrant&rsquo;s
                                            auditors and the audit committee of the registrant&rsquo;s board of directors (or persons
                                            performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 18pt; text-align: left">a)</TD><TD STYLE="text-align: justify">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&rsquo;s ability to record, process, summarize,
and report financial information; and</TD>
</TR></TABLE>

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    <TD STYLE="width: 18pt">&nbsp;</TD>
<TD STYLE="width: 18pt; text-align: left">b)</TD><TD STYLE="text-align: justify">Any fraud, whether or not material, that involves management or other employees who have
a significant role in the registrant&rsquo;s internal control over financial reporting.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -14.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -14.4pt">&nbsp;</P>

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  <TR>
    <TD STYLE="vertical-align: bottom; width: 6%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Date:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 30%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">April 28, 2025</FONT></TD>
    <TD STYLE="vertical-align: top; width: 29%; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 35%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ Jeffery White</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Jeffery White</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Chief Financial Officer, Chief Accounting Officer and Treasurer</FONT></TD></TR>
  </TABLE>



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<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>3
<FILENAME>temf-efp15345_ex99906cert.htm
<DESCRIPTION>CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">CERTIFICATIONS PURSUANT TO SECTION 906</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">EX-99.906CERT</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">CERTIFICATION</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Christopher Kings,</B> Chief Executive Officer &ndash; Finance and Administration,
and <B>Jeffery White,</B> Chief Financial Officer, Chief Accounting Officer and Treasurer of <B>Templeton Emerging Markets Fund</B> (the
&ldquo;Registrant&rdquo;), each certify to the best of their knowledge that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 9pt">1.&nbsp;The Registrant&rsquo;s
periodic report on Form N-CSR for the period ended February 28, 2025 (the &ldquo;Form N-CSR&rdquo;) fully complies with the requirements
of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and</P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 9pt">2.&nbsp;The information
contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 9pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 35%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Chief Executive Officer &ndash;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 30%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 35%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Chief Financial Officer, Chief</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Finance and Administration</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Accounting Officer and Treasurer</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Templeton Emerging Markets Fund</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Templeton Emerging Markets Fund</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/ Christopher Kings</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/ Jeffery White</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Christopher Kings</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Jeffery White</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date: April 28, 2025</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date: April 28, 2025</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 9pt"></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This certification is being furnished to the Securities and Exchange Commission
solely pursuant to 18 U.S.C. &sect; 1350 and is not being filed as part of the Form N-CSR with the Commission.</P>



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